PALM BEACH, Florida, June 10, 2020
- Financialnewsmedia.com News Commentary
PALM BEACH, Florida, June 10, 2020 /PRNewswire/ -- The global Unmanned Aircraft Systems (UAS) and the Unmanned Aerial Vehicle (UAV) markets are both projected to continue to increase market revenues for years to come. Unmanned Aircraft Systems (UAS) is an aircraft system without a human pilot aboard, commonly known as a drone and also referred by several other names. Unmanned Aircraft Systems can be remote controlled aircraft or fly autonomously based on pre-programmed flight plans or more complex dynamic automation systems, they can be used both for wild land firefighting and civilian fields. One of several reports says that The total market revenue was valued at $2 billion in 2017 and it is expected to reach $4.5 billion by 2023 at a CAGR estimation of 24.5% in forecast period while another report projected that the global Unmanned Aircraft Systems (UAS) market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 5.4% in the forecast period of 2020 to 2025 and will expected to reach USD 5438.9 million by 2025, from USD 4404.3 million in 2019. Active tech companies in the markets this week include Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF), The Boeing Company (NYSE: BA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), FLIR Systems, Inc. (NASDAQ: FLIR), Raytheon Technologies Corporation (NYSE: RTX).
Likewise projections for the global Unmanned Aerial Vehicle market (UAV) also show higher revenues… with projected revenues approaching 10X the UAS projections. Reports project that the UAV market, (estimated at USD 19.3 billion in 2019) and is projected to reach USD 45.8 billion by 2025, at a CAGR of 15.5% from 2019 to 2025. The rise in the procurement of military UAVs by defense forces worldwide is one of the most significant factors projected to drive the growth of the UAV market. The increasing use of UAVs in various commercial applications, such as monitoring, surveying & mapping, precision agriculture, aerial remote sensing, and product delivery, is also contributing to the growth of the UAV market. The IndustryARC report said that unmanned aerial vehicles has been around for years, but confined to Military sector. However, cost effective & ease of operations has led to incorporation of these systems into commercial space as well. Commercial UAS are majorly used by businesses and organizations to enhance their productivity whereas consumer UAS are used by civilians for personal purposes such as photography, videography and recreational purpose as well.
Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF) BREAKING NEWS:
PLYMOUTH ROCK TECHNOLOGIES SIGNS LETTER OF INTENT WITH SECURITY AND DEFENSE CONTRACTOR SDS GROUP AUSTRALIA -
Plymouth Rock Technologies ("Plymouth Rock", "PRT", or the "Company"), a leader in the development of cutting-edge threat detection technologies, is pleased to announce that it has entered into a Letter of Intent (LOI) with SDS Group Australia Pty Ltd ("SDS"), a leading provider of best of breed products and equipment to the Australian security and defense industries.
PRT and SDS have signed an LOI to work together to position PRT's Unmanned Aircraft Systems (UAS) for procurement-focused evaluations following initial consultation with members of the Australian Government. The focus of the partnership is primarily centered around the need for the early detection and identification of remote wildfires. Fire departments have typically used consumer drones that can only deliver imagery in a small area with the pilot in close proximity. To date there has not been a commercial UAS that can combine large area surveillance, deliver stable flight operations in extreme thermal or damp conditions. The X1 delivers these capabilities. Along with its flight characteristics, the combined sensor capabilities of the X1 delivers heightened situational awareness and comprehensive actionable intelligence of a wildfire to fire and rescue crews from an elevated position. The X1's thermal spectrum capabilities can distinguish between mass area fire, hotspots, as well as people or wildlife that may have become trapped by the blaze.
This initial effort will contribute to defining strategy for the development of business across law enforcement and the Australian Intelligence Community (AIC) for PRT's UAS platforms. As part of the partnership process, SDS has now registered with the Australian Civil Aviation Safety Authority (CASA).
"Having worked with the engineers and founders of PRT over the past several years on other initiatives, we knew that their venture into aviation related technologies would be to develop systems that are both state-of-the-art and mission focused," stated Craig Seckerson, Managing Director of SDS. "The X1 and upcoming XV platform are unparalleled in their overall capabilities and have clearly been built around this mission. Last year was infamously named the Black Summer here in Australia – the sad reality is that bushfires will return this year, however we believe by giving local fire crews and central government a real-time operational overview of the situation and placement of assets, timely interventions and relevant resources can be applied much quicker here on in," concluded Seckerson.
