Imaging Technology for Precision Agriculture Market Overview
The global Imaging Technology for Precision Agriculture Market size is forecasted to reach $1,653.04 million by 2027, growing at a CAGR of 12.27% during the forecast period from 2022-2027. Globally, increasing demand of agriculture drones in the agriculture sector is set to drive the Imaging Technology for Precision Agriculture Market during the forecast period 2022-2027. Moreover, increasing governmental initiatives to fund research projects for transforming agricultural sector is acting as a major factor driving the need for precision agriculture imaging solutions is also expected to drive the market growth during the forecast period. Furthermore, increasing demand for food leads to the increase in crop production is set to be one of the major factors analyzed to drive the market during the forecast period. As the world’s population grows, farmers will need to produce more and more food to meet the demand, thus large farms are increasingly exploiting precision agriculture to increase yields, reduce waste, and mitigate the economic and security risks. Such factors plays a vital role in boosting the growth of the Imaging Technology for Precision Agriculture market.
Imaging Technology for Precision Agriculture Market Report Coverage
The report based on: “Imaging Technology for Precision Agriculture Market-Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of Imaging Technology for Precision Agriculture Market Industry Outlook.
By Components: Hardware (Cameras, Sensors, Lasers, Others), Software, Others.
By Technology: Multispectral Imaging, Hyperspectral Imaging.
By Portability: Handheld, Airborne, Bench-top, Mobile.
By Geography: North America (US, Canada, Mexico), South America (Brazil, Argentina,Chile, Colombia & Others),Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands & Others), APAC (China, Japan, South Korea, India, Australia, Indonesia, Malaysia & Others) ,RoW (Middle East & Africa)
Key Takeaways
- Handheld imaging technologies dominated the global Imaging technology for Precision Agriculture market with a share of 44.6% in 2021 and is also anticipated to witness a significant growth of CAGR around 13.09% during 2022-2027, owing its outstanding flexibility offering to monitor grasslands very closely and to attain various precision agriculture practices.
- Multispectral Imaging dominated the global Imaging technology for Precision Agriculture market with a share of 67.29% in 2021 and is also anticipated to witness a growth of 11.41% during the forecast period 2022-2027 as it provides distinctive Normalized Difference Vegetation Index (NDVI) imaging features.
- North America held the largest share of 34% in the global Imaging Technology for Precision Agriculture market in 2021 and growing at CAGR of 8.87% during 2022-2027, owing to factor such as governmental initiatives to fund research projects for transforming agricultural sector.
- Increasing use of agriculture drones in the agriculture sector is set to be one of the major factor that is analyzed to drive the market during the forecast period.
Global Imaging Technology for Precision Agriculture Market Value Share, By Geography, 2021 (%)
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Imaging Technology for Precision Agriculture Market Segment Analysis-By Portability
Based on portability type, Handheld imaging technologies dominated the global Imaging technology for Precision Agriculture market with a share of 44.6% in 2021 and is also anticipated to witness a significant growth of CAGR around 13.09% during 2022-2027. The growth of Handheld imaging technologies is majorly driven by its outstanding flexibility offering to monitor grasslands very closely and to attain various precision agriculture practices. Additionally monitoring grassland vegetation growth is of vital importance to scientific grazing and grassland management. People expect to be able to use a portable device, like a mobile phone, to monitor grassland vegetation growth at any time, thus creating demand for hand held imaging technology based devices. In 2020, Specim IQ was introduced which is a handheld hyper spectral camera which offers efficient soil monitoring, plant health and fertilizer content for precision agriculture practices. Similarly, in December 2021, the Indian Institute of Technology in Kanpur, India developed a portable handheld soil testing device that can detect soil health in 90 seconds through an embedded mobile application. The technology, called Bhu-Parikshak, aims to assist individual farmers to obtain the soil health parameters of agricultural fields with the recommended dose of fertilizers. Such developments will contribute to the growth of the market positively.
Imaging Technology for Precision Agriculture Market Segment Analysis-By Technology
Based on technology, Multispectral Imaging dominated the global Imaging technology for Precision Agriculture market with a share of 67.29% in 2021 and is also anticipated to witness a growth of 11.41% during the forecast period 2022-2027. The growth of multispectral imaging in the Imaging Technology for Precision Agriculture Market is majorly driven by the distinctive Normalized Difference Vegetation Index (NDVI) imaging features it offers in the agriculture industry. By incorporating multispectral imaging technology based camera on agricultural drones, it enables the farmers to manage crops, soil, fertilizing and irrigation more effectively. Such incorporations provides huge benefits both to the farmer and to the wider environment by minimizing the use of sprays, fertilizers, wastage of water and at the same time increasing the yield from crops. In March 2020, Dutch company, DB2 Vision launched their new affordable multispectral camera named LaQuinta, a single sensor, single optical path high resolution 4 narrow-band multispectral UAV and ground vehicle crop sensor for precision agriculture. Such developments will boost the growth of the market positively.
