The global agricultural drone market is set for further growth over the next five years.
An industry forecast made by Meticulous Research has predicted that the market’s worth will reach $5.19bn by 2025, growing at a CAGR of 31.1% from 2019.
Forecasters explained that the growth in this market is mainly attributed to the factors such as growing population and rising pressure on the global food supply, increase in venture funding for development of agriculture drones, growing e-agriculture or information and communication technologies (ICTs) in agriculture, rising automation in agriculture, growing emphasis on enhancing agriculture efficiency, and rising need for water conservation across the globe.
However, the report does explain how technical limitations of drones are likely to hinder the market growth to some extent.
Based on product type, the agriculture drone market is broadly segmented into the hardware and software.
Hardware commanded the largest share of the overall agriculture drone market in 2019, owing to growing need of replacement, upgradation, and modification in the drone hardware components to increase the lifespan and performance of drones as well as to gain competitive advantage.
In addition, rising interest of the companies towards modifying and creating drone structure to permit them work under any extreme climatic conditions is further supporting the growing adoption of drones. The overall agriculture drone hardware market is mainly segmented into rotary blade, fixed wing, and hybrid drone.
Rotary blade commanded the largest share of the overall agriculture drone hardware market in 2019, owing to its greater maneuverability and compact design, easy to use nature, higher payload capacity, and comparatively lower price than the other types of drones.
The fast growth of this segment is mainly attributed to the growing software technology and increasing software demand for better data analysis in the precision agriculture.
Based on application, the agriculture drone market is segmented into precision agriculture, livestock monitoring, smart greenhouse, irrigation, precision fish farming, and other applications. The precision agriculture application commanded the largest share of the overall agriculture drone market in 2019, owing to growing demand for drones in numerous precision agriculture operations, including weed detection, plant counting, crop health monitoring, and harvest season monitoring, among others in order to gain better productivity and increased revenues from agriculture.
However, the agriculture drone market for irrigation is expected to grow with the fastest CAGR from 2019 to 2025.
Geographically, the global agriculture drone market is segmented into North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and RoAPAC), South America, and the Middle East & Africa.
North America commanded the largest share of the global agriculture drone market in 2019, followed by Europe and Asia Pacific.
With the rapid growth in population, growing demand for high quality crops, and rising disposable income, the North America region is expected to be the largest adopter of agriculture drones through 2025.