Market research firm Market.us predicts that the market for agricultural drones will grow at an annual CAGR of 21.2 percent, exceeding USD $11.08 billion by 2032 – up significantly from $1.7 billion in 2022.
In agriculture, these drones are most commonly used for fertilizer applications and crop growth monitoring, which can be used to assess drainage efficacy, soil health and other key factors.
Over the next 10 years there will be relatively equal growth in the subsections of drone hardware, drone software and drone service. Overall, hardware is expected to dominate during the forecast period.
The increase is driven by a number of factors including increase in adoption of precision farming, advancements in technology and a growing need for soil and crop assessment. This is compounded by a rise of what the report calls “unanticipated weather changes,” resulting in a greater need for novel technologies.
North America held a revenue share of approximately 33.8 percent in 2022, and is expected to remain a significant contributor, although APAC is expected to grow at the fastest rate.
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