Global Commercial Drone Market Expected to Exceed $8.5 Billion By 2027

PALM BEACH, Fla., Feb. 24, 2021 /PRNewswire/ — 2021 will be a breakout year for the drone industry. For years, the drone market was in a nascent phase and had yet to break into the mainstream. Then, in 2016, drone industry growth took flight when the (FAA) granted hundreds of new exemptions for companies to operate drones in the U.S. These exemptions included several new use cases in multiple industries, such as insurance, construction, and agriculture — each of which demonstrates the broad range of commercial drone applications. The FAA helped push commercial drone market growth forward by formulating a regulatory framework with its consumer drone registry. Now, drone manufacturers and tech suppliers are doing all they can to capitalize on this and turn drones into a full-fledged industry. An article from Business Insider wrote: “There’s no arguing the spike in drone industry growth that has occurred in the last few years and the drone services market size is expected to grow to $63.6 billion by 2025, and Insider Intelligence predicts consumer drone shipments will hit 29 million by 2021… Sales of US consumer drones to dealers surpassed $1.25 billion in 2020, according to Statista. Goldman Sachs forecasts the total drone market size to be worth $100 billion—supported by this growing demand for drones from the commercial and government sectors. A report from industry insider, Fortune Business Insights projected that the global commercial drone market size, which was valued at USD 1,590.9 million in 2019, is projected to reach USD 8,527.4 million by 2027, exhibiting a CAGR of 25.07% during the forecast period. Active stocks in the markets this week include Amazon.com, Inc. (NASDAQ: AMZN), Plymouth Rock Technologies Inc. (OTCQB: PLRTF) (CSE: PRT), AgEagle Aerial System, Inc. (NYSE: UAVS), AeroVironment, Inc. (NASDAQ: AVAV), Workhorse Group, Inc. (NASDAQ: WKHS).

The Fortune Business Insights report said: “An increase in demand for unmanned aerial vehicles and its components due to high adoption in various industries is projected to spur market growth during the forecast period. The industry is experiencing major implantation for software, avionics, and other integrated concepts that provide accurate results. These drones are used widely in photography and mapping applications. The new advancement in camera and sensors will experience significant expansion in the future due to excellent development in their parts and components.

Plymouth Rock Technologies Inc. (CSE: PRT.CNQ) (OTCQB: PLRTF) BREAKING NEWS: PLYMOUTH ROCK LAUNCHES ITS FIRST HYBRID PROPULSION LONG RANGE DRONE – Plymouth Rock Technologies (“Plymouth Rock”, “PRT”, or the “Company”), a leader in developing threat detection and unmanned technologies, is pleased to announce that the PRT XV-S drone has passed more than 20 hours of flight testing.

The PRT XV-S is a fixed-wing UAS platform with the added capability of vertical take-off and landing (VTOL). This capability removes the requirement for a large runway or expensive launch catapult and recovery nets, which are usually required by most fixed-wing drones. The XV-S can launch fully autonomously from an area as small as 100 square feet and operate for up to 4 hours.

The XV-S utilizes hybrid propulsion and long-range data Communications. The XV range is the first non-military commercial UAS in this class with both line of sight (LOS) and beyond visual line of sight (BVLOS) UAS platforms that offer full autonomous flight capabilities.

The platform will have a 360-degree 4K high-definition recording capability option, positioning the XV-S for use by law enforcement, border patrol and search and rescue. The platform will also deliver a cost-effective and less labor intensive alternative for rapid response military surveillance, on land and at sea.

“The technology used within this platform is at the leading edge of UAS technologies,” stated Carl Cagliarini, Co-Founder and Chief Strategy Officer. “With a fully autonomous BVLOS capability, the XV-S has an operational round trip flight time of up to 4 hours. This would allow a search capability of over 1500 square miles. Another key operational benefit is that the XV-S can be easily landed on a small naval vessel, refueled and redeployed in minutes. From coast guard and mountain rescue, through to border patrol and surveillance operations, our XV-S offers a new capability that is unrivalled as a commercial offering,” concluded Cagliarini.

