Increased confidence from investors in precision Ag is driving projections for the worldwide market for agricultural drones to reach $3.69 billion by 2022. The Association for Unmanned Vehicle Systems predicts that 80 per cent of all drones will be used for agriculture in the near future, echoing the shift in drone applications from recreational to commercial.
As members of the Ag community are aware, farmers’ net incomes peaked in 2013, but have been falling at a fast rate ever since. There has been much speculation about whether or not farmers would decide to conserve spending in tough economic times or invest in new technology that will improve their bottom line.
There was over $350 million of investment into 37 drone companies with Ag applications last year, some of the largest deals across the Ag-tech industry. Investment of venture capital in agricultural technology start-ups reached $4.25 billion in 2015, doubling the amount of capital invested in this area in 2014.
In a market report by RnR, researchers predict that “Smart drone agricultural uses provide the prospect of trillions of dollars in farming economic growth.” They cite the flexibility, affordable costs, and integration of intelligent software as some of the factors that have contributed to increased interest from both investors and growers.
For a full report by RnR Market Research on the state of the Ag industry visit http://www.rnrmarketresearch.com/agricultural-drones-market-shares-strategies-and-forecasts-worldwide-2016-to-2022-market-report.html