PALM BEACH, Fla., Dec. 05, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - While the global drone surveying market is still in the initial phase of the life cycle, the industry is changing at a light speed with continuous technological advancement and expanding service offerings. The drone survey companies are witnessing huge interest from private equity and venture capitalist. Investment firms are investing huge amounts of money in drone survey companies. According to Fact.MR, a market research and competitive intelligence provider, the global drone surveying market size is expected to grow at a CAGR of 19.3% during the forecast period and will achieve a valuation of US$ 8061.5 million by the end of 2033. The report said: “The drone surveying market is going through a technological revolution. Nowadays drones have improved battery life, a better quality of image, and increased speed in comparison to what they used to be 3-5 years back. The drone surveying industry is growing rapidly amid rising demand across different industries such as energy, infrastructure development, mining, agriculture, real estate, and transportation among others. The market is flooded with entrants of new market players across different segments such as drone hardware, software, and services. The industry is receiving huge interest from investment firms, and drone companies are being invested heavily in the last few years. With the growing adoption of drones in different end-use industries, it is expected that the market will continue to witness growing double-digit demand during the forecast period of 2023-2033.” Active Companies in the markets today include: ZenaTech, Inc. (NASDAQ: ZENA), Safe Pro Group Inc. (NASDAQ: SPAI), AeroVironment, Inc. (NASDAQ: AVAV), Red Cat Holdings, Inc. (NASDAQ: RCAT), Draganfly Inc. (NASDAQ: DPRO).
Fact.MR concluded: “The global drone surveying market is expected to grow at a CAGR of 19.3% over the next 10 years. East Asia is to witness the fastest growth of CAGR 23.2% during the forecast period. U.S. drone surveying market is estimated to reach a valuation of US$ 2540.0 million by the end of 2033. Demand for drone land surveying services will be high in the coming years, and it will command more than 40% of the total market share. India is poised to become one of the fastest drone surveying markets in the world. Rising technological advancement in the drone service industry to shape the future of drone surveying market, says a Fact.MR analyst.”
ZenaTech, Inc.’s (NASDAQ: ZENA) Plans to Disrupt the Land Survey Industry with Drones, Signs LOI for Land Survey Company Acquisition – ZenaTech (“ZenaTech”) (FSE: 49Q), a technology company specializing in AI (Artificial Intelligence) drone solutions and enterprise SaaS (Software-as-a-Service) solutions, announces today that it has signed an LOI (Letter of Intent) to acquire its first land survey company, part of a larger roll-up strategy to disrupt the land survey industry by accelerating the use of drones for speed, accuracy and innovation benefits. The signed agreement is with a US company, which will form the base of the DaaS (Drone-as-a-Service) business in the Southeast US region.
“This is a crucial step in the establishment of our DaaS strategy, which includes the disruption of an established land survey business ecosystem. We have a unique opportunity to significantly disrupt the land survey business through drone technologies and the DaaS business model. This is analogous to the way Uber disrupted the taxi industry. We believe these acquisitions have the potential to add significant revenue and power the roll-out of our DaaS business in the U.S. and globally,” said CEO Shaun Passley, Ph.D.
The U.S. Surveying and Mapping Services industry is estimated at $10.3 billion according to Business Research Insights, growing at least 3% annually. Remotely piloted and autonomous drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry. Aerial data across expansive terrains can be gathered and analyzed in a matter of hours instead of the typical weeks or months required using traditional methods.
Accurate land surveys are essential for the planning, design, and execution of roads, bridges, and building projects for cities, commercial, and residential projects, and are required for legal purposes. ZenaTech is focused on smaller land survey engineering firms with an overseeing licensed Surveyor-in-Charge, a valuable designation that takes years to achieve. The use of drones requires FAA licensing and drone expertise, hardware, and software that ZenaDrone will bring to the transaction.
