Agricultural Drones Market to Witness 25.0% CAGR during 2019-2024

The agricultural industry is one of the most important and prominent industries across the globe and is witnessing robust growth, on account of the surging population. In 2017, the agriculture, food, and related industries contributed a revenue of $1.053 trillion to the U.S. gross domestic product.

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The times have certainly changed, and farming cannot be done as it used to before, since there is pressing need for catering to the needs of the increasing population which can only be done by enhancing the productivity of agricultural fields. Because of these reasons, farmers around the world are increasingly adopting advanced technologies.

One of such technologies is agricultural drones, the utilization of which helps farmers to measure, observe, and take actions on the basis of real-time livestock and crop data. By making use of agricultural drones, the need for guesswork in modern farming is eliminated, and the technology further offers farmers the ability to maximize their yields and run more efficient organizations.

Drones are equipped with different technologies, such as global positioning systems, propulsion systems, navigations systems, automated flight planning, infrared cameras, and programmable controllers, and have the ability to collect information for better decision making. Due to these advantages, the demand for drones in the agriculture sector is growing.

According to a report by P&S Intelligence, in 2018, the global agricultural drones market attained a value of $1.5 billion in 2018 and is expected to generate a revenue of $6.2 billion by 2024, advancing at a 25.0% CAGR during the forecast period (2019-2024).

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In terms of aerial platform, there are three types of agricultural drones, namely fixed-wing, multi-rotor, and single-rotor. Out of these, multi-rotor drones are used most commonly, as they have a low cost an easy to use mechanism.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.