The market for agriculture drones looks to be far bigger than many analysts suspected, according to a new report by The Motley Fool.
In fact, the addressable market for drones performing agricultural work could be as high as $33 billion.*
Drones were first used for agricultural purposes in Japan. Now Goldman Sachs is predicting the agriculture sector to be the largest user of drones in the U.S. over the next five years. And drone makers are increasingly turning their focus to agriculture.
So, how exactly can drones help farmers? The key to feeding an ever-growing population lies in increasing crop yields. That’s where drones come in. Drones can perform a ton of actions in minutes—actions that take farmers much longer, if they’re able to do them at all. These include scanning fields to assess soil, monitoring crop health, applying fertilizers, tracking weather and estimating yields. The drones can then collect and analyze the data in seconds.
*Correction: An earlier version of this article incorrectly stated that the market was worth $33 million. That number is $33 billion.