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Agricultural Drones Market to Generate Revenue Worth $6.2 Billion by 2024

Published Date:   December 2019

The global agricultural drones market was valued at $1.5 billion in 2018, which is projected to reach $6.2 billion by 2024, exhibiting a CAGR of 25.0% during the forecast period (2019–2024). Based on application, the crop spraying category held the largest share in the market in 2018. Rapid spread of crop diseases, such as Rhizoctonia and Verticillium, due to pathogens, such as Fall Armyworm (FAW) and Bollworm, are hampering the crop production. By deploying drones for crop spraying, farmers can detect these diseases at the early stage and thereby, they are enabled to take suitable actions and safeguard the crop.

On the other hand, the agricultural drones market in the aerial planting category is projected to witness the fastest growth during the forecast period, owing to the fact that aerial planting increases the crop yield in a cost-effective manner.

Agricultural Drones for Crop Spraying

Rising adoption of agricultural drones for crop spraying is observed as an emerging trend in the agricultural drones market. Deployment of drones for crop spraying has enabled farmers to monitor distant locations of their farms on a real-time basis. Additionally, by leveraging agricultural drones, only adequate liquid is used for crop spraying, thereby ensuring efficiency. Multi-rotor agricultural drones are the preferred choice for crop spraying, owing to their ability to hover over a surface. North America is the largest market where maximum number of drones are deployed for crop spraying application.

Improving Productivity of Agricultural Products is Driving the Market

Agricultural drones are being deployed in order to improve agricultural productivity. Presently, multi-spectral images by agricultural drones provide vital data, such as crop growth, soil and field analysis, health assessment, and hydric-stress area, on a real-time basis. This assists farmers in locating underperforming areas and crop-related diseases, and helps in better crop management.

Segmentation Analysis of Agricultural Drones Market

Agricultural Drones Market

  • On the basis of aerial platform, multi-rotor agricultural drones are most commonly used drones among farmers, primarily due to their competitive pricing and are also considered as more user friendly than other types. These drones are primarily deployed for applications, such as crop spraying, crop management, and health assessment. On the other hand, the market for fixed-wing agricultural drones is projected to witness fastest growth, owing to their ability to cover larger areas and carry heavy payloads.
  • Based on size, small-sized agricultural drones generated the highest revenue share, of around 35%, in the agricultural drones market in 2018. This is due to the fact that these drones are user friendly, which make them popular among farmers for crop spraying and health assessment.
  • Based on application, the crop spraying category generated over 50% revenue share in the agricultural drones market in 2018. Spraying using drones ensures that only adequate liquid is sprayed, thereby enhancing efficiency and cost effectiveness. Thus, the demand for agricultural drones for crop spraying applications is further expected to grow during the forecast period.

Geographical Analysis of Agricultural Drones Market

North America generated the highest revenue, accounting for more than 40%, in the agricultural drones market in 2018. This is attributed to the need to raise agricultural output and declining skilled agricultural labors in the region. To overcome the shortage of farmworkers, agricultural drones are being deployed, where these have resulted in improved crop productivity in less cost.

On the other hand, the APAC agricultural drones market is projected to witness the fastest growth during the forecast period. Due to growing population in the region, the demand for agricultural products is increasing, primarily in countries, such as China, India, Indonesia, where majority of the region’s population is concentrated. This is projected to be a key driving factor for farmers to adopt agricultural drones, as these improve crop productivity.

Browse report overview with detailed TOC on "Agricultural Drones Market Research Report: By Aerial Platform (Multi-Rotor, Single-Rotor, Fixed-Wing), Size (Micro, Small, Medium, Large), Application (Soil and Field Analysis, Crop Monitoring, Health Assessment, Irrigation, Crop Spraying, Aerial Planting) - Global Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/agricultural-drones-market

Competitive Landscape of Agricultural Drones Market

Recently, the global agricultural drones market has witnessed tremendous growth, where drone manufacturers have shifted their focus on agricultural drones. This has resulted in highly competitive market, with the presence of key players, such as SZ DJI Technology Co. Ltd., AiroVironment Ltd., Parrot Drones SAS, Yuneec International, Drone Deploy Inc., and Yamaha Motors Co. Ltd.

Some of the other players operating in the agricultural drones market are AGCO Corporation, AGEagle Aerial Systems Inc., Trimble Inc., Israel Aerospace Industries Ltd., and Shandong Joyance Technology Co. Ltd.

Agricultural Drones Market Segmentation

Market Segmentation by Aerial Platform

  • Multi-Rotor
  • Single-Rotor
  • Fixed-Wing

Market Segmentation by Size

  • Micro
  • Small
  • Medium
  • Large

Market Segmentation by Application

  • Soil and Field Analysis
  • Crop Monitoring
  • Health Assessment
  • Irrigation
  • Crop Spraying
  • Aerial Planting

Market Segmentation by Region

  • North America Agricultural Drones Market
    • By aerial platform
    • By size
    • By application
    • By country – U.S. and Canada
  • Europe Agricultural Drones Market
    • By aerial platform
    • By size
    • By application
    • By country – U.K., France, Germany, Italy, Spain, Netherlands, and Rest of Europe
  • Asia-Pacific (APAC) Agricultural Drones Market
    • By aerial platform
    • By size
    • By application
    • By country – China, Japan, India, South Korea, Australia, Thailand, Indonesia, and Rest of APAC
  • Latin America (LATAM) Agricultural Drones Market
    • By aerial platform
    • By size
    • By application
    • By country – Mexico, Brazil, Argentina, and Rest of LATAM
  • Middle East & Africa (MEA) Agricultural Drones Market
    • By aerial platform
    • By size
    • By application
    • By country – South Africa, Turkey, Israel, and Rest of MEA