Imaging Technology for Precision Agriculture Market Segment Analysis-By Geography
North America held the largest share of 34% in the global Imaging Technology for Precision Agriculture market in 2021 and growing at CAGR of 8.87% during 2022-2027. According to United States Department of Agriculture (USDA) 2019 report on “rural broadband and next generation precision agriculture”, deployment of both broadband e-Connectivity and next generation precision agriculture technologies on farms and ranches throughout the U.S., is expected to result for at least $47 billion in national economic benefits annually. Owing to such factors, there is significant shift towards adoption of imaging technologies for precision agriculture markets. Moreover, governmental initiatives to fund research projects for transforming agricultural sector is acting as a major factor driving the need for precision agriculture imaging solutions. For instance, in July 2019, the Canadian Agri-Food Automation and Intelligence Network (CAAIN) had received an investment of up to $49.5 million from the federal government for its $108.5 million project, focused on digitizing and automating agriculture sector. This project led by Alberta Innovates and the Vineland Research and Innovation Centre, Alberta’s Olds College and Lakeland College was meant to focus on innovating technologies like artificial intelligence (AI), robotics, and precision agriculture, in a move towards converting farms more efficient by the coming time. Such investments can boost the prospective growth of imaging technology in precision agriculture which can influence the market growth in the long run.
Imaging Technology for Precision Agriculture Market Drivers
Increasing deployment of drones for imaging processes in agriculture sector will positively impacts the market growth
Increasing use of agriculture drones in the agriculture sector will positively impact the market growth. With modernization of agriculture sector, the adoption of drones keep on increasing in the agriculture sector for crop health monitoring/scouting including mid-season health monitoring, variable rate fertility, mid-field weed identification and many other applications. Drones are equipped with imaging technology for monitoring and scouting application that has become the backbone for agriculture business and also the key success factor for agriculture industry. For instance, DJI, a leading manufacturer of commercial drones introduced different featured small UAS for various agriculture operations named AGRAS T20. This drones is especially designed for insects and weed control for a variety of crops such as rice, wheat, corn, citrus trees, cotton, and much more. Moreover, it operates with an integration of outstanding spraying capabilities and imaging technologies mounted on it. Such developments positively boost the growth of the Imaging technology for precision agriculture market.
Increasing crop production to meet global demand for food is analyzed to drive the market growth in the forecast period
Growing demand for food leads to the increase in crop production is set to be one of the major factors analyzed to drive the market during the forecast period. The primary factor behind the increase in crop production is the growing population across the globe. According to World Bank Reports, global population elevated from 7.76 billion in 2020 to 7.87 billion in 2021 with a growth rate of 1.41%. As the world’s population grows, farmers will need to produce more and more food to meet the demand, thus large farms are increasingly exploiting precision agriculture to increase yields, reduce waste, and mitigate the economic and security risks that inevitably accompany agricultural uncertainty. According to the UN FOOD and Agriculture Organization, to meet the demand of rapidly growing world population, food production has to rise by 60% by the end of 2050, thus creating demand for imaging technology tools for precision agriculture to reduce water and chemical use and produce higher as well as healthier crops within a short time.
Furthermore, increasing governmental incentives for smart agriculture practices to increase crop production is also anticipated to drive the implementation of imaging technology in agriculture sector, further propelling its market growth during the forecast period. These factors play significant role to develop higher demands for imaging technology in precision agriculture resulting into the market growth.
Imaging Technology for Precision Agriculture Market Challenges
Strict governmental regulations for using agricultural drones can hamper the market growth.
Stringent government regulations in using drones can act as a major challenge restraining the growth of imaging technology for Precision Agriculture Market. High resolution imaging cameras are generally deployed on the drones for monitoring processes which can pose serious threat if went to wrong hands, thus leading to privacy breaches. This threat of privacy breach tend to create strict regulations for the deployment of imaging technologies on drones , thus impacting the market growth of Imaging Technology for Precision Agriculture. In June 2020, the Government of India regulated the use of drones in agriculture sector under Unmanned Aircraft System (UAS) Rules18 - Part VI. Under this new regulation, an unmanned aircraft operator’s permit (UAOP) for piloting UAS need to obtained for permission for each flight through Online Digital Sky platform for No Permission No Takeoff (NPNT) compliance. These strict regulation tend to challenge the growth of imaging technologies in airborne devices, further bringing major challenges to its market growth. Moreover, high implementation cost can hamper the growth of the market. Image sensors which are used for precision agriculture requires supporting software as well as its deployment in drone cost adds up to the overall implementation cost which tend to restrain the Imaging Technology for Precision Agriculture Market during the forecast period.
Imaging Technology for Precision Agriculture Market Landscape
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Imaging Technology for Precision Agriculture Market. The Imaging Technology for Precision Agriculture Market top 10 companies include:
- Bayspec
- Micasense
- Pixelteq
- Resonon
- Teledyne Dalsa
- Tetracam
- Ximea
- Sentek Technologies
- Ceres Imaging
- Precision Hawk
Recent Developments
- In October 2021- MicaSense launched leading-edge drone sensor technology – the RedEdge-P. This solution seamlessly integrates a high resolution, all-color imager with synchronized multispectral imagers to allow pixel-aligned outputs at high resolutions and provides highly precise data analysis capabilities for Agriculture, Forestry and Land Management Drone Programs.
- In July 2021, Resonon launched Pika NUV2, hyperspectral camera that scans the Visible and Near Ultraviolet (VIS+NUV) spectral range. The Pika NUV2 can be used in Resonon’s airborne, laboratory, and outdoor hyperspectral systems, as well as standalone or integrated into system with software development kit.
- In 2019, Pixelteq launched innovative handheld tool i.e. WaveGo Handheld Spectral System that uses a miniature spectrometer with a 3nm optical resolution to accurately measure light in environment thus making data and graphing a quick, painless and accurate process.
