Wednesday, September 2, 2015
The drone business is one that continues to expand. A thriving market, drones have evolved beyond their original military uses to provide a wide variety of commercial and personal applications. Companies investing in drone technology include Textron, Inc., Science Applications International Corporation, AeroVironment, and the Lockheed Martin Corporation among others, with drones offering an “exciting market” for investors.
Their Many Uses
As more and more businesses get involved with drone technology, it’s highly likely more applications will crop up. Current uses for drones include emergency response, real estate, utilities, scientific research, news and entertainment, and agriculture. Commercial farmers are increasingly dependent on drones.
“They can fly over acres of land and use different imaging techniques to spot the health of crops,” said Mike Dempsey, a research analyst at CB Insights. “Farmers can use that data to better optimize their field.” Dempsey also noted that as the drone business scales, the market will see a “rise of drone applications at an affordable price point.”
The FAA and the Next 10 Years
The Federal Aviation Administration is currently working on regulations for commercial drone flights, which will undoubtedly impact this growing market. BI Intelligence predicts some $12 billion will be spent on commercial drones over the next 10 years, “an amount that takes into account the huge delay until the FAA determines commercial rules.”
The future of drones and the companies that wish to invest in them depends greatly on the FAA. A world “full of drones” poses both positive and negative ramifications, as quadcopters have the power to transform industries but also result in a slew of privacy issues. The FAA will subsequently have to be quite careful in order to please the commercial side of the industry without upsetting private citizens.
For more on drones and drone accessories, please contact DroneFly today.