Imaging Technology Market Analysis | Coherent Market Insights

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IMAGING TECHNOLOGY MARKET ANALYSIS

• Imaging Technology Market for Precision
  Agriculture Market, By Technology (Multispectral
  and Hyperspectral), By Product (Camera, Sensor,
  Software and Others), By Region (GCC, North
  Africa, South Africa and Rest of MEA) - Size,
  Share, Outlook, and Opportunity Analysis, 2020
  2027
• The global Imaging Technology Market for
  Precision Agriculture market was valued at US
  40.3 Mn in 2019 and is forecast to reach a value
  of US 30.8 Mn by 2027 at a CAGR of
  6.8 between 2020 and 2027.

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Market Drivers

• Increasing demand for imaging systems for
  precision farming is expected to drive growth of
  the global imaging technology market for
  precision agriculture during the forecast period
• Advent of unmanned aerial vehicle (UAV) has
  offered numerous advantages to precision farming
  along with ease of use, improved data accuracy,
  and low cost. This, in turn, provides accuracy of
  data for imaging systems, thereby augmenting
  precision farming. Moreover, there are various
  applications of imaging systems in precision
  farming such as animal monitoring, crop health
  monitoring, environmental impact assessment,
  irrigation equipment monitoring, weed and pest
  identification, and variable rate fertility. 
  Hence, these factors are expected to drive growth
  of the market during the forecast period.

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• Additional benefits over existing precision
  farming technologies are expected to propel
  growth of the global imaging technology market
  for precision agriculture over the forecast
  period
• Usage of UAV for precision farming offers the
  various mentioned benefits over aircraft- and
  satellite-enabled imaging systems. Among these
  mentioned advantages, low cost and lesser time
  required to capture and analyze data are expected
  to be the primary factors driving the adoption of
  UAVs, which will result in increasing demand for
  imaging technology in precision farming. Hence,
  these factors are expected to propel the global
  Imaging Technology Market for precision
  agriculture growth in the near future.

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Imaging Technology Market for Precision
Agriculture Market - Impact of Coronavirus
(Covid-19) Pandemic

• Many governments around the globe such as India,
  Spain and Italy have imposed nationwide lockdown
  to prevent the spread of COVID-19 disease. For
  instance, India have imposed lockdown from 25
  March to 1 May until the further notice. Lockdown
  resulted in the shortage of the workers at the
  farms. Due to the manpower shortage the farms are
  struggling to carry out the plantation
  activities. Moreover, there is also shortage of
  transportation facilities such as Trucks and
  Trains. Owing to above mentioned factors, the
  COVID-19 pandemic is expected to restrain the
  market growth during the year 2020.

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• GCC Countries held dominant position in the
  global Imaging Technology Market for Precision
  Agriculture market in 2019, accounting
  for 42.9 share in terms of value, followed by
  Europe and Asia Pacific, respectively
• Figure 1 Global Imaging Technology Market for
  Precision Agriculture Market Share () in terms
  of Value, By Region, 2019

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Market Restraints

• Lack of surety regarding returns is expected to
  restrain growth of the global imaging technology
  market for precision agriculture during the
  forecast period
• Ambiguity regarding whether the technology will
  ensure profits considering the investment to be
  made and affordability of the consumer to
  purchase the technology are major factors
  expected to restrain adoption of imaging systems
  for precision agriculture. Furthermore, using
  image sensors for farming requires sensors and
  supporting software as well as drone cost is
  included in the complete system to capture.
  Ambiguity regarding whether the technology will
  ensure profits considering the investment to be
  made and affordability of the consumer to
  purchase the technology are major factors
  expected to restrain adoption of imaging systems
  for precision agriculture. Hence, these factors
  are expected to restrain growth of the market.
• Ambiguity concerning regulations is expected to
  hinder growth of the global imaging technology
  market for precision agriculture over the
  forecast period
• Many countries worldwide have no regulations
  regarding commercial applications of UAVs and
  thus require special clearance from authorities.
  A state of ambiguity related to usage of drones
  for precision farming exists, due to the absence
  of any regulations in many countries. Thus, these
  factors are expected to hinder the market growth
  over the forecast period.

