The introduction of new agricultural drones is a key trend, which is expected to impact the growth of the global agricultural drones market. Major vendors in the agricultural drone market are trying to improve their competitive advantage by introducing new products with better features and functionalities. This augurs well for the growth of the market during the forecast period.
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In this report, Technavio researchers identify the rise in funding for UAV manufacturers as one of the key factors contributing to the global agricultural drones market:
Global agricultural drones market: Rise in funding for UAV manufacturers
The popularity of agricultural drone technology has increased among farmers owing to its various applications. Agricultural drones are mainly used in farming for crop scouting and field mapping. Investors, entrepreneurs, and farming businesses are now more focused on investing in such technologies.
According to a senior analyst at Technavio for agricultural equipment research, “The growing application of agricultural drones has increased investments for UAV-based startup companies that are trying to build software and hardware solutions for customers. Agricultural drone manufacturers receive funding from many investors, which will boost R&D and lead to the development of new products.”
Global agricultural drones market: Segmentation analysis
This market research report segments the global agricultural drones market by product (fixed wing, multi-rotor, and hybrid agricultural drones) and key regions (the Americas, APAC, and EMEA).
The fixed-wing segment held the largest share of the market in 2017, accounting for more than 43% of the market followed by the multi-rotor and hybrid segments. The hybrid segment is expected to witness the maximum increase in its market share during the forecast period while the fixed-wing segment will see a decline of close to 2% in its market share by 2022.
In 2017, the Americas held the largest share of the market accounting for over 58% of the total revenue, followed by EMEA and APAC. The market share of EMEA is expected to witness the maximum increase over the forecast period, while that of the Americas will decline.
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