Imaging Technology Market for Precision Agriculture Market Global Overview 2020 | Forecast till 2027

Posted July 15, 2020 by sm27071995

The Imaging Technology Market for Precision Agriculture Market is projected for US$ 30.8 Mn in terms of value in 2027 and is expected to grow at CAGR of 6.8% for the period 2020-2027.
Market 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.

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.

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Key Developments

1. 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.

2. 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.

Key Market Takeaway

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.

Key players of the Global Imaging Technology market for precision agriculture market are:

Bayspec, Quest Innovations, Tetracam, Pixelteq, Micasense, Resonon¸ Ximea, and Teledyne Dalsa.

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Market Segmentation:

By Technology:
Multispectral and Hyperspectral

By Product:
Camera, Sensor, Software and Others
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Last Updated July 15, 2020