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Market Opportunities

• Rising adoption of new technology can present
  lucrative growth opportunities
• Adoption of novel technology has offered
  numerous advantages to farming. For instance,
  since 1996, genetically modified crops have been
  adopted by several countries and yields per
  hectare have been improved significantly. Better
  irrigation systems have resulted in increase in
  agricultural production. Modern transportation
  systems helping in the transportation of
  agricultural products. Demographic shift towards
  younger and more technologically savvy farmers
  will result in significant change to the various
  farming techniques and methods in future.
• Increasing demand for agricultural products can
  provide major business opportunities
• According to a report by National Intelligence
  Council, demand for food is expected to increase
  by 35 by the end of 2030, owing to projected
  increase in global population from 7.5 billion in
  2016 to 8.3 billion in 2030 whereas global
  productivity of food grains have come down
  significantly as compared to previous years.
  Scarcity of food grains will result in increase
  in demand for agricultural products. Increase in
  demand for agricultural products will require the
  use of advanced technologies to improve
  productivity of farms

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• Figure 2 Global Imaging Technology Market for
  Precision Agriculture Market Value (US Mn), 2017
  - 2027

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Market Trends

• Trends by Technique
• Rising adoption of multispectral imaging as
  compared to hyperspectral imaging in agriculture
  Multispectral imaging is witnessing increasing
  demand from sectors such as agriculture, owing to
  the low cost of technology. Relatively small size
  of multispectral cameras makes them useful with
  micro drones, particularly for applications in
  the agriculture sector. Adoption of hyperspectral
  cameras over multispectral cameras in precision
  agriculture is increasing. Hyperspectral cameras
  were earlier used specifically for industrial
  applications because the information derived via
  hyperspectral sensors was comparatively more
  detailed than that derived using multispectral
  sensors. In addition, the hyperspectral technique
  is more preferred over multispectral cameras
  owing to lower cost of the former.
• Trends by product
• Trends in camera technology for imaging
  technology Multispectral was the first camera
  technology introduced, working in 3 bands i.e.
  Red, Blue, and Green. Hyperspectral cameras were
  introduced and the early application included
  satellite imagery but was later introduced for
  precision agriculture application. Hyperspectral
  cameras can work in more than 3 bands, which can
  even go up to 100 bands. Hyperspectral cameras
  were very costly and mainly targeted towards
  industrial applications, however later with costs
  coming down, its applications for agriculture
  purposes have been increasing

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Regulations

• North America
• Drone Laws in the U.S.
• Remote pilots can be hired and must above 16
  years of age
• There is no requirement for a pilot license, but
  there is a need for the operator to pass a test
  for remote pilot airman certification
• The weight of the drones cannot exceed 25 Kgs
• Drones cannot operate above a crowd without
  special permission
• Drones must operate at 400 feet or below
• Drone Laws in Canada
• In Canada, drones cannot fly higher than 90
  meters and within 150 meters radius from public
  places.
• Drones cannot fly over national parks, cross
  borders, public places, etc.
• Foreign UAV operators may operate a UAV in Canada
  with an approved SFOC

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Competitive Section

• Key players operating in the global imaging
  technology market for precision agriculture are
  Bayspec, Quest Innovations, Tetracam, Pixelteq,
  Micasense, Resonon Ximea, and Teledyne Dalsa.

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Key Developments

• Key companies in the market are focused on
  product launches, in order to expand the product
  portfolio. For instance, in January 2018, BaySpec
  Inc. introduced hyperspectral imaging and
  spectroscopy solutions GoldenEye, Breeze, and
  OCI.
• Major market players are involved in product
  development, in order to enhance the market
  presence. For instance, in October 2019,
  MicaSense introduced RedEdge-MX Dual Camera
  imaging system, a drone camera for precision
  agriculture.

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