A recently revised study by Persistence Market Research has projected that demand for imaging technology for precision agriculture will rise at a notable CAGR of 8.8% during the forecast period of 2021 to 2031, by the end of which opportunities in the market are estimated to translate to a revenue of US$ 1.7 Bn.
Analysts of the report have notified that the market for imaging technology in precision agriculture produced a revenue of US$ 756 Mn.
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Owing to escalating population across the world, the need for food will continue to increment until a foreseeable future. Sadly, growing environmental pollution has considerably decreased the percentage of arable land and hence, in order to meet the overflowing food demand, the practices pertaining to increasing farming and livestock yield are gaining popularity.
Precision agriculture is the usage of latest technologies that can make the farming process more controlled and accurate, and imaging technologies, particularly multispectral and hyperspectral, are gaining popularity across the world.
The recent advent of unmanned aerial vehicles (UAV) has been a boon for the vendors providing imaging technology for precision agriculture in various parts of the world, developed and developing countries alike.
These UAVs have the potential to significantly reduce the overall cost of agriculture in comparison to traditional methods, enabling swift monitoring of crop health and irrigation equipment, identification of weed and pest, variability in fertility rate, and environmental impact.
On the other hand, the cost of equipment and the pertaining services remains the primary restraint that is obstructing the proliferation of the technology across various developing countries.
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In addition to that, the need for technological expertise to operate these products, lack of standardized regulation for the commercial usage of UAVs, and lack of awareness in several agriculture driven countries are challenging the market from flourishing.
Technology-wise, the analysts of the Persistence Market Research report have segmented the global imaging technology for precision agriculture market into multispectral technology and hyperspectral technology. Over the course of the forecast period, the hyperspectral technology segment is projected to constitute the maximum demand, which is a reflection of decreasing cost of this technology and vast information it can provide.
Product-wise, the market has been bifurcated into sensors, cameras, software, and others. Among these, the cameras segment is currently most in-demand and is expected to remain so until 2031 too, primarily because its ability to provide elaborated information on the real-time. That being said, sensors segment is also expected to remain profitable in the near future.
Geographically, the developed country of the U.S. makes North America the most profitable region by the end of the forecast period, 2031. The strong adoption rate of new technology in the U.S. and presence of prominent vendors of this market in the country are a few factors favoring the North America imaging technology for precision agriculture market.
That being said, vastly populated and agriculture dependent region of Asia Pacific is also expected to generate substantial revenue from this technology as various governments are promoting the methods that increment farming yield.
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Key Market Players
Bayspec, Tetracam, Micasense, Ximea, Teledyne Dalsa, and Resonon are some of the leading players operating in the global imaging technology for precision agriculture market.
Top market players are focusing on launching imaging technology products specifically suited for precision agricultural applications to consolidate their position in the global imaging technology for precision agriculture market.
Segment Analysis
The global imaging technology for precision agriculture market is segmented into two main segments – namely by technology and by product. The technology segmented is further sub-segmented into multispectral technology and hyperspectral technology. The product segment is further sub-segmented into cameras, sensors, software, and others.
Revenue generated from imaging technology for precision agriculture is currently around US$ 756 Mn. In the technology segment, hyperspectral technology is estimated to increase at the highest growth rate during the forecast period, followed by multispectral technology.
Decreasing cost of hyperspectral technology and the information available through this technology being much more detailed than multispectral technology are some of the factors expected to drive demand for this technology.
Among all the products, the cameras segment is estimated to account for maximum market revenue share by 2031, owing to detailed information available with the help of these cameras. Moreover, the demand for sensors is estimated to witness highest growth rate by 2031, followed by cameras and software.
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