by The agriculture drone market, having crossed the global valuation of US$1 billion in 2020, is poised for impressive growth in the coming years. The surge in precision farming is driving a significant uptick in agriculture drone adoption, revolutionizing the landscape of modern agriculture.
Precision Farming: Transforming Agriculture
As drones increasingly become integral to smart farming, they are helping farmers tackle a multitude of challenges that have traditionally been beyond their control. Variables like weather conditions, soil quality, temperature, and precipitation have a substantial impact on farming outcomes. Here, drone technology emerges as a game changer, eliminating guesswork and reducing uncertainty, thereby unlocking a multitude of benefits. Farmers are now seeking access to more accurate, near-real-time information, widening the scope for adopting agricultural drone technology, and propelling the growth of the agriculture drone market. By harnessing a wealth of data, farmers can boost crop yields, save time, reduce costs, and operate with unparalleled accuracy and precision.
Precision Farming: A Necessity for the Future
With the global population on the rise and shifting weather patterns, farmers are compelled to embrace new-generation technologies to address emerging challenges. Agricultural drone technology holds immense potential to transform modern farming in several critical areas, including soil assessment, crop planting, pest control, agricultural spraying, crop monitoring, and livestock management. The adoption of precision farming tools, such as agriculture drones, is further accelerated by the labor shortage in agriculture, which dropped from 27.8 percent in 2017 to 26.7 percent in 2019.
Boosting Yields and Efficiency
The use of precision farming technology has the potential to increase yields by up to 5%. Drones equipped with specialized imaging tools like the Normalized Difference Vegetation Index (NDVI) can assess plant health with precision. Additionally, drones can significantly enhance planting efficiency, capable of planting up to 400,000 trees daily with just a two-person team. The pressing need to enhance agricultural productivity to meet the global demand for food is expected to further drive the expansion of precision farming and, consequently, the agriculture drone market.
Hardware Dominates, Software Grows Rapidly
In terms of components, the hardware segment is projected to hold the largest market share for farm drones. Increasing demand for hardware upgrades, replacements, and customization extends the lifespan and performance of drones. Drones, coupled with the pursuit of a competitive edge, are driving the growth of the agriculture drone market. The software category, on the other hand, is expected to experience the fastest compound annual growth rate (CAGR) during the projection period due to the growing need for tools to analyze data effectively for precision agriculture.
North America Leads the Way
North America stands out as the most advanced market for adopting cutting-edge agricultural technologies. With the introduction of IoT and AI in farming, North America has pioneered the concept of intelligent farming. Drones have found increased utility in spraying and gathering plant data, particularly in outdoor settings. The regions emphasis on precision farming technologies, which were initially introduced in the United States, has led to its dominant market share globally. Canadas widespread adoption of modern agricultural practices also contributes to the sectors expansion.
Regulations and Automation
While the agriculture drone market is poised for significant growth, it faces challenges in the form of stringent government regulations related to drone usage. Nevertheless, the growing trend toward automation in agriculture offers numerous opportunities for drone applications. Exemptions granted by US federal authorities in the agricultural sector present a lucrative chance for the agriculture drone market to flourish.
Competitive Landscape
Leading the charge in the agriculture drone market is DJI, which introduced the Agras T30 drone in August 2021. This cutting-edge drone elevates aerial spraying efficiency to new heights, covering 40 acres in an hour with its 30-liter spray tank, 40kg payload capacity, 16 nozzles, and 9-meter spray range. DJIs commitment to innovation is evident in the design, featuring a carbon fiber with a one-key locking arm that reduces volume by 80% when folded.
In November 2020, DJI introduced the AGRAS T20 drone, which offers farmers exceptional capabilities in precision agricultural spraying. With features like autonomous flight planning, advanced sensing radar, extended flying time, large payload capacity, and off-the-grid power options, the DJI AGRAS T20 is designed to excel in challenging agricultural environments.
Other key players in the agriculture drone market include AeroVironment, Inc., America Robotics, Israel Aerospace Industries, Parrot Drones, Microdrones, PrecisionHawk, AgEagle Aerial Systems, Inc., Trimble Inc., DJI, and Yamaha Motor Corp.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/agriculture-drone-market
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This press release first seen on Brilad
COMTEX_442127916/2840/2023-10-19T12:00:25
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.