Global UAV Drone Market Is Expected To Reach $52 Billion In 2027 At A CAGR Of 14.9%

Financialnewsmedia.com News Commentary

Palm Beach, FL, April 11, 2023 /PRNewswire/ -- Industry insiders acknowledge that the overall global drone markets and its UAV component has been expanding rapidly over the last few years and is projected to continue for several years to come. Unmanned aerial vehicles (UAVs) are a class of aircraft that could fly without the onboard presence of pilots. Unmanned aircraft structures encompass the aircraft factor, sensor payloads, and a ground control station. They can be controlled by way of onboard digital gadgets or via managed gadget from the ground. The main products of UAV drones include fixed-wing, rotary-blade, and hybrid drones. A fixed-wing UAV also known as a fixed-wing UAS is an aircraft that operates without a human pilot onboard and is controlled autonomously via onboard computers or remotely by a human operator. The components include a camera, battery, propulsion system, controller, sensor, and others used by end-users such as military and defense, retail, construction, agriculture, entertainment, law enforcement, and others. A recent report from The Business Research Company projected that the global UAV drones market size is expected to grow from $26.03 billion in 2022 to $29.93 billion in 2023 at a compound annual growth rate (CAGR) of 15.0% and the UAV drones market size is expected to grow to $52.21 billion in 2027 at a CAGR of 14.9%.  Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), Amazon.com, Inc. (NASDAQ: AMZN), AeroVironment, Inc. (NASDAQ: AVAV), Alphabet Inc. (NASDAQ: GOOGL), Drone Delivery Canada Corp. (OTCQX: TAKOF) (TSX-V: FLT).

The report said: "Increasing defense spending is expected to propel the growth of the UAV drone market going forward. Defense spending refers to the amount of the federal budget earmarked for defense, including funding for military operations, pay, training, and health care, in addition to maintaining and buying weapons, buildings, and equipment. Defense spending is used for procurement and the purchase of UAV drones which has been a force multiplier for combat around the world. Technological advancement is a key trend gaining popularity in the UAV drone market. Major players in the UAV drone sector are focused on technological advancement to sustain their market position."

Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) BREAKING NEWS: CODAN Communications Selects Draganfly's UAV platform to Integrate as a Premium Communication Solution for Government and Defense Customers - Draganfly Inc. (FSE: 3U8) ("Draganfly" or the "Company"), an award-winning, industry-leading drone solutions, and systems developer, is pleased to announce it has been selected by a leading international designer and manufacturer of premium communications solutions, to supply its UAV platform for integration with their industry-leading technology and communications solutions.

CODAN Communications (Codan Limited ASX:CDA) serves tactical, military, humanitarian, peacekeeping, public safety, security, and commercial markets in over 150 countries. CODAN designs and deliver solutions that help to solve customers' communications, safety, security, and productivity problems in some of the most challenging environments around the world.

This partnership presents a strategic opportunity for Draganfly to establish contracts with commercial entities and diverse global government departments and agencies.

"Like Draganfly, CODAN delivers its capabilities worldwide for the military, defence, humanitarian, peacekeeping, commercial, security, and public safety markets," said Paul Sangster, President of CODAN Communications. "This partnership will provide turnkey solutions to customers that leverage Draganfly's class-leading drones and CODAN's robust technologies for systems that are second to none in their ability to service the global market in any application across all industries."

"We are excited for CODAN and Draganfly to provide innovative solutions to complex problems faced by organizations operating in challenging environments," said Cameron Chell, President and CEO of Draganfly. "Draganfly's being selected to integrate our UAV platform into CODAN's premium Government and Defense platform is an incredible honor and an important milestone as CODAN is demonstrated global leader in radio and communication technology." CONTINUED… Read this full press release and more news for Draganfly at: https://draganfly.com/news/

Other recent developments in the markets of note include:

Drone Delivery Canada Corp. (OTCQX: TAKOF) (TSX-V: FLT) recently announced that it has signed a memorandum of understanding with Pegasus Imagery Ltd. ("Pegasus") to work together to develop and implement on board detect and avoid technology ("DAA") for DDC's heavy lift Condor remote piloted aircraft ("RPA").

The basis of the development effort will be to integrate Pegasus' proprietary A3S^™ DAA system onto the Condor. A3S^™ is an Autonomous Airspace Awareness System using sensor fusion to merge onboard sensor data with artificial intelligence to detect, track and autonomously avoid other aircraft and obstacles. This project builds on DDC's efforts to implement DAA technology into all its RPAs to move towards fully automated flights for all operations to be conducted in accordance with the Canadian Aviation Regulations and Transport Canada flight authorizations, while being remotely monitored by DDC through its proprietary FLYTE software from its Operations Control Centre located in Vaughan, Ontario.

AeroVironment (NASDAQ: AVAV) recently unveiled the newest version of its Switchblade® 300 rapidly deployable loitering missile system. The Switchblade 300 Block 20 builds on Block 10C's battle-proven performance with new operational features and significant performance and capability improvements.

Switchblade 300 Block 20 is portable, lightweight, and easy to operate, requiring only a single operator. The new tablet-based Fire Control System allows operators to easily train, plan, and execute missions. Operation of the system is further simplified by offering an integrated control directly onto the launcher tube.

"Since pioneering the loitering missile category with Switchblade 300 more than a decade ago, our tactical missile systems have proven to be a game-changing capability for both U.S. and allied forces, providing a remarkably rapid, precise and effective way to address lethal threats," said Brett Hush, AeroVironment's vice president and product line general manager of tactical missile systems. "Switchblade 300 Block 20 will continue to build on the system's battle-proven legacy."

Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), recently announced that Experian (EXPN), the leading global information services company and credit reporting bureau, has named AWS as its preferred cloud provider to power its multiyear information technology (IT) modernization initiative.

As part of the company's cloud-first strategy, Experian will move core business operations, consumer-services products, analytics tools, and on-premises servers to AWS. Centralizing these critical technology platforms on the world's leading cloud will enhance Experian's IT security and reliability, decrease operating costs, and improve time to market for new offerings. Experian will also expand its use of AWS's broad set of cloud services to create customized programs and deliver real-time financial services to consumers and business customers.

Alphabet Inc. (NASDAQ:GOOGL) Google Cloud recently introduced four new and updated AI technologies to help retailers transform their in-store shelf checking processes and enhance their ecommerce sites with more fluid and natural online shopping experiences for customers.

A new shelf checking AI solution, built on Google Cloud's Vertex AI Vision, utilizes Google's database of facts about people, places and things, giving retailers the ability to recognize billions of products to ensure in-store shelves are right-sized and well-stocked. Furthermore, in an update to its Discovery AI solutions, Google Cloud introduced a new personalization AI capability and new AI-powered browse feature to help retailers upgrade their digital storefronts with more dynamic and intuitive shopping experiences. Finally, Google Cloud's Recommendations AI solution launched new machine learning capabilities that empower retailers to dynamically optimize product ordering and recommendations panels on their ecommerce pages and deliver personalized suggestions for repeat purchases.

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