May 29, 2024
Agricultural Drones Market
Ict

Agricultural Drones Market is in Trends by Increased Farm Automation

Agricultural drones, commonly known as ag drones, are autonomous aircraft or drones that are used in agriculture practices. They are equipped with cameras, sensors and software that help farmers in monitoring crops, detecting diseases and increasing farm productivity. Ag drones help capture images, videos and data of the fields which enable farmers to assess crop health, soil quality and make decisions about water, fertilizer needs. They facilitate precision agriculture practices like crop scouting, mapping fields, analysing soil properties and enabling efficient farm management.

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 Demand 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. The growing adoption of precision agriculture and increasing awareness about ag drones benefits among farmers is propelling the demand for agricultural drones in the market. Several government initiatives in countries like the U.S, India, Brazil, and China to support adoption of new technologies in agriculture is also a key factor augmenting market growth.

The increasing global population and reducing availability of cultivable land is prompting farmers to adopt modern agricultural techniques for improving farm productivity. Ag drones help optimize usage of inputs like water, fertilizers while monitoring fields, which is fuelling their adoption. The ability of ag drones to survey large farm areas in a short time with high-resolution images and data is another major factor driving their demand among commercial farmers globally.

The agricultural drones market is witnessing significant expansion across major markets globally on account of their various benefits. Regions like North America, Europe, Asia Pacific, Latin America and Middle East & Africa are seeing rising adoption of these drones for agriculture applications like crop monitoring, spraying, and analysis. Favorable government initiatives and increasing pilot projects using ag drones for precision agriculture are propelling the industry forward.

Market key trends

The increasing usage of AI and machine learning technology in agricultural drones is one key trend. Drone manufacturers are integrating AI/ML capabilities for functions like automated crop analysis, field monitoring and yield prediction. This helps farmers gain real-time insights from vast drone-captured field data. Another trend is the development of hybrid drones that can be used for both aerial images capturing and crop spraying. Their multi-functionality is boosting adoption. Furthermore, the proliferation of IoT sensors is enabling precision agriculture solutions that combine imaging drones, IoT devices and data analytics for optimizing farm operations.

Porter’s Analysis

Threat of new entrants: High initial costs of machinery and strict government regulations make it difficult for new companies to enter the agricultural drones market.

Bargaining power of buyers: Large scale farmers have higher bargaining power due to bulk purchases while smaller farmers have low bargaining power.

Bargaining power of suppliers: The presence of several drone OEMs limits the bargaining power of suppliers in the market.

Threat of new substitutes: Alternatives like manned aerial vehicles pose threat of substitution but drones enable greater crop analysis efficiency.

Competitive rivalry: Intense competition exists between established players to gain market share.

Geographical regions with highest market value currently include North America and Europe due to advanced agricultural practices and growing acceptance of innovative technologies. The Asia Pacific region is poised to become the fastest growing market for agricultural drones from 2024-2031, attributable to factors like rising population, rapid urbanization, and government initiatives to boost productivity through precision agriculture in major economies of China and India.

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