Owing to escalating population across the world, the need for food will continue to increment until a foreseeable future. Sadly, growing environmental pollution has considerably decreased the percentage of arable land and hence, in order to meet the overflowing food demand, the practices pertaining to increasing farming and livestock yield are gaining popularity. Precision agriculture is the usage of latest technologies that can make the farming process more controlled and accurate, and imaging technologies, particularly multispectral and hyperspectral, are gaining popularity across the world.
A recent study by Persistence Market Research (PMR) has projected that the demand in the global imaging technology for precision agriculture market will multiply at a notable CAGR of 9.0% during the forecast period of 2016 to 2024, by the end of which the opportunities in the market are estimated to translate to a revenue of US$1,165.9 mn. The analysts of the report have notified that that the market for imaging technology in precision agriculture produced a revenue of US$567.4 mn in 2016, which in itself was a 6.2% raise from the previous year, 2015.
The recent advent of unmanned aerial vehicles (UAV) has been a boon for the vendors providing imaging technology for precision agriculture in various parts of the world, developed and developing countries alike. These UAVs have the potential to significantly reduce the overall cost of agriculture in comparison to traditional methods, enabling swift monitoring of crop health and irrigation equipment, identification of weed and pest, variability in fertility rate, and environmental impact.
On the other hand, the cost of equipment and the pertaining services remains the primary restraint that is obstructing the proliferation of the technology across various developing countries. In addition to that, the need for technological expertise to operate these products, lack of standardized regulation for the commercial usage of UAVs, and lack of awareness in several agriculture driven countries are challenging the market from flourishing.
Technology-wise, the analysts of the PMR report have segmented the global imaging technology market for precision agriculture into multispectral technology and hyperspectral technology. Over the course of the forecast period, the hyperspectral technology segment is projected to constitute the maximum demand, which is a reflection of decreasing cost of this technology and vast information it can provide. In 2015, the market for hyperspectral technology generated a revenue of US$434.1 mn in 2016, up from 408.4 mn that it did in 2015. The pattern is expected to continue in the near future too.
Product-wise, the market has been bifurcated into sensors, cameras, software, and others. Among these, the cameras segment is currently most in-demand and is expected to remain so until 2024 too, primarily because its ability to provide elaborated information on the real-time. That being said, sensors segment is also expected to remain profitable in the near future.
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Geographically, the developed country of the U.S. makes North America the most profitable region, promising to produce a demand share of 54.2% by the end of the forecast period, 2024. The strong adoption rate of new technology in the U.S. and presence of prominent vendors of this market in the country are a few factors favoring the North America imaging technology market in precision agriculture. That being said, vastly populated and agriculture dependent region of Asia Pacific is also expected to generate substantial revenue from this technology as various governments are promoting the methods that increment farming yield.