Imaging Technology Market is reaching US$ 1,165.9 Mn in forecast period 2016-2024

 



With a growing global population and growing concerns about food security, it is critical to maximizing yields on the limited arable land available for crop cultivation. Precision agriculture enters the picture in this context, where the precise application of water, nutrients, and fertilizers over a farmland combined with accurate data pertaining to the areas where such resources are required plays a vital role in crop management decisions.

Precision agriculture aids in the computation of other important parameters such as pest and weed spread, soil quality, air quality, and so on, and is gaining acceptance among farmers as a result of which crop yields are improving significantly. The global imaging technology market for precision agriculture is expected to grow at a 9.0 percent CAGR from 2016 to 2024, reaching US$ 1,165.9 Mn in revenue.

The introduction of unmanned aerial vehicles (UAV), combined with additional benefits such as lower costs when compared to traditional precision farming methods, easy-to-use devices, and improved data accuracy has resulted in increased use of imaging systems for precision farming.

A wide range of applications for imaging systems in precision farming, such as crop health monitoring, irrigation equipment monitoring, weed, and pest identification, variable rate fertility, animal monitoring, and environmental impact assessment is expected to drive demand and propel the global imaging technology market for precision agriculture over the forecast period.

Additional advantages of imaging technology over other precision agricultural technologies, as well as increased use of UAVs for commercial applications, are some of the factors that are likely to drive demand for the global imaging technology market for precision agriculture.

The high costs of precision agriculture systems are the main impediment to the global imaging technology market for precision agriculture. Furthermore, the production and maintenance of precision agriculture systems necessitate a high level of expertise and technical know-how.

The majority of countries around the world have unclear or no regulations for commercial use of UAVs, necessitating special clearances from regulatory authorities, which takes time.

The global imaging technology market for precision agriculture is divided into two major categories: technology and product. The segmented technology is further subdivided into multispectral technology and hyperspectral technology. Cameras, sensors, software, and other products are sub-segmented within the product segment.

Because of the detailed information available with the help of these cameras, the cameras segment is expected to account for the largest market revenue share by 2024. Furthermore, the demand for sensors is expected to grow at the fastest rate by 2024, followed by cameras and software.

The global imaging technology market for precision agriculture is divided into five regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. By 2024, North America is expected to be the most profitable region in the global imaging technology market for precision agriculture.

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