Global agricultural drones expected to hit USD 10.5 billion by 2027- Fior Markets

According to a report published by Fior Markets, the global agricultural drones are expected to increase from USD 1.5 billion in 2019 to USD 10.5 billion by 2027, at a CAGR of 31.4% during the forecast period 2020-2027.

The North American region stands as a promising market for agricultural drones and is expected to grow at the highest CAGR during the forecast period. It is also the largest market for agricultural drones. This is due to the high purchasing power and readiness for technological adoption of consumers in that region. North America is the fastest-growing, but South America has the highest growth potential. 

Key players in the global agriculture drones market are Israel Aerospace Industries Ltd., Yamaha Motor Co., Ltd., Delair, AeroVironment, Inc., PrecisionHawk Inc., Trimble Navigation Ltd., AgEagle Aerial Systems Inc, Microdrones GmbH, Agribotix LLC American Robotics, Inc., AgEagle Aerial Systems Inc., URSULA Agriculture Ltd, Sentera, Inc., Parrot S.A., SZ DJI Technology Co., Ltd., and AutoCopter Corp among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global agriculture drones market.

Precision Hawk announced in December 2019 that it raised $32 million from tech venture investors including Millennium Eastward Capital Partners and Technology Value Partners among others. Chief Executive Officer, Michael Chasen said the fresh capital would assist in the development of PrecisionHawk’s software offerings and market expansion initiatives. It offers platforms for drone sensors, navigation equipment, flight and analytics software etc. It has introduced an innovative indicator called the vegetative index, which can detect whether plants in a field are healthy or not as well as analyze reasons for suboptimal crops as a result of disease or over-fertilization.

The key driver of the global agricultural drone market is increased agricultural output. Higher crop yields and a better understanding of precision farming are raising the demand for these drones. However, since the drone industry is relatively new, technical issues are likely to occur. Most technical problems are dealt with after the nascent stage is passed.  Drones also reduce operational expenses as they enable to cut down on labour costs.