Press release
Global Market Study on Imaging Technology for Precision Agriculture: Cameras Product Segment Estimated to Account for Maximum Market Revenue Share by 2024
The introduction of unmanned aerial vehicles (UAV), coupled with added benefits such as low costs as compared with traditional precision farming methods, easy to use devices, and enhanced accuracy of data has resulted in increasing usage of imaging systems for precision farming. A vast number of applications for imaging systems in precision farming such as crop health monitoring, irrigation equipment monitoring, weed and pest identification, variable rate fertility, animal monitoring and environmental impact assessment are expected to fuel demand over the forecast period and boost the growth of the global imaging technology market for precision agriculture.Additional benefits offered by imaging technology over other precision agricultural technologies and increasing usage of UAVs for commercial applications are some of the factors that are likely to further drive the demand for the global imaging technology market for precision agriculture.
High costs that are incurred on the precision agriculture systems is the main restraining factor for the global imaging technology market for precision agriculture. Besides, there is a lot of expertise and technical knowhow required for the production and maintenance of precision agriculture systems. Majority of countries across the globe have unclear or no regulations for commercial application of UAVs and require special clearances from regulatory authorities, which is time consuming.
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Segment analysis
The global imaging technology market for precision agriculture 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 by the global imaging technology market for precision agriculture is estimated to reach US$ 567.4 Mn by 2016, witnessing an increase of 6.2% over 2015. 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. The multispectral technology segment is estimated to hold the largest share among the imaging technologies available for precision agriculture, accounting for US$ 434.1 Mn by 2016, up from US$ 408.4 Mn in 2015.
Among all the products, the cameras segment is estimated to account for maximum market revenue share by 2024, owing to detailed information available with the help of these cameras. Moreover, the demand for sensors is estimated to witness highest growth rate by 2024, followed by cameras and software.
Report Link: https://www.persistencemarketresearch.com/market-research/imaging-technology-for-precision-agriculture-market.asp
Key market players
Bayspec, Tetracam, Micasense, Ximea, Teledyne Dalsa, and Resonon are some of the leading players operating in the global imaging technology market for precision agriculture. 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 market for precision agriculture.
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