The market for agricultural drones is expanding at a rapid pace and is projected to generate a revenue of US$ 3,807 million in 2023. Market research firm, Fact.MR, predicts that the global agricultural drone market will experience a Compound Annual Growth Rate (CAGR) of 14.1%, with an estimated worth of $14,237.6 million by 2033.
Drone Sales on the Rise
According to research, the global drone market is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.3%, with an estimated sale of approximately 7.6 million drones globally this year. The agricultural industry is showing notable growth in terms of drone sales, comprising nearly 11% share of the global drone market at the end of 2022.
Fixed Winged Drones Dominate the Market
As per the market report by Fact, MR, fixed-winged drones are expected to dominate the agricultural drone market, with a total value of US$ 795.7 million in 2023. The primary markets for these drones are North America and Europe, which currently hold respective market shares of 32.1% and 36.1%.
Battery Charging Time: The Technological Hurdle
Battery charging time is one of the significant obstacles to the wider use of drones in agriculture. Typically, drones with half-hour airtime require 60 to 90 minutes to recharge fully.
However, Ultra Fast Charging (UFC) technology, pioneered by StoreDot, an Israeli company, has the potential to accelerate the adoption of drone technology. In 2020, StoreDot fully charged an average drone’s battery in just 5 minutes – which is 18 times faster than normal charging time.
As the agricultural drone market continues to grow, it is important to address technological challenges such as battery charging time. The development of ultra-fast charging technology is a promising solution to promote the use of drones in agriculture.
With fixed-winged drones dominating the market, North America and Europe being the main markets, and the global drone market projected to grow at a CAGR of 15.3%, the future looks bright for the agricultural drone market.