Commercial Drone Market Projected to Exceed US$129 Billion by 2025
Financialnewsmedia.com News Commentary
PALM BEACH, Florida, May 7, 2020
PALM BEACH, Florida, May 7, 2020 /PRNewswire/ — The commercial drone and Artificial Intelligence (AI) cybersecurity markets are both projected to experience significant continued growth over the next few years. The combination of commercial and government drone and AI technologies will have an impact across a wide range of sectors. The global commercial drone market size is anticipated to reach USD $129.23 billion by 2025, registering a CAGR of 56.5% over the forecast period, according to a new report by Grand View Research, Inc. The market is characterized by the growing application scope spanning a wide range of sectors such as construction, photography, real estate, and agriculture. With their capability to reach places that humans and other machines cannot, and their onboard computer controlled cameras, commercial Unmanned Aerial Vehicles (UAVs) hold enormous potential to help farmers to monitor crops, law enforcement authorities to sharpen surveillance activities, and to support insurance agents in accessing damaged assets. Drone hardware has also become more affordable to produce and purchase over the years. Active tech companies in the markets this week include Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF), The Boeing Company (NYSE: BA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Lockheed Martin Corporation (NYSE: LMT), AeroVironment, Inc. (NASDAQ: AVAV).
The report concluded: “In terms of product type, the commercial drone market for rotary blade drones is expected to expand at a significant CAGR over the forecast period due to their increasing use in filming and photography applications. These type of UAVs offer the ease of maneuvering in tight spaces and are ideal for detailed work. In terms of revenue, the market for rotary blade drones is expected to register a CAGR of over 55% during the next six years.”
Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF) BREAKING NEWS: PLYMOUTH ROCK TECHNOLOGIES CERTIFIED TO OPERATE DRONE PLATFORM IN UK AIRSPACE- Plymouth Rock Technologies (“Plymouth Rock”, “PRT”, or the “Company”), a leader in the development of cutting edge threat detection technologies, announced this week that it has received Permission for Commercial Operations (PfCO) from the Civil Aviation Authority (CAA) to operate Small Unmanned Aircraft (SUA) / Small Unmanned Surveillance Aircraft (SUSA).
Having successfully passed the CAA PfCO certification process, PRT can now utilize its X1 Drone Platform for commercial operations, allowing our operators to demonstrate threat detection and surveillance in civilian airspace to both clients and potential partners. This also enables the company to offer technical reconnaissance and non-destructive testing services for both civil and military applications.
“This is a significant step for the company in our mission to become one of the world’s leading artificial intelligence (AI) empowered tactical security and safety sensor manufacturers,” stated Dana Wheeler, CEO and President of Plymouth Rock Technologies. “While this certification and authorization gives us permission to commercially operate our drones, we are now in the process of applying for non-standard permissions via preparing an Operating Safety Case (OSC). This (OSC) will allow us to showcase the deeper capabilities of our SUA’s, including but not limited to operating in congested areas and flying Beyond Visual Line of Sight (BVLOS).”
“Our multiple sensor technologies will be perfectly suited to a variety of scenarios” stated Carl Cagliarini, Chief Strategy Officer of Plymouth Rock Technologies. “The recent directive of the US Government prohibiting the purchase and use of all Chinese produced UAV and associated technologies in USA airspace for Government use, presents a tremendous opportunity for both our sensors and the search, rescue and reconnaissance capabilities of our UAVs.” Read this and more news for PRT at: https://www.plyrotech.com/news/
Other recent developments in the tech industry include:
The Boeing Company
(NYSE: BA) recently conducted a productive and successful first flight of the second 777X airplane. Capt. Ted Grady, 777X project pilot, and Capt. Van Chaney, 777/777X chief pilot, flew for 2 hours and 58 minutes over Washington state before landing at Seattle’s Boeing Field at 2:02 p.m. Pacific.
Designated WH002, this airplane is the second of four in a dedicated flight test fleet and will test handling characteristics and other aspects of airplane performance. An array of equipment, sensors and monitoring devices throughout the cabin allows the onboard team to document and evaluate the airplane’s response to test conditions in real time.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) recently announced that Kratos Unmanned Systems Division has received a $2.7 million sole-source option award for Command and Control System Mission Kits to support U.S. drone operations. Kratos is the design and qualification authority and this award is part of the follow-on production program. Production is now in its second year of a 5 year IDIQ contract.
Steve Fendley, President of Kratos Unmanned Systems Division, said, “Our primary focus and commitment remains developing and supporting cost-effective unmanned systems for our nation’s warfighter. During these unusual times, we are dual-hatted, focused on keeping our company personnel and communities safe, while continuing to deliver our critical systems to the military.”
Due to competitive, customer-related, and other considerations, no additional information will be provided related to this new contract award.
Lockheed Martin Corporation (NYSE: LMT) recently received a $6.07 billion contract from the U.S. Army for the production of Patriot Advanced Capability-3 (PAC-3) Missile Segment Enhancement (MSE) interceptors and associated equipment, to be delivered across FY21, FY22 and FY23 contract years.
The contract calls for the production and delivery of PAC-3 MSE interceptors, launcher modification kits, associated equipment and non-recurring efforts to support the United States and global customers. “This contract demonstrates our customer’s continued confidence in our ability to deliver unmatched Hit-to-Kill technology that defeats the ever-expanding global threats of today and tomorrow,” said Scott Arnold, vice president, Integrated Air & Missile Defense at Lockheed Martin Missiles and Fire Control. “PAC-3 MSE is one of the most capable multi-mission interceptors, enabling our customers to defend against advanced tactical ballistic missiles, cruise missiles and aircraft.”
AeroVironment, Inc. (NASDAQ: AVAV) recently announced it received a $2,424,595 firm-fixed-price contract on March 3, 2020 to provide Raven® small unmanned aircraft systems (UAS) and training to an allied nation. Delivery is anticipated by August 2020.
AeroVironment’s Raven tactical unmanned aircraft system is simple to operate, rucksack portable and can be hand-launched for day or night observation. “With its rugged design, small footprint and high resolution sensor capabilities, the combat-proven Raven offers allied forces the actionable intelligence they need at a moment’s notice in the most extreme environments,” said Rick Pedigo, vice president of sales and business development for AeroVironment.
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