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The global agriculture drone market size is projected to reach USD 3,697.4 million by 2027 owing to increasing mechanization of agricultural activities in developing economies, states Fortune Business Insights™ shares this observation in its report, titled “Agriculture Drone Market Size, Share & COVID-19 Impact Analysis, By Type (Fixed Wing, Rotary Wing, and Hybrid), By Components (Hardware [Frames, Control Systems, Propulsion System, Navigation System, Payload, Avionics, Others] and Software [Imaging Software, Data Management Software, Data Analytics Software, Others]), By Application (Field Mapping & Monitoring, Crop Spraying, Crop Scouting, Variable Rate Application, Livestock Monitoring, Others), and Regional Forecast, 2020-2027”. As per the report findings, the global market value was at USD 1,021.1 million in 2019 and is expected to growing at a CAGR of 18.14% from 2020 to 2027.
The COVID-19 pandemic is expected to put enormous pressure on the agriculture industry, with the Food and Agriculture Organization (FAO) projecting 83 million to 132 million people worldwide going hungry.
Drone Ag Launches Crowdfunding Campaign to Develop Farming Software
Drone Ag, the UK-based drone specialist, initiated a crowdfunding campaign in October 2019 to raise £250,000 to advance the development process of its Skippy Scout software. The novel software is a smartphone application that allows automation of crop monitoring operations using drones. The drones, in turn, transmit real-time data to farmers, enabling them to utilize pesticides on farms more efficiently and judiciously. The Skippy Scout system is programmed to collect high-resolution images from various points in the field, which are then analyzed by AI-powered software. With additional funds, the company aims to further enhance the features of the software and bring the platform to the market by 2021. The new wave of digitalization, and unmanned aerial vehicles, in particular, play a crucial role in helping farmers enhance their crop productivity and achieve higher profits. This, in turn, will contribute to the growth of this market.
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Growing Emphasis on Sustainable Agriculture to Favor Market Growth
Traditional agricultural practices have proven to be detrimental to the environment as their widespread adoption has led to deforestation, soil erosion, and depletion of soil nutrients. To wean countries away from such practices, international bodies such as the FAO have been taking myriad efforts to establish sustainable agriculture practices. Agriculture drones are playing an instrumental role in facilitating this transition as these devices can make farming more efficient and data-driven. For example, the FAO deployed drones in the Philippines, embedded with navigation equipment and photogrammetric capabilities to detect details such as specific nutrient requirements of crops and water stress levels. In Myanmar too, the FAO has been collaborating with national agencies and institutions to utilize geospatial technologies to assess risks to farmlands from landslides and floods and equip the local communities with the necessary knowledge to mitigate disasters. Enabled by this, the market is expected to grow substantially during the forecast period.
Increasing Demand for Precision Agriculture to Generate Ample Opportunities for Competitors
The major players in this market are concentrating on deepening their market footprint by designing and developing UAVs for precision agriculture activities. The demand for this type of agriculture is escalating worldwide as farmers are adopting technologies and strategies to make farming more efficient and enhancing crop yield. Precision farming is especially important for developing nations such as India, where food demand is high and agricultural productivity is low.
List of Key Players Profiled in the Agriculture Drone Market Research Report:
Further Report Findings:
Table of Segmentation:
Value (USD billion)