IMAGING TECHNOLOGY MARKET FOR PRECISION AGRICULTURE MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics- Drivers

1. Increasing demand for imaging systems for precision farming is expected to drive growth of the global imaging technology market for precision agriculture during the forecast period

Advent of unmanned aerial vehicle (UAV) has offered numerous advantages to precision farming along with ease of use, improved data accuracy, and low cost. This, in turn, provides accuracy of data for imaging systems, thereby augmenting precision farming. Moreover, there are various applications of imaging systems in precision farming such as animal monitoring, crop health monitoring, environmental impact assessment, irrigation equipment monitoring, weed and pest identification, and variable rate fertility.  Hence, these factors are expected to drive growth of the market during the forecast period.

2. Additional benefits over existing precision farming technologies are expected to propel growth of the global imaging technology market for precision agriculture over the forecast period

Usage of UAV for precision farming offers the various mentioned benefits over aircraft- and satellite-enabled imaging systems. Among these mentioned advantages, low cost and lesser time required to capture and analyze data are expected to be the primary factors driving the adoption of UAVs, which will result in increasing demand for imaging technology in precision farming. Hence, these factors are expected to propel the global imaging technology market for precision agriculture growth in the near future.

Market Dynamics- Restraints

1. Lack of surety regarding returns is expected to restrain growth of the global imaging technology market for precision agriculture during the forecast period

Ambiguity regarding whether the technology will ensure profits considering the investment to be made and affordability of the consumer to purchase the technology are major factors expected to restrain adoption of imaging systems for precision agriculture. Furthermore, using image sensors for farming requires sensors and supporting software as well as drone cost is included in the complete system to capture. Ambiguity regarding whether the technology will ensure profits considering the investment to be made and affordability of the consumer to purchase the technology are major factors expected to restrain adoption of imaging systems for precision agriculture. Hence, these factors are expected to restrain growth of the market.

2. Ambiguity concerning regulations is expected to hinder growth of the global imaging technology market for precision agriculture over the forecast period

Many countries worldwide have no regulations regarding commercial applications of UAVs and thus require special clearance from authorities. A state of ambiguity related to usage of drones for precision farming exists, due to the absence of any regulations in many countries. Thus, these factors are expected to hinder the market growth over the forecast period.

Market Opportunities

1. Rising adoption of new technology can present lucrative growth opportunities

Adoption of novel technology has offered numerous advantages to farming. For instance, since 1996, genetically modified crops have been adopted by several countries and yields per hectare have been improved significantly. Better irrigation systems have resulted in increase in agricultural production. Modern transportation systems helping in the transportation of agricultural products. Demographic shift towards younger and more technologically savvy farmers will result in significant change to the various farming techniques and methods in future.

2. Increasing demand for agricultural products can provide major business opportunities

According to a report by National Intelligence Council, demand for food is expected to increase by 35% by the end of 2030, owing to projected increase in global population from 7.5 billion in 2016 to 8.3 billion in 2030; whereas global productivity of food grains have come down significantly as compared to previous years. Scarcity of food grains will result in increase in demand for agricultural products. Increase in demand for agricultural products will require the use of advanced technologies to improve productivity of farms.