Imaging Technology Market for Precision Agriculture Market, By Technology, By Product & By Region

Market Overview:
By collecting real-time data for agricultural parameters such as soil quality, chemical composition, air quality, moisture content, etc. decision about crop management is known as precision agriculture. There are various technologies available including variable rate technology, guidance technology, unmanned aerial vehicle, mapping technology, and global positioning system. Precision agriculture (PA) is a farming management concept based on monitoring, measuring, and responding to inter and intra-field variability in crops. The primary objective of precision agriculture is to define a decision support system (DSS) for the entire farm management with the goal to optimize returns on inputs while preserving resources.

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Competitive Section
Key players operating in the global imaging technology market for precision agriculture are Bayspec, Quest Innovations, Tetracam, Pixelteq, Micasense, Resonon¸ Ximea, and Teledyne Dalsa.

Trends in camera technology for imaging technology
Multispectral was the first camera technology introduced, working in 3 bands i.e. Red, Blue, and Green. Hyperspectral cameras were introduced and the early application included satellite imagery but was later introduced for precision agriculture application. Hyperspectral cameras can work in more than 3 bands, which can even go up to 100 bands. Hyperspectral cameras were very costly and mainly targeted towards industrial applications, however later with costs coming down, its applications for agriculture purposes have been increasing.

Market Opportunities
Rising adoption of new technology can present lucrative growth opportunities
The adoption of novel technology has offered numerous advantages to farming. For instance, since 1996, genetically modified crops have been adopted by several countries and yields per hectare have been improved significantly. Better irrigation systems have resulted in an increase in agricultural production. Modern transportation systems helping in the transportation of agricultural products.

Increasing demand for agricultural products can provide major business opportunities
According to a report by National Intelligence Council, demand for food is expected to increase by 35% by the end of 2030, owing to the projected increase in global population from 7.5 billion in 2016 to 8.3 billion in 2030; whereas global productivity of food grains have come down significantly as compared to previous years. The scarcity of food grains will result in an increase in demand for agricultural products.

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Market Dynamics- Restraints
Lack of surety regarding returns is expected to restrain the growth of the global imaging technology market for precision agriculture during the forecast period
Ambiguity regarding whether the technology will ensure profits considering the investment to be made and affordability of the consumer to purchase the technology are major factors expected to restrain the adoption of imaging systems for precision agriculture. Furthermore, using image sensors for farming requires sensors and supporting software as well as drone cost is included in the complete system to capture.

Ambiguity concerning regulations is expected to hinder the growth of the global imaging technology market for precision agriculture over the forecast period
Many countries worldwide have no regulations regarding commercial applications of UAVs and thus require special clearance from authorities. A state of ambiguity related to the usage of drones for precision farming exists, due to the absence of any regulations in many countries. Thus, these factors are expected to hinder market growth over the forecast period.

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