March 19, 2020

Agricultural Drones Market to Witness 25.0% CAGR During 2019–2024

In 2018, the global agricultural drones market reached $1.5 billion and is projected to advance at a 25.0% CAGR during the forecast period (2019–2024).

The market is growing due to the rising need for drones for precision farming and requirement of food security. Unmanned vehicles or drones which are utilized for crop farming and related activities are referred to as agricultural drones.

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The multi-rotor category dominated the agricultural drones market in 2018, based on aerial platform, as they are easier to operate as well as more cost-effective compared to other variants.

Crop management, crop spraying, and health assessment are the major areas where these vehicles find application. During the forecast period, the highest CAGR would be witnessed by the fixed-winged category, because such variants can carry high volumes of liquids and also cover large areas.

In 2018, North America led the agricultural drones market growth, by contributing 40.0% of the worldwide revenue. This is ascribed to the declining number of skilled agricultural workers and the increasing need to improve the productivity of farms.

UAVs help tackle the issue of labor shortage by spraying over or imaging large areas, thereby also saving costs for farmers. Asia-Pacific (APAC) would observe the fastest industry growth during the forecast period, as a result of the increasing population, which is raising the requirement for various agricultural products, thereby encourage the adoption of UAVs.