COVID-19 distorted manufacturing activities and disrupted supply chain, thereby impacting the global agriculture drones market negatively
An increase in venture funding for the deployment of drones in the agricultural sector, surge in adoption of precision farming and rise in demand for cost reduction associated with human errors drive the growth of the global agriculture drones market. Based on offering, the hardware segment contributed to the highest share in 2020. By region, on the other hand, Asia-Pacific would cite the fastest CAGR by 2030.
According to the report published by Allied Market Research (AMR), the global agriculture drones market was estimated at 0.88 billion in 2020 and is expected to hit $5.89 billion by 2030, registering a CAGR of 22.4 per cent from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers and opportunities, market size and estimations, competitive scenario, and wavering market trends.
An increase in venture funding for the deployment of drones in the agricultural sector, the surge in adoption of precision farming, and a rise in demand for cost reduction associated with human errors drive the growth of the global agriculture drones market. On the other hand, the emergence of unmanned aerial vehicles impedes growth to some extent. However, the rise in automation across the agricultural industry is expected to create lucrative opportunities in the industry.
Implementation of partial and complete lockdown across the world due to COVID-19 gave way to distorted manufacturing activities and disrupted supply chain, thereby impacting the global agriculture drones market negatively. Nevertheless, the existing regulations are being eased off on a gradual note in the majority of countries and especially, with the mass inoculation drive on board, the market is anticipated to revive soon.
The global market is analysed across offering, component, application, and region. Based on offering, the hardware segment contributed to more than two-thirds of the total market share in 2020 and is expected to lead the trail by 2030. The same segment would also register the fastest CAGR of 22.7per cent throughout the forecast period.
Based on the component, the cameras segment accounted for more than two-fifths of the total market revenue in 2020 and is anticipated to rule the roost by 2030. The batteries segment, on the other hand, would grow at the fastest CAGR of 24.1 per cent during the forecast period.
Based on region, North America held the major share in 2020, garnering nearly two-fifths of the global agriculture drones market. Simultaneously, the market across Asia-Pacific would cite the fastest CAGR of 23.80 per cent from 2021 to 2030.
The key market players analysed in the global agriculture drones market report include AgEagle Aerial Systems, Israel Aerospace Industries, Microdrones, America Robotics, DJI, Parrot Drones, PrecisionHawk, AeroVironment, Trimble and Yamaha Motor Corp. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
