Agriculture Drone Market Size, Share, and Revenue Forecast

According to a report by Fortune Business Insights titled "Agriculture Drone Market Size, 2024-2030," the global agriculture drone market was valued at USD 4.17 billion in 2022. The market is projected to grow from USD 4.98 billion in 2023 to USD 18.22 billion by 2030, reflecting a robust compound annual growth rate (CAGR) of 20.3% during the forecast period.

Agriculture drones, which are Unmanned Aerial Vehicles (UAVs) specifically designed for farming and agricultural applications, are equipped with advanced imaging technologies and sensors. These include LiDAR, cameras, and multispectral sensors, which enable the drones to gather critical data on soil conditions, crop health, and other factors that influence agricultural production. This data collection facilitates better decision-making and precision in farming practices, thereby enhancing productivity and efficiency in the agricultural sector.

List of Key Players Mentioned in the Report:

Drone Deploy (U.S.)

DJI (China)

Precision Hawk Inc (U.S.)

AeroVironment Inc. (U.S.)

Trimble Navigation Ltd. (U.S.)

3D Robotics (U.S.)

Ag Eagle (U.S.)

Parrot Drone (France)

Sintera LLC (U.S.)

Delair Tech SAS (France)

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/agriculture-drones-market-102589

Segments:

Rotary Drone Segment to Dominate Due to Improved Structural Benefits

Based on type, the market is split into fixed wing, rotary wing, and hybrid. Among these, the rotary wing segment captured the largest agriculture drone market share in 2022. Rotary wing drones are available in a variety of designs and sizes. The enhanced structural benefits of the segment are aiding growth of this segment.

Hardware Segment to Lead Stoked by the Improved Ability to Collect and Process Data

As per component, the agriculture drone market is bifurcated into hardware and software. The hardware segment held majority of the global market share in 2022 owing to the improved capability of hardware components to collect and process the data and enable farmers to make informed decisions.

Frames Segment to Hold Major Share Due to Surging Demand for Robust Frame Structures

According to hardware, the market is divided into frames, control systems, propulsion systems, navigation systems, payload, avionics and others. Among these, the frame segment captured a significant market share in 2022 backed by the rising need for robust frames to support the drone’s hardware components, Moreover, industry leaders are focused on producing non-breakable frames, further aiding segment growth.

Imaging Software Segment to Capture Largest Share Due to its Ability to Help in Quick Problem Solving

The market by software is arrayed into imaging software, data management software, data analytics software, and others. Imaging software segment held the largest market share in 2022 as it enables the operator to detect and respond to the potential problems early, thus decreasing the risk of crop loss and improving yields.

Field Mapping & Monitoring Segment to Lead Due to Availability of Better Equipment

By application, the market is segregated into field mapping & monitoring, crop spraying, crop scouting, variable rate application, livestock monitoring, and others. The field mapping & monitoring segment dominated the market in 2022 owing to the availability of better high-tech camera equipment to monitor crops.

Geographically, the agriculture drone market is segregated North America, Europe, Asia Pacific, and the Rest of the World.

Drivers and Restraints: Agriculture Drone Market

Governments around the world are actively promoting the adoption of agriculture drones through a variety of policies and initiatives. These measures include:

Research and Development (R&D) Grants:

Governments are providing financial support to foster innovation in agriculture drone technology. For instance, in April 2022, the U.S. Department of Agriculture received a USD 1 million grant aimed at advancing digital agriculture technologies.

Tax Incentives and Subsidies:

To reduce the financial burden on farmers, several governments are offering tax incentives and subsidies for the purchase and use of agriculture drones. This financial assistance makes it more feasible for farmers to integrate UAVs into their operations.

Regulatory Frameworks:

Clear and supportive regulatory frameworks are being established to ensure the safe and effective use of drones in agriculture. These regulations help standardize drone operations, addressing safety and privacy concerns while promoting broader adoption.

Training and Education:

Governments are also investing in training programs to educate farmers on the benefits and usage of agriculture drones. These programs aim to equip farmers with the necessary skills to utilize drone technology effectively.

By providing regulatory and financial support, governments are making UAVs more accessible to farmers and ensuring their safe and responsible use. This concerted effort is expected to drive significant growth in the agriculture drone market.

Restraints

Challenges of Data Overload and Inaccuracies

While the adoption of agriculture drones offers numerous benefits, several challenges need to be addressed:

Data Overload:

The advanced sensors and imaging technologies on drones generate large volumes of data. Managing and analyzing this data can be overwhelming for farmers, especially those who lack the necessary technical expertise or resources.

Inaccuracies in Collected Data:

Data accuracy is crucial for effective decision-making in precision agriculture. However, inaccuracies can arise due to hardware or software malfunctions, environmental factors, or improper calibration of sensors. These inaccuracies can lead to incorrect assessments and potentially harm crop management practices.

Addressing these challenges requires ongoing advancements in drone technology and data analytics tools, as well as comprehensive training for farmers to interpret and utilize the data effectively.

Regional Insights:

Europe to Hold Largest Share Backed by Strong Research and Development Facilities

Europe captured a significant global market share in 2022 owing to the surging demand for the drones, rising funding, and strong research and development capabilities of the region. Moreover, the growing number of startups such as Gamaya, Delair, Accelerated Dynamics, and others will further aid regional market expansion.

Meanwhile, Asia Pacific is projected to record the highest growth rate in the forecast timeframe due to presence of large agricultural countries such as India, Indonesia, China, and others. The rising demand for UAVs from these countries and growing focus of market players on developing advanced products will further facilitate regional market expansion.

Competitive Landscape:

Innovative Product Launches by Leading Companies to Drive Market Expansion

Industry leaders usually make tactical moves such as collaborations, partnerships, mergers and acquisitions, and product launches to hold a dominant share in the global market. For example, in November 2021, XAG announced its plans to launch its P40 and V40 agricultural drones worldwide, thus bringing digital agriculture to rural areas with geriatric populations and poor infrastructure. The XAG V40 and P40 are fully autonomous drones capable of mapping, spraying, and farm broadcasting.

Key Industry Development: Agriculture Drone Market Size

March 2023 – Avikus and Korea Shipbuilding & Offshore Engineering, a subsidiary of Hyundai, entered into an agreement to carry out an experiment on fuel efficiency by implementing self-governing navigation systems. The venture incorporates five firms, Pan Ocean, POS SM, Korea Shipbuilding & Offshore Engineering, Avikus, and Korean Register of Shipping.