May 25, 2024
Agricultural Drones Market

Agricultural Drones Market are Estimated to Witness High Growth Owing to Rising Need for Precision Farming

The agricultural drones market is used for several functions in agricultural farms including crop scouting, nutrient spraying, field mapping, crop spraying, and others. Agricultural drones help in capturing images and videos of farms and generate insights related to soil, planting density, and crop health. The information captured through drones can be analyzed using aerial imaging software and imagery analytics solutions. This enables farmers to optimize field operations and maximize crop yields.

The global agricultural drones market is estimated to be valued at US$ 19.24 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Agricultural Drones Market Growth are Aeronavics, AeroVironment Inc., AgEagle Aerial Systems Inc., DELAIR SAS, DRONE VOLT, FlyGuys, Harris Aerial, ideaForge Technologies Pvt. Ltd., Kray Technologies, Nextech, Parrot Drones SAS, PrecisionHawk Inc., Sentera Inc., Shenzhen GC electronics Co. Ltd, Skyfront, SZ DJI Technology Co. Ltd., Vision Aerial Inc. These players are focusing on developing innovative drone solutions integrated with advanced sensors and analytics capabilities.

The key opportunities in the market include use of drones for crop monitoring and analysis, live stock management, orchard, and vineyard management. Drones help in optimized field operations and increase productivity. This is expected to drive their adoption among farmers globally.

The agricultural drones market is expanding globally with growth in developing countries of Asia Pacific and Latin America. Factors such as supportive government initiatives, increasing farm land area, and need for maximizing crop yields are fueling the adoption of agricultural drones.

Market Drivers

The major driver boosting the growth of agricultural drones market is the rising need for precision farming. Agricultural drones help farmers obtain crop and field data to monitor crop growth and detect issues. This enables taking timely actions and maximizing crop yields. Furthermore, drones reduce time and labor cost of farmers involved in traditional field monitoring techniques. The rapidly growing population is increasing the global demand for food production, propelling the need for optimized agricultural production through drones.

PEST Analysis

Political: Regulations around privacy, licensing and usage of drones for commercial and agricultural purposes vary widely across countries and states. This affects the adoption and growth of agricultural drones in certain regions.

Economic: Volatility in commodity prices and unfavorable weather conditions impact the profitability of famers. Agricultural drones help lower production costs and improve crop yields, offering an economically viable solution.

Social: Younger generations of farmers are more open to adopting new technologies. Drones can help address issues like labor shortages and improve efficiency of operations. However, privacy concerns remain a challenge in certain communities.

Technological: Advancements in sensors, batteries, AI and computer vision have enabled precise mapping of fields, soil and crop analysis, and automation of spraying processes. Drones integrated with advanced analytics can now monitor large farms autonomously.

Geographical regions with high market concentration

North America accounts for the largest share of the agricultural drones market currently in terms of value, driven by widespread adoption among large farms and favorable regulations. Asia Pacific is another major regional market, led by countries like China and India with their huge agricultural output and growing tech adoption.

Fastest growing region

Asia Pacific region is poised to witness the highest growth in the agricultural drones market over the forecast period on account of a rapidly increasing young population, strong government support for smart farming technologies and rising income levels in developing nations. This will boost procurement and integration of agricultural drones across the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it