Factors such as the extensive demand for agricultural products and relaxation in the government norms for drones in India, China, Germany, Brazil, and the U.S. are expected to augment the agricultural drones market revenue at a healthy CAGR of 25.0% during the forecast period (2019–2024). The market revenue stood at $1.5 billion in 2018, and it is projected to be $6.2 billion by 2024. In recent years, the surging deployment of agricultural drones for crop spraying has become a major market trend.

One of the key growth drivers for the market is the burgeoning demand for agricultural products, such as fruits and vegetables, owing to the booming world population. According to the World Population Prospects 2019, published by the United Nations Department of Economic and Social Affairs (UNDESA), the global population will increase from 7.7 billion in 2019 to approximately 9.7 billion by 2050. The expanding population base can be attributed to the increasing life expectancy and falling death rate across the world.

At present, the rising use of agricultural drones for crop spraying is becoming a prominent trend in the agricultural drones market. The adoption of drones for crop spraying allows farmers to monitor distant locations of their fields on a real-time basis. As agricultural drones spray an adequate amount of liquid, they help in ensuring efficiency on farmlands. Farmers across the world are increasingly using multi-rotor drones for crop spraying because of their ability to hover over a surface.

Currently, the agricultural drones market is highly competitive due to the presence of major companies, such as SZ DJI Technology Co. Ltd., Drone Deploy Inc., Parrot Drones SAS, AeroVironment Ltd., and Yuneec International. Nowadays, the key players are focusing on product launches and partnerships to gain a competitive edge. For example, in September 2019, SZ DJI Technology Co. Ltd. entered into a partnership with Delair SAS to improve visual data collection, analysis, and management of their drones.

Categories under the aerial platform segment of the agricultural drones market include single-rotor, fixed-wing, and multi-rotor. Under this segment, the multi-rotor category generated the highest revenue in 2018 due to the easy-to-use mechanism and low cost of multi-rotor agricultural drones. These drones are being used for crop spraying, crop management, and health assessment. Whereas, the fixed-wing category is expected to showcase considerable growth in the forecast years due to the ability of such variants to cover large areas and carry heavy payloads.

According to P&S Intelligence, North America accounted for the largest share in the agricultural drones market in 2018, and it is also projected to retain its dominance throughout the forecast period. This can be attributed to the decreasing number of skilled agricultural laborers and the surging need to increase the agricultural output. Whereas, Asia-Pacific (APAC) will demonstrate the fastest growth in the forecast years due to the booming demand for food products, owing to the soaring population in the region.

Thus, the soaring demand for farm products, such as fruits and vegetables, will facilitate the market growth in the forecast years.