Imaging technology market

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2. 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

3. Market Overview • Precision agriculture (PA) is a farming management concept based on monitoring, measuring, and responding to inter and intra-field variability in crops. The primary objective of precision agriculture is to define a decision support system (DSS) for the entire farm management with goal to optimize returns on inputs while preserving resources. By collecting real-time data for agricultural parameters such as soil quality, chemical composition, air quality, moisture content, etc. decision about crop management is known as precision agriculture. There are various technologies available including variable rate technology, guidance technology, unmanned aerial vehicle, mapping technology, and global positioning system. Imaging technology comes under the unnamed aerial vehicles (UAV) wherein it captures images to collect data with the help of software. • The global Imaging Technology Market for Precision Agriculture Market was accounted for US$ 40.3 Mn in terms of value in 2019 and is expected to grow at CAGR of 6.8% for the period 2020-2027.

4. Market Dynamics- 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. • 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.

5. 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. • Statistics: • 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

6. Figure 1: Global Imaging Technology Market for Precision Agriculture Market Share (%) in terms of Value, By Region, 2019

7. Market Dynamics- 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.

8. 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.

9. Figure 2: Global Imaging Technology Market for Precision Agriculture Market Value (US$ Mn), 2017 - 2027

10. 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.

11. 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 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. 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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