IMAGING TECHNOLOGY MARKET FOR PRECISION AGRICULTURE MARKET ANALYSIS

Imaging Technology Market For Precision Agriculture MarketSize and Trends

The global Imaging Technology Market for Precision Agriculture was accounted for US$ 730.4 Mn in terms of value in 2019 and is expected to grow at CAGR of 9.0% for the period 2020-2027.

North America held dominant position in the global Imaging Technology Market for Precision Agriculture in 2019, accounting for 54.4% share in terms of value, followed by Asia Pacific and Europe.

The global Imaging Technology Market for Precision Agriculture was valued at US$ 730.4 Mn in 2019 and is forecast to reach a value of US$ 1509.8 Mn by 2027 at a CAGR of 9.0% between 2020 and 2027.

Market Trends

1. Trends by Technique

Rising adoption of multispectral imaging as compared to hyperspectral imaging in agriculture

Multispectral imaging is witnessing increasing demand from sectors such as agriculture, owing to the low cost of technology. Relatively small size of multispectral cameras makes them useful with micro drones, particularly for applications in the agriculture sector. Adoption of hyperspectral cameras over multispectral cameras in precision agriculture is increasing. Hyperspectral cameras were earlier used specifically for industrial applications because the information derived via hyperspectral sensors was comparatively more detailed than that derived using multispectral sensors. In addition, the hyperspectral technique is more preferred over multispectral cameras owing to lower cost of the former.

2. Trends by product

Trends in camera technology for imaging technology

Multispectral was the first camera technology introduced, working in 3 bands i.e. Red, Blue, and Green. Hyperspectral cameras were introduced and the early application included satellite imagery but was later introduced for precision agriculture application. Hyperspectral cameras can work in more than 3 bands, which can even go up to 100 bands. Hyperspectral cameras were very costly and mainly targeted towards industrial applications, however later with costs coming down, its applications for agriculture purposes have been increasing.