Newark, NJ, May 18, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global agricultural drones market is expected to grow 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 America region stands as a promising market for agricultural drones and is expected to grow at the highest CAGR of during the forecast period. It is also the largest market for agricultural drones. This is due to the high purchasing power and readiness in technological adoption of consumers in that region. North America is the fastest-growing, but South America has the highest potential for growth.
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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 on December 2019 that it raised $32 million from tech venture investors including Millennium Eastward Capital Partners and Technology Value Partners among others. This was following a previous series D equity financing activity on January 2018, which was of the amount of $75 million. CEO 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 analyse reasons for suboptimal crops as a result of disease or over-fertilisation.
The key driver of the global agricultural drones market is increased agricultural output. Higher crop yields and a better understanding of precision farming are raising demand for these drones. However, since the drone industry is relatively new, technical issues are likely to occur. Most technical problems are dealt after the nascent stage is passed. Drones also reduce operational expenses as they enable to cut down on labour costs.
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About the report:
The global agricultural drones market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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