Solid growth ahead for global imaging technology market for ag

Global imaging technology market for precision agriculture anticipated to grow from $567.4 million in 2016 to more than $1 billion by 2024.

The global imaging technology market for precision agriculture is anticipated to grow from $567.4 million in 2016 to $1.1659 billion by 2024, according to market research report from Persistence Market Research (PMR).

In its report, PMR found the increasing adoption of imaging technologies for precision agricultural applications supported with unmanned aerial vehicles (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 the UAV 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, PMR said.

However, lack of awareness about the technology, substitute technologies available to farmers, such as Global Navigation Satellite System (GNSS), ambiguity about the returns and unclear regulations for UAV 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.

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 compound annual growth rate (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, PMR said.

The sensor 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 camera product segment accounted for a major percentage of the revenue share of the overall global imaging technology market for precision agriculture in 2015. The camera product segment is expected to dominate the global imaging technology market for precision agriculture throughout the forecast years, followed by the sensor 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 Asia Pacific imaging technology market for precision agriculture is projected to register the highest CAGR over the forecast period, followed by Europe's precision agriculture imaging technology market.

Key players reported in this study on the global imaging technology market for precision agriculture included Bayspec, Tetracam, Micasense, Ximea, Teledyne Dalsa and Resonon. These companies have significantly increased their footprint in the global imaging technology market for precision agriculture over the years.

For more information and to purchase the full report, visit www.persistencemarketresearch.com/market-research/imaging-technology-for-precision-agriculture-market.asp.

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