New York, NY -- (SBWIRE) -- 11/14/2017 -- In a new report titled "Imaging Technology Market for Precision Agriculture: Global Industry Analysis and Forecast, 2016 - 2024", Persistence Market Research analyzes the performance of the global imaging technology market for precision agriculture over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). The global imaging technology market for precision agriculture is anticipated to grow from US$ 567.4 Mn in 2016 to US$ 1,165.9 Mn by 2024, registering a CAGR of 9.0% in terms of revenue during the forecast period (2016-2024). In this report, the global imaging technology market for precision agriculture is tracked in terms of value and is calibrated to obtain market revenue estimates.
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Increasing adoption of imaging technologies for precision agricultural applications supported with UAVs is a major factor driving the growth of the global imaging technology market for precision agriculture. Demand for imaging technology for precision agriculture is strongly associated with the growth of UAVs commercial applications market, as sensors are mounted on these UAVs in order to capture the data. Moreover, demand for hyperspectral technologies is expected to increase for precision agriculture applications because of the granularity of the information provided by this technology, which can be used to make better crop management decisions.
However, lack of awareness about the technology, ambiguity about the returns, substitute technologies available to farmers such as Global Navigation Satellite System (GNSS), and unclear regulations for UAVs commercial applications across various countries are major challenges expected to be faced by market players operating in the global imaging technology market for precision agriculture during the forecast period.
The global imaging technology market for precision agriculture is segmented into two main segments – namely by technology and by product. The technology segmented is further sub-segmented into multispectral technology and hyperspectral technology. The product segment is further sub-segmented into cameras, sensors, software, and others.
In 2015, the multispectral technology segment dominated the global imaging technology market for precision agriculture, followed by the hyperspectral technology segment. The hyperspectral technology segment is anticipated to register the fastest CAGR of 9.6% over the forecast period in the global imaging technology market for precision agriculture in terms of revenue, followed by the multispectral technology segment.
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The sensors product segment is expected to register the highest CAGR of 10.9% in terms of value during the forecast period in the global imaging technology market for precision agriculture. In terms of market share, the cameras product segment accounted for a major percentage of the revenue share of the overall global imaging technology market for precision agriculture in 2015. The cameras product segment is expected to dominate the global imaging technology market for precision agriculture throughout the forecast years, followed by the sensors and software product segments.
Region wise, the global imaging technology market for precision agriculture is segmented into North America, Latin America, Europe, APAC, and Middle East & Africa. In 2015, the market in North America dominated the overall global imaging technology market for precision agriculture, followed by the market in the Asia Pacific region. The imaging technology market for precision agriculture in Asia Pacific is projected to register the highest CAGR over the forecast period, followed by the Europe imaging technology market for precision agriculture.
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