MENAFN – Financial News Update
Palm Beach, FL – October 17, 2024 – The use of commercial drones has expanded greatly over the past few years, now including interior applications in warehouses alongside outdoor uses. They are increasingly used in construction and real estate for property surveys, project updates, and safety measures. Drones are also used for monitoring and security, aiding in search and rescue, inspecting roofs, and checking infrastructure. A report from Grand View Research highlights:
“The rotary blade segment accounted for over 78.9% of revenue in 2024. Their ability to hover makes them ideal for inspections. They’re popular for various business tasks like surveillance and photography. The hybrid drone segment is expected to grow by over 18% due to efficiency and longer flight times, even in bad weather. Companies like Facebook and Amazon use them for faster package delivery and remote internet access.”
Active companies in this market include ZenaTech, Inc. (NASDAQ: ZENA), Red Cat Holdings, Inc. (NASDAQ: RCAT), Joby Aviation, Inc. (NYSE: JOBY), EHang Holdings Limited (NASDAQ: EH), and AeroVironment, Inc. (NASDAQ: AVAV).
Grand View Research noted that the commercial application segment made up over 74.02% of revenue in 2024, while media and entertainment took over 21.4%. The visual line of sight (VLOS) segment represented over 69% of revenue, and the beyond visual line of sight (BVLOS) segment is projected to grow quickly. The electric propulsion segment led with over 72% revenue due to the popularity of rechargeable batteries.
ZenaTech Inc.’s (NASDAQ: ZENA) drone subsidiary has begun flight testing the ZenaDrone 1000 in Arizona. CEO Shaun Passley stated it will enhance their drone solutions for areas like agriculture and security.
ZenaTech is also trialing the IQ Nano product for inventory management, expected to save time and improve efficiency in warehouses.
Recent developments in the drone and technology sector include:
- Red Cat Holdings, Inc. (NASDAQ: RCAT) secured a $1 million contract with the US Army for Edge 130 Blue drones.
- Toyota will invest $500 million in Joby Aviation, Inc. (NYSE: JOBY) to support electric air taxi development.
- EHang Holdings Limited (NASDAQ: EH) completed its first pilotless eVTOL flight in Brazil.
- AeroVironment, Inc. (NASDAQ: AVAV) successfully demonstrated its JUMP® 20 drone during a NATO exercise.
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DISCLAIMER: FN Media Group LLC is not affiliated with any company mentioned. This material is informational and not investment advice. Readers should perform their own research before investing.
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SOURCE: FN Media Group
