Imaging Technology for Precision Agriculture Market to Surge at a Robust Pace in Terms of Revenue Over 2024

With a rising global population and increased concerns for food security, it is important to maximize yields in the limited arable land available for growing crops. It is in this context that precision agriculture comes in the picture, where the precise applications of water, nutrients, and fertilizers over a farmland combined with accurate data pertaining to the areas where such resources are required plays a vital role in decisions about crop management. Precision agriculture helps in computing other important parameters such as spread of pests and weeds, soil quality, air quality, etc. and is gaining acceptance among the farmers due to which crop yields are improving substantially. The global imaging technology market for precision agriculture is estimated to grow at 9.0% CAGR during the forecast period 2016-2024, and reach US$ 1,165.9 Mn in revenues by 2024 end.

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Market dynamics

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.

Regional analysis

Region wise, the global imaging technology market for precision agriculture is segmented into North America, Latin America, Europe, APAC, and Middle East & Africa. North America is expected to be the largest revenue generator for the global imaging technology market for precision agriculture by 2024. The North America region is expected to account for a revenue share of 54.2% by 2024, owing to the fact that the region is fairly advanced in terms of adoption of imaging technology for precision agriculture. The market in Asia Pacific is estimated to be the second largest market in the global imaging technology market for precision agriculture with market revenues expected to be worth US$ 233.4 Mn by 2024.

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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