Growing UAVs commercial applications market is expected to drive the demand for imaging technology for precision agriculture, as these UAVs have sensors mounted on them for capturing data. In addition, hyperspectral technologies are expected to witness a rise in demand for precision agriculture applications owing to the provision of granular information by this technology, useful in making better decision for crop management. Increasing adoption of imaging technologies for application in precision agriculture supported with UAVs is expected to be a major factor propelling the market growth.
Hyperspectral Technology to Witness Fastest Growth During 2016 to 2024
According to a study by RRI, the global imaging technology market for precision agriculture is projected to register an impressive 9% CAGR during the forecast period (2016-2024). In 2016, the market was evaluated at US$ 567.4 Mn, and is expected to reach US$ 1,165.9 Mn by 2024. Multispectral technology stood dominant in the market in 2015, followed by hyperspectral technology. The hyper spectral technology is expected to witness fastest growth at 9.6% CAGR during the forecast period, while multispectral technology is estimated to register second-fastest growing segment through 2024.
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Lack of awareness on the technology, unclear regulations on UAVs commercial applications, ambiguity about returns, and availability of substitute technologies such as Global Navigation Satellite System (GNSS) are some of the major challenges estimated to hinder the growth of global imaging technology market for precision agriculture through 2024.Global Imaging Technology Market for Precision Agriculture Poised to Reach US$ 1,165.9 Mn by 2024.
Sensors Product-type Segment to Exhibit 10.9% CAGR through 2024
Based on Products, the global imaging technology market for precision agriculture is categorized into sensors, software, cameras, and others. Sensors are estimated to exhibit the highest 10.9% CAGR, in terms of value, in the global imaging technology market for precision agriculture during 2016 to 2024. In 2015, cameras accounted for a major market revenue share. Cameras are anticipated to be the most lucrative product type segment in the overall market during the forecast period, followed by sensors, and software products.
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Asia Pacific to Reflect Highest CAGR during the Forecast Period
Region-wise, the global imaging technology market for precision agriculture is categorised into North America, Europe, Latin America, Middle East & Africa (MEA), and Asia Pacific (APAC). North America dominated the overall market in 2015, followed by APAC. APAC is estimated to register highest CAGR in the global imaging technology market for precision agriculture, during the forecast period. Europe is anticipated to stand as the second lucrative region in the market, in terms of CAGR, during the forecast period
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Key players in the global imaging technology market for precision agriculture include Tetracam, Bayspec, Ximea, Micasense, Resonon, and Teledyne Dalsa. These market players have set a firm foothold over the market since recent past.