"We're extremely proud that PRT UAS technologies are being tasked for their designed role as a heavy-duty, state-of-the-art asset for operational intelligence. Using artificial intelligence and cutting-edge avionic tech to potentially save both life and billions of dollars in loss is truly worthwhile," stated Dana Wheeler, CEO of PRT. "The X1 specifications and capabilities are focused on delivering critical operational capabilities unseen on small UAS anywhere in the world. Our sensor and payload capabilities put the X1 on the forefront of safe, reliable aerial capability that is far beyond that of typical commercial drones. This step forward with SDS is a significant move in our commercialization phase, The X1 being a multi-mission capable sensory powerhouse will greatly aid fire and rescue services in their upcoming missions," concluded Wheeler. Read this and more news for Plymouth Rock Technologies at: https://www.plyrotech.com/news/
Other recent developments in the tech industry include:
FLIR Systems, Inc. (NASDAQ: FLIR) recently announced it has won an additional $20.6 million contract from the U.S. Army to deliver its FLIR Black Hornet® 3 Personal Reconnaissance Systems (PRS). The advanced nano-unmanned aerial vehicles (UAVs) will support platoon- and small unit-level surveillance and reconnaissance capabilities as part of the Army's Soldier Borne Sensor (SBS) program.
Extremely light, nearly silent, and with a flight time up to 25 minutes, the combat-proven, pocket-sized FLIR Black Hornet transmits live video and HD still images back to the operator. Its information feed provides soldiers with immediate covert situational awareness to help them perform missions more effectively. FLIR has delivered more than 12,000 Black Hornet nano-UAVs to defense and security forces worldwide.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) a leading National Security Solutions provider, recently announced that it had been awarded a $4.9 million contract to modernize the infrastructure and systems that interconnect the Air Force Satellite Control Network (AFSCN) sites under the AFSCN Network Edge Transport System (ANETS) program. The ANETS system will enable the AFSCN to meet the growing needs of its user community.
"Kratos is deeply experienced with the AFSCN, having provided services to support the AFSCN in the past," said Mike Rice, Vice President of Kratos Space Federal SATCOM & Ground Systems. "The new ANETS system will enable the AFSCN to more efficiently scale to meet the increasing demands from AFSCN users."
The Boeing Company (NYSE: BA) CPI Aerostructures, Inc. (NYSE American: CVU) announced recently the receipt of purchase orders totaling approximately $14 million from Boeing for structural assemblies for the A-10 Thunderbolt II under a previous IDIQ contract. Under the terms of the IDIQ, CPI Aero will manufacture major structural subassemblies of the A-10 aircraft's wing. Including these new orders, CPI Aero has now received approximately $20 million in funding from Boeing for the production of A-10 re-wing structural assemblies and associated program start-up costs. First delivery is expected to be in late 2020 and the period of performance under current funding is expected to extend into 2022.
On August 21, 2019, Boeing announced an award from the United States Air Force (USAF) with a maximum contract value of $999 million to manage the production of up to 112 new wing sets and spares kits for A-10 aircraft.
Douglas McCrosson, president and CEO of CPI Aero, stated, "These latest purchase orders represent a substantial commitment by the U.S. Air Force and Boeing to keeping this vital weapon system in the fight for years to come. New orders, such as these for the A-10, add to our already impressive funded backlog for products that are at the core of our country's national security mission and comprise both older platforms, like the A-10, and current generation programs."
Raytheon Technologies Corporation (NYSE: RTX) recently reported that the U.S. Air Force announced plans to continue with Raytheon Missiles & Defense, a business of Raytheon Technologies, on the development of the Long-Range Standoff (LRSO) cruise missile, a strategic weapon that will replace the service's legacy Air-Launched Cruise Missile.
"LRSO will be a critical contributor to the air-launched portion of America's nuclear triad," said Wes Kremer, president of Raytheon Missiles & Defense. "Providing a modernized capability to the U.S. Air Force will strengthen our nation's deterrence posture."
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