The Global Agricultural Drones Market was $1.1 Bn in 2019, and it is expected to reach $4.9 Bn by 2026. It is eventually growing at a commendable high compound of annual growth rate CAGR of 35.6% between 2020-2026. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The Agricultural Drones Market is primarily driven by the rise in awareness of precision farming and surging need for crop yields by increasing population. Moreover, farmers assistance in monitoring the threats like drought conditions are another factor that fuels the market growth in the forecast period.
Global Software Product Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Agricultural Drones Market has been segmented into Product, System, and Application. By product, the global Agricultural Drones Market is divided into Hardware, and Software. By system, the global Agricultural Drones Market is divided into Controller System, Propulsion System, Camera System, and Navigation System. By applications, the global Agricultural Drones Market is divided into Field Mapping, Crop Scouting, Variable Rate Application, Crop Spraying, Livestock Monitoring and Agricultural Photography. Software Product Segment is estimated to witness remarkable growth over the forecast period. The growth is attributed to high investment by the investors in the startups offering software solutions to digitize the information collected by agricultural drones.
By Region, North America is Holding the Major Market Share
The global Agricultural Drones Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, North America Agricultural Drones Market is holding the largest market share currently and is estimated to show the highest compound annual growth rate in the upcoming forecast period due to the presence of major technology players in the region. The region is far ahead in the development and adoption of innovative technologies in the field of agriculture. Moreover, increasing trend of deploying UAVs for enhanced crop production and increasing awareness of precision farming is also projected to fuel the regional market growth. Asia Pacific market is projected to significant growth over the forecast period due to the increasing adoption of technological developments in the field of agriculture. Major investors across the world are significantly investing in the region for the development of low-cost drones which can be used in the agriculture sector. The growing population and increasing demand for food are also anticipated to trigger the Asia Pacific market growth in the forecast period. Europe region is also expected to witness remarkable growth over the forecast period. LAMEA is also anticipated to show decent growth due to factors such as rising technology-driven agriculture business. These factors are expected to boost the market of the agricultural drones in the forecast period from 2020 to 2026.
Major Players in Global Agricultural Drones Market
Some of the key players in the global Agricultural Drones Market include AgEagle Aerial Systems, Agribotix LLC, HoneyComb Corporation, GoPro, Inc., Dow Jones Industrial Average, Parrot SA, PrecisionHawk, Sentera, LLC, Delair Tech SAS, Insitu Pacific Pty. Ltd., Drone AG., AeroVironment, Inc, Yamaha Motor Corp, DroneDeploy, and OPTiM Corp.
The Global Agricultural Drones Market Has Been Segmented into:
Global Agricultural Drones Market: By Product
Global Agricultural Drones Market: By System
Global Agricultural Drones Market: By Applications
Global Agricultural Drones Market: By Region