Agriculture Drone Market SWOT Analysis by 2031
The Agriculture Drone Market size is projected to reach US$ 7.56 billion by 2031 from US$ 1.04 billion in 2023. The market is expected to register a CAGR of 28.1% in 2023–2031. The rising demand for advanced technologies to cater growing need for modern agriculture farms is anticipated to drive the demand for agriculture drones globally. Agriculture drones are designed to fast-track farming operational efficiency and optimize crop production. The growing proliferation of smart technologies for managing large farms and lands in remote locations is acting as a major driver for the market.
Agriculture Drone Market Analysis
Agriculture drones are primarily spray drones equipped with unmanned aerial vehicles specifically designed to augment farming operational efficiency by monitoring crop growth and crop production. Additionally, digital imaging potentials along with drone sensors are anticipated to provide farmers a potential information on their lands. Moreover, abrupt climate changes also offer challenges for the agriculture sector, which fuels the requirement for smart solutions like agriculture drones to enhance firm productivity and crop yield. Furthermore, aerial images offered by drone farming can disclose numerous concerns like irrigation problems, soil variation, and fungal infestations and act as a set of guidelines used in agriculture to investigate crops to promptly identify complications.
Agriculture Drone Market Overview
The growing demand for food products is having a direct impact on the agriculture market. Increasing food demand with the rising population is anticipated to boost the application of smart technologies in the farming sector. Smart technologies, such as the digitalization of farming equipment and the utilization of smart drones, for monitoring the land with more precision and efficiency. The agriculture drone market is segmented by component, type, farming location, type of produce, farm size, and application. Based on component, the market is classified into hardware and software. On the basis of farming location, the market is categorized into fixed wing and rotary wing. In terms of farming location, the agriculture drone market is categorized into indoor and outdoor. On the basis of type of produce, the market is segmented into field crops, fruit & vegetable, dairy & livestock, and others. In terms of farm size, the market is categorized into small & medium crops and large crops. Based on application, the market is categorized into precision farming, livestock monitoring, smart greenhouse, and others.
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Agriculture Drone Market: Strategic Insights
Market Size Value in US$ 987.26 Million in 2021 Market Size Value by US$ 6,377.61 Million by 2028 Growth rate CAGR of 31.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Agriculture Drone Market: Strategic Insights
| Market Size Value in | US$ 987.26 Million in 2021 |
| Market Size Value by | US$ 6,377.61 Million by 2028 |
| Growth rate | CAGR of 31.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Agriculture Drone Market Drivers and Opportunities
Technological Advancement in the Agriculture Industry is Expected to be the Prime Driver for the Agriculture Drone Market
The growing proliferation of digitalization and integration of software applications to monitor the overall operational efficiency of farming land is anticipated to drive the growth of the agriculture drone market globally. The real-time data and aerial images of the complete farm help the farmers identify the issues concerning the land’s well-being, which might negatively impact the crop production rate. Additionally, managing mid to large-size agricultural lands in remote locations is unmanageable if agriculture drones are not in application, as they help in spraying insecticides over the land in a much faster and more efficient manner. The agriculture drones also boost precision farming by managing a proper schedule for watering, harvesting, and fertilizing the land properly. Thus, the utilization of advanced technologies like farm monitoring software, crop managing technologies, and digital aerial imaging technologies is acting as a major driving factor for the market.
Supportive Government Policies Related to Drone Application
The growing government focus on precision farming owing to its requirement to meet the growing demand for food products worldwide is anticipated to support the growth of the agriculture drone market. Supportive government policies for flying drones are also estimated to drive the expansion of the agriculture drone market over the forecast period. For instance, in 2022, the US Federal Government and Administration approved US$750,000 to advance the Warren drone training program that supports modern-age farmers in precision farming technologies. Thus, the rising governmental support and assistance for using advanced drones for agriculture is anticipated to increase the growth of the agriculture drone market over the forecast period.
Agriculture Drone Market Report Segmentation Analysis
Key segments that contributed to the derivation of the agriculture drone market analysis are component, type, farming location, type of produce, farm size, and application.
- Based on components, the agriculture drone market has been divided into hardware and software. The hardware segment held a larger market share in 2023.
- In terms of type, the market has been segmented into fixed wing and rotary wing. The fixed wing segments dominated the market in 2023.
- In terms of farming location, the market has been segmented into indoor and outdoor. The outdoor segments dominated the market in 2023.
- In terms of type of produce, the market has been segmented into field crops, fruit & vegetable, dairy & livestock, and others. The field crops segments dominated the market in 2023.
- In terms of type of farm size, the market has been segmented into small & medium crops and large crops. The large crop segments dominated the market in 2023.
- In terms of application, the market has been segmented into precision farming, livestock monitoring, smart greenhouses, and others. The precision farming segments dominated the market in 2023.
Agriculture Drone Market Share Analysis by Geography
The geographic scope of the Agriculture Drone Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America led the agriculture drone market in 2023. The North America region includes the US, Canada, and Mexico. The growing government investment in advancing the agriculture sector is acting as a major driver for the market. The rising technological advancement in terms of the integration of smart farming technologies and advanced procedures of precision farming is steering the growth of the agriculture drone market in North America. Supportive government policies and mandates towards the implementation of drones for modern farming requirements are also boosting the application of the agriculture drone market in North America.
Agriculture Drone Market Report Scope
Agriculture Drone Market News and Recent Developments
The Agriculture Drone Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Agriculture Drone Market and strategies:
- On March 2024, AgEagle declared a deal of 50 RedEdge-P Multispectral Sensors to the Greek Ministry of Agriculture. (Source: AgEagle, Press Release/Company Website/Newsletter)
Agriculture Drone Market Report Coverage and Deliverables
The “Agriculture Drone Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Type, Farming Location, Type of Produce, Farm Size, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Colombia, Mexico
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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