Market Growth of Imaging Technology for Precision Agriculture

Global Market Study on Imaging Technology for
Precision Agriculture: Cameras Product Segment
Estimated to Account for Maximum Market
Revenue Share by 2024
R e s e a r c h
Report Media Releases
Global Imaging Technology Market for Precision
Agriculture to Register a CAGR of 9.0% Between 2016 and
2024; Hyperspectral Technology Segment to Drive Market
Demand
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
M a r k e t
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.
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
P e r s i s t e n c e
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.
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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-
Global Imaging Technology Market for Precision Agriculture 2016-2024
R e s e a r c h
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.
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
M a r k e t
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.
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Region wise, the global imaging technology market for precision agriculture is segmented into
P e r s i s t e n c e
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.
Key players reported in this study on the global imaging technology market for precision
agriculture include 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.
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Global Imaging Technology Market for Precision Agriculture 2016-2024
R e s e a r c h
M a r k e t
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Global Imaging Technology Market for Precision Agriculture 2016-2024