Agricultural Drones Market
Agricultural Drones Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Agricultural Drones Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Agricultural drones are type of multi rotor drones with additional technologies such as sensors, GPS and digital image recorder. Agricultural drones help farmers to monitor the crop growth and improve over all field production. Further, agricultural drones are provided with controlling devices and can perform various farming operations such seed spraying, crop health monitoring, crop scouting and other farming operation. Agricultural drones are used for precision farming and to assist farmers in order to assure better care of crops. Further, agricultural drones are a perfect solution for crop management due to their capability to monitor crop growth and other changes with crops. Moreover, advanced agricultural drones react according to changing weather conditions, visibility and change in payload by using artificial intelligence. Innovation with agricultural drones just to improve their performance and capability is a major trend.
Global agricultural drones market is anticipated to grow at a robust compound annual growth rate (CAGR) of 30.2% over the forecast period i.e. 2017-2024. The global market of agricultural drones stood at revenue around USD 300.5 Million in 2016 and is expected to reach at a valuation about USD 3.7 Billion by the end of forecast period. Further, global agricultural drones market is expected to grow on the back of blooming population coupled with increasing need for precise farming in order to improve overall crop production. Further, implementation of advanced technologies including agricultural robots in crop fields is a major trend.
In terms of region, global agricultural drones market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is the largest market of agricultural drones and is expected to experience remarkable growth during the forecast period. Moreover, high adoption rate of advanced agricultural technologies in this region especially in U.S. is a key factor which is likely to fuel the growth of agricultural drones market in this region. Additionally, increasing awareness towards benefits of precise farming coupled with rising uses of agricultural drones in farming application such as crop scouting, seed spraying and field mapping are also expected to foster the expansion of agricultural drones market in North America region.CLICK TO DOWNLOAD FREE SAMPLE
Furthermore, Asia Pacific region is envisioned to experience a remarkable growth during the forecast period owing to factors such as growing adoption of advanced technology and increasing investment by several companies in order to develop cost effective agricultural drones for agricultural applications in this region.
The global agricultural drones market is further classified on the basis of region as follows:
Global agricultural drones market is further classified on the basis of region as follows:
Global market of agricultural drones is primarily driven by rising awareness towards precise farming for its additional benefits. Further, agricultural drones are perfect solution for crop monitoring in very large arable lands. Moreover, other applications of agricultural drones such as crop scouting, field mapping and seed, fertilizer & pesticides spraying are some of the major factors which are making these agricultural drones more acceptable in agricultural sector. Further, these additional benefits of agricultural drones are likely to drive the growth of global agricultural drones market in near future.
Apart from this, technological advancements with agricultural drones in a manner to improve its battery durability, efficiency, controlling are also key factors which are driving the growth of global agricultural drones market. In addition to this, high investment by leading companies to produce cost effective agricultural drones which can be afford by an average farmer is a key factor which is expected to escalate the demand for agricultural drones in near future.
Furthermore, rising prevalence of fixed wing drones due to their capability to carry extra payload and long land covering is a dynamic factor behind the growth of global agricultural drones market. However, restriction of use of agricultural drones in countries such as India and Nepal is a major factor hampering the growth of global agricultural drones market. In addition to this, lack of awareness and unavailability of trained drone’s pilots is also expected to restrain the growth of global agricultural drones market.
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