ZenaTech’s DaaS business model allows governments, farmers, oil and gas companies, environmental firms, etc. to utilize a complete drone solution for a specific application─ i.e., land surveying, crop management, inspection, safety, or compliance application, and purchase it on a pay-as-you-go basis rather than having to buy the entire drone hardware and software solution. This business model provides cost-effective access to the enhanced productivity benefits and AI capabilities offered by drone technology to optimize time, improve precision, and eliminate outdated or manual processes. ZenaDrone’s multifunction AI drones will be offered in the DaaS business model both directly by the company and through its business partners. – CONTINUED… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/
Other recent developments in the technology industry include:
AeroVironment, Inc. (NASDAQ: AVAV) recently announced a powerful suite of software updates, called Project GOLD, that elevate the battlefield effectiveness of its Puma™ 3 AE and Puma™ LE, in contested environments. The new updates bolster the Puma uncrewed aircraft systems (UAS) to maintain reliable navigation and mission performance even when GNSS and communications signals are unreliable, unavailable or deliberately jammed. The software-only upgrades ensure Puma UAS can continue mission-critical tasks autonomously and securely, reducing reliance on GPS and enhancing survivability in hostile areas.
“With these software enhancements, we’re reinforcing the adaptability and resilience of our Puma Systems for the most demanding battlefield conditions,” said Trace Stevenson, AV’s senior vice president and general manager of Uncrewed Systems. “These capabilities allow warfighters to maintain operational superiority, even when adversaries attempt to disrupt critical systems, ensuring greater mission success and survivability.”
Draganfly Inc. (NASDAQ: DPRO), an award-winning, industry-leading drone solutions and systems developer, recently announced its third quarter financial results. Key Financial and Operational Highlights for Q3 2024 Were:
Revenue for the third quarter of 2024 was $1,885,322 which represents an 8.9% quarter over quarter increase. Product sales of $1,328,675 made up the bulk of the revenue with the remainder coming from drone services. This is compared to total Q3 revenue in 2023 of $2,138,017.
Gross profit for Q3 2024 was $440,780 which represents a 4.5% decrease quarter over quarter and was down 50.7% over the same period in 2023. Gross margin percentage for Q3 2024 was 23.4% down from 41.8% in Q3 2023. Gross profit would have been $617,202 and gross margin would have been 32.7%, not including a one-time write down of inventory of $176,422. The decrease is due to the sales mix of the products sold.
Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company building hardware and software for military, government, and commercial operations, recently announced several leadership updates to align its executive team with the company’s top priorities for scaling operations, manufacturing and meeting the needs of a fast-growing portfolio of customers.
George Matus, Red Cat’s Chief Technology Officer (CTO), is departing the company and is taking the role of CTO at Vector. As the founder of Teal Drones, George has played a vital role in Red Cat’s journey, including the recent production selection of its Black Widow drones for the U.S. Army’s SRR Program. His innovative contributions have significantly advanced Red Cat’s technology and product development.
“George has been an invaluable asset to Red Cat and we fully support his transition to Chief Technology Officer at Vector,” said Jeff Thompson, Red Cat CEO. “Red Cat looks forward to partnering with Vector to equip the U.S. military and its warfighters with fully integrated, rapidly deployable technology that ensures operational success.”
Safe Pro Group Inc. (NASDAQ: SPAI), a leader in artificial intelligence-driven drone imagery analysis, recently announced its latest landmine detection milestone in Ukraine, identifying over 16,500 lethal explosive items using imagery taken from everyday drones and its recently patented Artificial Intelligence (AI)-powered SpotlightAI™ software ecosystem. The rapidly increasing number of detections is the result of expanded real-world data collection and prior usage by customers and stakeholders including the United Nations, the Ukrainian government and major humanitarian organizations currently conducting operations across Ukraine.
Safe Pro is actively working with Ukrainian government entities, multiple humanitarian organizations, and U.S. government prime contractors advocating to increase awareness of SpotlightAI™ and its ability to rapidly detect hundreds of explosive items including newly approved anti-personnel landmines and cluster munitions. Moving beyond humanitarian land release efforts, the Company believes that its AI-powered image analysis tools can play a critical role in supporting country-wide drone surveys as a precursor to safe reconstruction efforts including drone survey operations around military installations and civilian infrastructure including roads, bridges, dams, and power/water utilities.
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