Smart Farming Drones Market Size, Share & Growth Report 2031

Report Description

The global smart farming drones market size was valued at USD 4.32 Billion in 2022 and is likely to reach USD 20.07 Billion by 2031, expanding at a CAGR of 20.5% during 2023 – 2031. The increasing demand for precision farming and the proliferation of technology is expected to fuel the market.

Rising integration of smart solutions for agricultural operations in worldwide countries is fueling the demand for smart farming drones. Advances in technology are boosting precision farming practices, which crucially depend on the use of smart devices and machinery to improve crop health and yields.

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The need for enhancing farming on limited land and with optimized resource use has encouraged farmers to utilize advanced agricultural solutions, including smart drones, which is majorly driving the growth of the market. Furthermore, governments around the world are supporting farming drone research activities and promoting the adoption of drones. For instance,

• On April 15, 2022, the United States Department of Transportation's Federal Aviation Administration, announced around USD 4.4 million investment in farming drone research, education, and training grants to seven universities. This financial support is provided to accelerate the research activities focused on detecting and avoiding classification, cybersecurity oversight, and electromagnetic capabilities.

The smart farming drone is an unmanned aerial vehicle (UAV) equipped with advanced technologies and sensors. It is specifically designed to optimize and enhance various farming activities. Farming drones cover large areas of farmland and provide real-time data about crop health.

This data enables farmers to make informed decisions, adjust their farming practices, and improve overall crop yields. Moreover, these drones are also utilized to deliver pesticides and fertilizers to required specific areas reducing the environmental impact and overall costs.

The research report finds that the COVID-19 pandemic moderately impacted the market. The pandemic has accelerated the adoption of advanced technologies, including smart farming drones in the agriculture sector. These drones help farmers monitor their crops remotely and collect data to make informed decisions without the need for physical presence in the fields.

On the other hand, the pandemic also caused disruptions in the supply chain and manufacturing processes of smart farming drones. These factors lead to distribution delays and increased costs, which further decreases the demand for drones in the market.

Artificial Intelligence Impact on the Smart Farming Drones Market

Artificial intelligence (AI) is anticipated to propel the market. The integration of AI in smart drones enables farmers to collect accurate data from the field to make real-time assessments. Furthermore, AI has the ability to identify crop health, detect diseases, and assess irrigation needs accurately, which helps farmers make better data-driven decisions.

Smart Farming Drones Market Dynamics

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Major Drivers

Increasing government support for smart farming is expected to drive the market. Various governments across the world are offering financial incentives and subsidies to farmers to adopt smart technologies for agricultural operations.

Thus, farmers are leveraging technology-oriented machinery in their farming practices to minimize manual intervention. Furthermore, these agricultural drones are cost-effective as they cover large areas efficiently saving farmers time and labor which is likely to further fuel their demand in the market.

• According to the research published by the American Farm Bureau Federation, on average, farmers in the US who use drones see USD 12 return on investment for corn per acre and USD 2 to USD 3 per acre for soybeans and wheat.

Existing Restraints

Risk of errors in terms of data collection during the drone operation is expected to hinder the market. Farming drones collect huge amounts of data, which creates the possibility of data overload or errors. This makes it difficult for the farmers to derive actionable insights from the collected data, which further limits the adoption of farming drones.

Emerging Opportunities

Ongoing advancement in imaging technology is expected to create immense opportunities for the prominent players competing in the market. Manufacturers are integrating new multispectral and hyperspectral imaging sensors in smart farming drones.

This enables farmers to capture detailed information about crop health and nutrient content. Moreover, the growing focus on sustainable agriculture and environmental conservation using advanced technology is further propelling the market.

Scope of Smart Farming Drones Market Report

The report on the market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Smart Farming Drones Market Segment Insights

Type Segment Analysis

Based on type, the smart farming drone market is divided into rotary wing, fixed wing, and hybrid. The rotary wing segment is estimated to hold a major market share during the projected period, due to their hovering ability. This functionality is important in areas with dense vegetation and uneven terrains, as it enables vertical landing and takeoff. Moreover, these drones are easy to operate compared to fixed-wing drones, which further boosts the segment.

The hybrid segment is anticipated to register a robust growth rate in the coming years, as it combines the features of both rotary-wing and fixed-wing drones. This type of drone has the ability to cover vast areas efficiently and collect data over extended periods without the need for frequent recharging or refueling. Furthermore, the ongoing research to produce advanced hybrid drones for farming is propelling the market.

• On June 13, 2023, TSAW Drones, a drone technology company based in India, announced the launch of a newly made hybrid fixed-wing VTOL drone. This drone has the ability to fly for 100 minutes and cover 120 kilometers on a single charge. Moreover, the VTOL drone can fly up to 3500m high and carries 8 kilograms of payload.

Component Segment Analysis

On the basis of component, the market is classified as hardware, software, and services. The hardware segment is expected to expand at a considerable CAGR during the forecast period, due to its improved capability to collect and process data.

Hardware, such as frames, cameras, control system, navigation system, and propulsion system provides a stable platform for data gathering. These components play a crucial role in field mapping, crop management, and pest management. Moreover, the increasing adoption of precision farming is likely to fuel the segment.

The software segment is projected to grow at a significant pace, owing to the growing utilization of imaging software and data analytics software for processing and analyzing the vast amount of drones collected data in agriculture. The software for managing farming drones comprises the ability to detect and respond to potential errors. This in turn reduces the risk of crop loss.

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Application Segment Analysis

In terms of application, the smart farming drones market is fragmented into field mapping & monitoring, crop variable rate application, scouting, livestock monitoring, crop spraying, and others. The field mapping & monitoring segment is expected to hold a key share of the market during the projected period, as it is important in providing valuable data to effectively manage fields.

Smart farming drones equipped with advanced sensors and imaging technology capture high-resolution images of soil and crops. Moreover, the increasing need for mapping technologies in precision farming is likely to contribute to segment growth. 

The crop scouting segment is anticipated to register a considerable CAGR during the forecast period. Crop scouting involves the close examination of crops to detect early signs of diseases and pest infestations. Smart drones are used for the early detection of issues enabling farmers to take timely action against the disease.

Regional Analysis

In terms of region, the global smart farming drones market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to dominate the market during the assessment period, owing to the rising adoption of new innovative solutions to optimize farming operations.

Various European governments are supporting the use of advanced smart farming drone technologies in agriculture. Moreover, the growing number of drone purchases further boosts the market in this region.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, due to the increasing awareness of precision agriculture and sustainable farming practices. Farmers in the Asia Pacific are using drones for better crop monitoring and resource optimization.

Furthermore, the favorable government incentives and policies towards smart farming encourage farmers to adopt technology in agriculture contributing to the growth of the smart farming drone market in the region.

• According to the report published by the Indian Ministry of Agriculture and Farmers Welfare on March 21, 2023, financial assistance is provided to custom hiring centers (CHCs) under the Rural Entrepreneurs, Cooperative Society of Farmers, and Farmers Producers Organizations (FPOs) for the purchase of drones for rental services to farmers. The CHCs establishing agriculture graduates are eligible to receive 50% financial assistance, for drones costing up to Rs. 5 lakhs per farming drone.

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