(MENAFN- Ameliorate Digital Consultancy)
According to the given report, agricultural drones market is expected to surpass a mammoth of 1 USD billion by the end of 2024, depicting a CAGR of 11.5% through 2024. Additionally, the market analysis document also envelopes pivotal information on the current market scenario, current advancing technologies, huge competitive landscape, future growth prospects, industry tactics, and vivid market segmentations.
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Drones are an innovative technology that could potentially revolutionize the way farmers handle their agricultural operations. Farmers nowadays are adopting UAVs (unmanned aerial vehicles) to efficiently enhance the quality of farm practices. Increasing awareness regarding the benefits of UAV implementation is expected to fuel agricultural drones market size over the coming years.
Nowadays, UAVs are rigged with hyperspectral, infrared, and multispectral cameras that deliver enhanced vision capacities to farmers. These images deliver the necessary information and offer support required in the decision-making process.
Images obtained from multispectral cameras serve as an effective tool for soil evaluation analysis and plant health. Identification of weeds, pesticide usage optimization, pests, addressing spacing issues and visual inspection of crops are among the key benefits of UAVs in the agriculture sector.
These drones also provide crop and soil data to farmers by leveraging technologies like GPS, GIS and navigation systems. Agricultural drones are also widely used for crop scouting. It reduces pesticide and fertilizer wastage and further enhances crop yields. Moreover, UAVs equipped with LiDAR technology provides necessary aerial view and topographical maps to farmers.
Fixed-wing UAVs are renowned in the agro sector as they can carry heavy payload and cover a long distances. Imaging software plays a pivotal role in processing captured images from cameras mounted on fixed-wing drones. Reportedly, in 2016, the segment held around 70% of the revenue share. Moreover, it is expected to dominate the overall agricultural drones market in the coming years.
Strict government norms and patents involved with advanced technologies would retrain the agricultural drones market growth over the forecast period. The product is usually used to avoid accidents or emergency conditions on farms. Lack of skilled pilots and safety concerns related to these devices could impact product adoption. However, technical institutes and universities conducting various programs to educate people about UAV's operations may foster industry expansion.
Currently, companies like Monsanto, Mitsui, and Syngenta are emerging startups that focus on facilitating improved crop spraying, irrigation, and harvesting. Venture capitalists meanwhile are investing heavily in UAVs startups to build innovative products for the agricultural sector.
Reportedly, Chinese tech company DJI raised USD 75 million during its first drone introduction for the agricultural industry. Such investment in drone technology may effectively create lucrative growth opportunities in the agricultural drones market.
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Partial Chapter of the Table of Content
Charts & Figures
FIG 1 Agricultural drones market segmentation
FIG 2 Global market, 2013 – 2024 (Million Units, USD Million)
FIG 3 Industry ecosystem analysis
FIG 4 Growth potential analysis
FIG 5 Porter's analysis
FIG 6 PESTEL analysis
FIG 7 Agricultural drones market share by product, 2016 & 2024
FIG 8 Agricultural drones market share by application, 2016 & 2024
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