Agricultural Drones Market is estimated to cross USD 1 billion by 2024 with the shipments exceeding 200 units. Increasing usage of drones for agricultural purpose and rising funding for UAV manufacturers are fueling the demand for agricultural drones market. Precision farming initiatives and increasing automation will further stimulate the industry growth during the forecast period.
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These UAVs facilitate farmers with aerial cameras for crop monitoring, soil & field analysis, and health assessment of the yield and irrigation assistance. These pros are expected to increase the product adoption among the farmers in the coming years. Farm equipment manufacturers are including the digitalization of farms by providing various features such as GPS, geomapping, satellite imagery, and automated systems. This increasing adoption of precision agriculture will stimulate the demand for UAVs in agriculture.
The companies are investing in UAVs to capture the business early with an enhanced product portfolio. For instance, DuPont invested in drone technology provider PrecisionHawk to include drone technology in its portfolio. The companies are exploring value-added services other than drone manufacturing and crop spraying. The value-added services include data collection, farm management, training, and leasing of UAVs. Higher purchase cost, limited fly time & flight range, and weather dependency are some of the challenges faced by this industry.
Fixed wing drones use normal airplane like wing to provide lift. These are energy-efficient products that cover larger areas and longer distances and can loiter for a longer time by monitoring the particular zone. Higher flight time for fixed wind drones gives extended time for field monitoring to the farmers. Imaging software is important for processing images that are captured by the cameras mounted on the UAVs. This software also enables data analysis for the required fertilizer amount to be sprayed in the fields.
The UAVs equipped with thermal, infrared, multi spectral, and hyperspectral cameras provide a better vision for farmers to protect their crop and plantation.
UAVs with an infrared camera is used for crop scouting, which provides information about plant development stage, plant health, and moisture level of the soil & plant. Crop scouting is expected to acquire a high market share during the forecast period. The growth of this segment is attributed to FAA approval for using UAVs for agricultural purpose. The technological advancements focus on increasing the scouting time and area cover. AGCO, a manufacturer of agricultural equipment has developed SOLO AGCO EDITION drone that provides scout up to 240 acres in one trip with 20 minutes of flight time.
Asia Pacific agricultural drones market is fueled by technological advancements, government funding, and increasing adoption. In China, the government has included agricultural drones as national subsidized agricultural machinery to increase its adoption. As per the Ministry of Agriculture, China, the agricultural UAV ownership number crossed 4,800 in 2016, which is double the number in 2015. The other agriculture dominated countries in Asia Pacific are expected to contribute to the industry growth owing to the increasing usage of this product to improve the yield.
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Some of the players in agricultural drones market include DJI, AeroVironment, PrecisionHawk, DroneDeploy, Gopro, Parrot, Yunnec, Kespry, Dronebase, and Trimble Navigation. Profit margins and increasing demand are increasing the industry attractiveness thereby increasing the number companies investing in the agricultural drone market. Government regulations, patents, and companies already developing UAVs for other applications are increasing the entry barriers for new entrants.
Chapter 3. Agricultural Drone Industry Insights
3.1. Industry segmentation
3.2. Industry size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.3.2. Vendor matrix
3.4. UAV vs. manned aircraft/satellite
3.5. Drone advantages over other aerial imaging systems
3.6. Technology & innovation landscape
3.6.1. UAV industry overview
3.6.2. Multispectral camera
3.6.3. Infrared camera
3.6.4. Thermal camera
3.6.5. LiDAR camera
3.6.6. High resolution camera
3.6.7. Navigation system
3.6.9. Geographic Information System (GIS)
3.7. Regulatory landscape
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.2. Industry pitfalls & challenges
3.9. Growth potential analysis
3.9.1. Business models
3.10. Porter's analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrants
3.10.4. Threat of substitutes
3.10.5. Internal rivalry
3.11. Competitive landscape, 2016
3.11.1. Strategy dashboard
3.11.2. Patent analysis
3.12. PESTEL analysis
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