Drone Market Expected To Grow Significantly Over Next Ten Years as Production Efforts Ramps Up
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., March 16, 2023 /PRNewswire/ -- One of the few industries that was actually spurred by the pandemic, was the global drone market. During the COVID-19 pandemic, the market for drones experienced multiple fluctuations. In certain industries such as manufacturing and hospitality, prospects significantly narrowed throughout 2020, attributed to cessation of all activity in these domains due to the imposition of lockdowns. However, drones became necessary for general surveillance purpose, especially to ensure that social distancing protocols were maintained. According to a report from Fact.MR- a market research and competitive intelligence provider- "… demand for drones flourished at a CAGR of 23.5% from 2017 to 2021. Large-scale expansion of industries has rendered it necessary to beef up surveillance and security measures, especially across areas such as defense and border security, leading to increased drone deployment." Fact.MR projected that the global drones market is anticipated to reach US$ 30 Billion by the end of 2022, and is anticipated to experience an impressive 25% CAGR from 2022-2032 to reach US$ 279 Billion by the end of the aforementioned forecast period. Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), Raytheon Technologies (NYSE: RTX), The Boeing Company (NYSE:BA), NVIDIA (NASDAQ: NVDA), Elbit Systems Ltd. (NASDAQ: ESLT).
The report continued: "Use of autonomous drones as weapons of devastation is fast changing the industry. Unmanned Aerial Combat Vehicles (UACVs) are another name for some of these drones (UACV). In affluent countries, UACVs with precision guided bombs and missiles are on the rise. From 2022 to 2032, the industry is forecast to expand 9.3x. U.S. held the largest market share in terms of volume in 2020, accounting for approximately 37%, and is expected to grow significantly over the next ten years as a result of favorable government initiatives, advancements in drone technology, and growing demand from businesses across various industries.
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) BREAKING NEWS: Draganfly Increasing Production Capacity with Expanded Production Facility - The activation of the expanded production facility will enable Draganfly to start to meet the growing demand for its product while better serving growing global customer base - Draganfly Inc. (FSE: 3U8) ("Draganfly" or the "Company"), an award-winning, industry-leading drone solutions, and systems developer, is pleased to announce the expanding of its production capabilities to meet the rapidly growing demand for its drone technology by bringing its facility in Burnaby, B.C. online.
Draganfly's has expanded its facility in Burnaby to enable the production and manufacturing of UAV systems and components, including those for the Draganfly Heavy Lift and Commander 3XL, increasing production capacity to meet demand based on client orders and for the company to serve its global customers.
Draganfly's production facility features automated machinery to support efficient fabrication, multiple in-line working stations to enable expansion of assembly, integration, and quality control, and has been designed to support efficient inventory management resulting in faster turnaround time on orders.
"We are excited to announce our expanded manufacturing facility, which begins our path to scaled production in 2023," said Paul Mullen, Draganfly COO. "The additional production space is necessary to meet demand and will allow for expanded and faster production."
"We are thrilled to announce this expansion of our manufacturing capabiities," said Cameron Chell, President and CEO of Draganfly. "This facility reflects our ability to meet the ever-growing demand for Draganfly products and our commitment to better serve our customers by providing the highest quality drone products." CONTINUED… Read this full press release and more news for Draganfly at: https://www.financialnewsmedia.com/news-dpro/
Other recent developments in the markets of note include
Raytheon Technologies (NYSE: RTX) recently received an award valued at more than $250 million to design, develop and deliver a seven-vehicle missile tracking satellite constellation, as well as support launch and ground operations by the Space Development Agency.
Once deployed, the low-Earth orbit constellation of networked satellites will become the fifth plane of satellites providing missile warning and tracking for the Department of Defense. The program is a key element of the Proliferated Warfighter Space Architecture.
The Boeing Company (NYSE:BA) recently inked an order for 787-9 Dreamliners from the new Saudi Arabian airline, Riyadh Air. Per the deal, the company will supply 39 787-9s to Riyadh Air with an option to supply 33 more later.
Riyadh Air, which is owned by Saudi Arabia's Public Investment Fund, is the country's new national airline in its capital city, Riyadh. The nation strives to transform into a global aviation hub and thus announced the intent to buy nearly 121 787 Dreamliners from Boeing. This marks Boeing's fifth largest order based on the value in the commercial line of business.
NVIDIA (NASDAQ: NVDA) recently reported revenue for the fourth quarter ended January 29, 2023, of $6.05 billion, down 21% from a year ago and up 2% from the previous quarter.
GAAP earnings per diluted share for the quarter were $0.57, down 52% from a year ago and up 111% from the previous quarter. Non-GAAP earnings per diluted share were $0.88, down 33% from a year ago and up 52% from the previous quarter. For fiscal 2023, revenue was $26.97 billion, flat from a year ago. GAAP earnings per diluted share were $1.74, down 55% from a year ago. Non-GAAP earnings per diluted share were $3.34, down 25% from a year ago.
"AI is at an inflection point, setting up for broad adoption reaching into every industry," said Jensen Huang, founder and CEO of NVIDIA. "From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.
Elbit Systems Ltd. (NASDAQ: ESLT) recently announced that its Romanian subsidiary, Elmet International SRL., was awarded a follow-on contract valued at $120 million from General Dynamics European Land Systems (GDELS) to supply unmanned turrets, Remote Controlled Weapon Stations (RCWS) and mortar systems for the 'Piranha V' Armored Personnel Carrier (APC) of the Romanian Armed Forces. The work will performed in Romania over a three-year period.
Under the follow-on contract, Elbit Systems will supply UT30 MK2 turrets, RCWS and the SPEAR mortar systems, all fully integrated onboard the GDELS' 'Piranha V' APC. Elbit Systems' UT30 MK2 is a 30mm unmanned light turret that integrates weapon systems, fire control systems, sensors and display systems for enhanced combat effectiveness, situational awareness and target acquisition capabilities.
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