In 2023, the global agriculture drone market was valued at USD 4.98 billion. Forecasts indicate that the market will expand from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 18.5% over the projected period.

List of Key Players Mentioned in the Report:

• Drone Deploy (U.S.)
• DJI (China)
• Precision Hawk Inc (U.S.)
• AeroVironment Inc. (U.S.)
• Trimble Navigation Ltd. (U.S.)
• 3D Robotics (U.S.)
• Ag Eagle (U.S.)
• Parrot Drone (France)
• Sintera LLC (U.S.)
• Delair Tech SAS (France)

Information Source:

https://www.fortunebusinessinsights.com/agriculture-drones-market-102589

Segmentation:

The agriculture drones market is segmented by type into fixed-wing, rotary-wing, and hybrid, with the rotary-wing segment dominating in 2022 due to its improved structural benefits. By component, the market is divided into hardware and software, where hardware led the market owing to its enhanced ability to collect and process data. Within hardware, frames held a major share due to the rising demand for robust structures supporting drone components. In software, the imaging software segment captured the largest share as it aids in early problem detection and crop loss prevention. By application, field mapping & monitoring led the market due to advancements in high-tech camera equipment for crop surveillance. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and the Rest of the World.

Report Coverage:

The report includes:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints:

Rising Support by Various Governments for Agriculture Drones to Propel Market Expansion

Governments across the world are announcing several policies and initiatives to support agriculture drone adoption. This includes R&D grants, tax incentives, subsides, regulatory frameworks, training and education, and others. For instance, in April 2022, the U.S. Department of Agriculture received a grant for USD 1 million for innovations in digital agriculture. By providing regulatory and financial support, governments are helping to make UAVs more accessible to farmers while also ensuring that they are used in a safe and responsible way.

On the other hand, concerns regarding data overload and inaccuracies in collected data due to hardware or software issues and environmental factors will pose as challenges for businesses operating in this domain.

Regional Insights:

Europe to Hold Largest Share Backed by Strong Research and Development Facilities

Europe captured a significant global market share in 2022 owing to the surging demand for the drones, rising funding, and strong research and development capabilities of the region. Moreover, the growing number of startups such as Gamaya, Delair, Accelerated Dynamics, and others will further aid regional market expansion.

Meanwhile, Asia Pacific is projected to record the highest growth rate in the forecast timeframe due to presence of large agricultural countries such as India, Indonesia, China, and others. The rising demand for UAVs from these countries and growing focus of market players on developing advanced products will further facilitate regional market expansion.

Competitive Landscape:

Innovative Product Launches by Leading Companies to Drive Market Expansion

Industry leaders usually make tactical moves such as collaborations, partnerships, mergers and acquisitions, and product launches to hold a dominant share in the global market. For example, in November 2021, XAG announced its plans to launch its P40 and V40 agricultural drones worldwide, thus bringing digital agriculture to rural areas with geriatric populations and poor infrastructure. The XAG V40 and P40 are fully autonomous drones capable of mapping, spraying, and farm broadcasting.

Key Industry Development:

March 2023 – Avikus and Korea Shipbuilding & Offshore Engineering, a subsidiary of Hyundai, entered into an agreement to carry out an experiment on fuel efficiency by implementing self-governing navigation systems. The venture incorporates five firms, Pan Ocean, POS SM, Korea Shipbuilding & Offshore Engineering, Avikus, and Korean Register of Shipping.