According to the report, global agriculture drone market was valued at around USD 673.79 Million in 2015 and is expected to reach approximately USD 2,978.69 Million by 2021, growing at a CAGR of slightly above 28.11% between 2016 and 2021.
Agriculture drone can be used in soil and field analysis, planting, crop spraying, crop monitoring, irrigation and others. Data generated by drones can help farmers to gain a more accurate & detailed view that how their crops are responding to their management strategies which may lead to the most effective use of limited resources. Different types of drones help to elevate agricultural efficiency.
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Increasing applications of drone in agriculture sectors have influenced the industry to invest significantly in funding UAV-based startups. Also, increasing funding from venture-based firms for agricultural drones is fueling the market growth. However, lack of trained pilots and stringent regulations may restrain the growth of agricultural drones market over the forecast period.
Nonetheless, adoption of new technology is expected to offer new growth prospects to the agriculture drone market. Several benefits offered by the drone are strongly escalating growth of agriculture drone market. Many vendors such as Google Inc. and facebook are planning to use solar power drone that hovers around the atmosphere of the earth with internet access from remote places acting as flying internet or hotspot.
Agriculture drone market is segmented by type, component, application and region. On the basis of type, agriculture drone market classified into fixed wing, rotary blade, hybrid, data management, imaging software, data analysis others. Component wise agriculture drone market is bifurcated into controller system, propulsion systems, camera systems, the navigation system, batteries and others. Based on application, global agriculture drone market is classified into field mapping, variable rate application (VRA), livestock, crop spraying, crop scouting, agriculture photography and others.
Rapidly increasing adoption of drones for crop spraying application will increase the yield and reduce the wastage of crops, fertilizers, and pesticides. These key factors are responsible for the growth of the agriculture drone market for crop spraying application. Need for technological advancements in agriculture equipment and enhancement of the quality of farming techniques have led increased usage of agriculture drones in the market. Innovations in the GPS mapping field coupled with the advancements and solar power drone in agriculture are expected to drive the industry growth over the forecast period. Drones have the potential to implement better plantation with crop rotation strategies and give crucial inputs related to the daily progress of crops which is further contributing to the market growth.
North America dominated the global agriculture drone market due to high production and increasing applications in the agriculture sectors. Europe commercial drone market is expected to grow considerably in the forecast years owing to the relaxations in regulations and increasing applications in law enforcement and agricultural applications.
Favorable government initiatives towards agriculture sector are expected to be the key growth factors for the European market. Moreover, the demand for the drone is expected to gain traction in Asia-Pacific region. Australia and Asian countries such as Japan are increasingly focusing on the use of drones for agricultural purposes.
The key players involved in the agriculture drone market are GoPro, Google, Boeing DJI, Trimble Navigation Ltd. , DroneDeploy , AgEagle LLC , AeroVironment, Inc., Agribotix LLC , AutoCopter Corp. , 3DR, HoneyComb Corp. , Parrot SA and Yamaha Motor