“The key to success in the UAS space is simplicity, capability and affordability,” stated Dana Wheeler, Co-Founder & CEO of PRT. “During the California fire season, under state of emergency, the U.S. Air Force are often requested to mobilize their MQ-9 military drones to assist with situational overview. This is a very costly and complex way of keeping an eye on a well-established and understood issue. We believe that our rapidly deployable UAS platform will be a highly sought-after tool across multiple US Agencies. We are already addressing inquiries from overseas for monitoring of fishery violations and also humanitarian missions. We will be placing our XV-S UAS on the U.S. Government GSA Schedule so that procurement of this system is streamlined for US Government agencies that wish to order them,” concluded Wheeler. Read this and more news for PRT at: https://www.plyrotech.com/news/

Other recent developments in the tech industry include:


Amazon (NASDAQ: AMZN) Amazon customers in the U.S. could soon have their deliveries completed by an unmanned drone. The Federal Aviation Administration has recently approved Amazon’s Prime Air service, which will use drones to deliver packages. The FAA issued a “Part 135 air carrier certificate using unmanned aircraft systems” to Amazon on Saturday, the agency confirmed in a statement to USA TODAY.

Similar certificates have been issued to Wing Aviation, a subsidiary of Google parent company Alphabet, and UPS Flight Forward. In a statement, David Carbon, vice president of Prime Air said the company will continue working on their technology to integrate delivery drones into the airspace. “This certification is an important step forward for Prime Air and indicates the FAA’s confidence in Amazon’s operating and safety procedures for an autonomous drone delivery service that will one day deliver packages to our customers around the world,” said Carbon.

AgEagle Aerial System, Inc. (NYSE American: UAVS) an industry leading drone solutions provider, an industry leading drone solutions provider, and The Arcview Group jointly announced that the companies will be co-hosting a virtual town hall event, titled “State Regulators Look at the Future of U.S. Hemp,” on Thursday, March 4, 2021 beginning at 12:00 PM Eastern Time.

Webinar participants will hear from several of the country’s state hemp regulatory leaders on a variety of topics, including what steps states are taking to support and accelerate growth of the U.S. Hemp industry. Free to all participants, this must-attend online event will include informative panel discussions and insightful fireside chats with many of the nation’s top hemp experts.

AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems, recently announced it had completed its acquisition of Arcturus UAV, Inc. a leading designer and manufacturer of high-performance unmanned aircraft systems (UAS). The approximately $405 million transaction was previously announced.

The United States Special Operations Command (USSOCOM) selected Arcturus UAV as one of six companies qualified for the potential $975 million indefinite-delivery/indefinite-quantity MEUAS IV contract in June 2020. The contract enables awardees to compete for site-specific task orders and provide USSOCOM with unmanned aircraft systems services and support for intelligence, surveillance and reconnaissance (ISR) operations. Arcturus UAV employs its VTOL JUMP 20 in support of USSOCOM operations, minimizing the logistical footprint of UAS operations while delivering multi-payload, multi-mission capabilities. Arcturus UAV is also one of four awardees selected for funded development and demonstrations supporting the U.S. Army’s FTUAS program, a potential billion dollar, and next-generation UAS program.

Workhorse Group, Inc. (Nasdaq: WKHS), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, recently announced the launch of its Purpose Built National Campaign Event with Pritchard Companies, which was held held on Saturday, February 6th in Tampa, Florida.

The Purpose Built National Event was designed to highlight the value of electric vehicles (“EVs”) and educate the broader market on the benefits of going EV. Attendees got to experience the latest all-electric Workhorse vehicles in action, including new features such as the 360-degree camera, blind spot indicators and more. Donations from the event will be made to several nonprofit organizations such as Feed Tampa Bay, Metropolitan Missionaries and the Hillsborough County Public Schools. Event T-shirts will be distributed as well.

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Plymouth Rock Technologies Inc. by a non affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: [email protected]
+1(561)325-8757

SOURCE FinancialNewsMedia.com

Latest posts