Albany, NY -- (SBWIRE) -- 05/24/2018 -- With the technology sector taking giant leaps in the field of robots and unmanned aerial vehicles and the number of manufacturers in the field rising, a large number of new variety of products equipped with a vast set of features are making inroads in the global marketplace. Industries such as agriculture are finding innovative uses for drones, using the capabilities of drones to make agriculture more productive and sustainable. The trend is likely to remain strong in the near future as the agriculture sector realizes the vast benefits of using drones across a number of operations and activities.

According to a recent market research report by Transparency Market Research, the global agriculture drone market will expand at a CAGR of 21.3% from 2018 to 2026. Considering that the numbers hold true, the market is likely to rise to a valuation of US$1,932.6 Mn by 2026.

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Promising Venture Funding Scenario to Encourage New Developments in Market

The key factors expected to have a crucial positive bearing on the overall global demand for agriculture drones include the rising demand for aerial spraying and the urgent need for increasing farm productivity to be able to sustain the mounting global population. The entry of new players in the market will lead to the increase in the number of products based on advanced technologies, which will, in turn, help the overall market to grow. Venture funding has already started rooting in in agriculture technology.

Large, international investors are willing to invest ample funds in start-ups with new solution for precision farming. The trend of investment clearly shows the huge growth potential the market possesses in near future. The market scenario is promising when it comes to efforts put in by manufacturers of agriculture drones. Companies are increasingly focusing on introducing innovative agriculture drones with functionality and features that can efficiently cater to farmer's needs, such as quad copter drones. Moreover, leading players are also joining forces with software providers and small vendors to devise more efficient, convenient, and advanced drones.

North America and Europe to Remain Leading Contributors to Market

From a geographical perspective, the market for agriculture drones presently acquires a large share of its revenue from sales across developed regions such as Europe and North America where precision farming is well-developed and has been observed for several years now. North America accounted for the dominant share of the global agriculture drone market in 2016, and is expected to retain its dominance in the near future. In North America, the U.S is expected to emerge as one of the strongest forces driving the agriculture drone market in the near future. While the country is seeing a vast rise in the deployment of a variety of drones, a huge surge in drone manufacturers integrating their products with analytics software for better result has also increased.

Canada is also one of the prominent North American countries expected to witness a massive surge in the adoption of drones in agriculture. The Canadian government has approved several manufacturers to produce drones across the country. The agriculture drone market in Europe is expected to grow as countries are increasingly deploying drones so as to efficiently deal with the everyday farming-related challenges faced by farmers. The European Union (EU) is also actively working towards the deployment of drones for farming as it believes that mass-level drone deployment would be critical to increased productivity needs of Europe.

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