Agricultural drones market to hit revenue of US$ 14,237.6 million by 2033
The global agricultural drones market is estimated at US$ 3,807 million in revenue in 2023. According to market research company Fact.MR the global ag drone market will grow to US$ 14,237.6 million revenue by 2033.
That means the Compound Annual Growth Rate (CAGR) of the agricultural drones market reaches 14.1%. According to Fact.MR this year around 7.6 million drones will be sold globally. The drone market as a whole is projected to grow at a CAGR of 15.3%.
The researchers state agriculture is showing significant growth in terms of drone sales. Agriculture accounted for nearly 11% share of the global drone market at the end of 2022.
According to the Fact.MR market report, fixed winged drones will dominate the market and are valued at US$ 795.7 million in 2023. The main markets this year are North America and Europe, with respective market shares of 32.1% and 36.1%.
Battery charging time
One technological hurdle that needs to be overcome to further grow the use of drones in agriculture is battery charging time. For drones that can stay in the air for up to about half an hour, that charging time is often 60 to 90 minutes.
Ultra Fast Charging (UFC), like the technology from Israel-based StoreDot, can accelerate the adoption of drone technology. StoreDot already managed to fully charge the battery of an average drone in about 5 minutes in 2020, which is 18 times faster than normal.
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