With the advancement in technology, private airplanes and drones are getting more and more attention and becoming popular worldwide. Private airplanes and drones are gaining importance in the fields of tourism, business tours, security and surveillance, weather reports and research purposes. They can also be used in emergency cases such as evacuation of casualties etc. Besides rapidly increasing market of private airplanes and drones, the market of the flight navigation system is also increasing rapidly. According to a research, the estimated market size of the navigation system in 2014 was $10,392.87 million and it is estimated that in 2020 it can increase up to $15,687.22 million. So, a huge potential market is present for a flight navigation system.
Market Potential –
Private Airplanes:
It can be seen that in the past two decades, the worldwide air travel has increased significantly, with an average growth of 6.2% in passenger travel only in the last five years. The increased air has travel led to the invention of private airplanes. Today, there are more than 30,000 private airplanes used by public bodies, armed forces and government officials around the globe.
Other factors that play an essential role in the growth of private airplane market are rapidly growing individual purchasing power, staggering profits of MNCs (Multinational Companies) and organizations and the demand for long-range private flights. The growth of HNW (High Net Worth Individuals) and UHNW (Ultra High Net Worth Individuals) has also increased the demands of private airplanes as they it for several reasons like comfort, convenience, luxury, mobility, productivity and efficiency. World Bank has reported that Asia Pacific, North America and Europe are the largest contributors to high net worth individual growth.
Drones:
Drones, also known as UAVs (Unmanned Aerial Vehicles) are robots controlled by a remote pilot whereas completely autonomous drones are being manufactured.
From its beginning as a military thing, the drone market is growing rapidly in the consumer and commercial sectors as well. In a 2016 report, Goldman Sachs estimated that drone technologies will reach a total market size of $100 billion from 2016 to 2020.
An estimation by PwC (Network of member firms of PricewaterhouseCoopers International Limited) indicates that commercial applications have a total addressable market of $127 billion globally. A market research from Gartner suggests that the market size for commercial drones was $2.8 billion in 2016 with only 110,000 million units sold. Commercial drones are projected to represent 60% of the industry’s revenue whereas personal drones represent 40% of the industry’s revenue.
Real World Drones in Transportation –
Self-Flying Passenger Drone:
A self-flying passenger drone named as 184 has already been tested by a Chinese company Ehang. This quadcopter is expected to be operational in Dubai by the end of 2018.
Project Vahana:
This projected is designed to serve both the purpose of passenger and cargo transport as being an air taxi, CityAirbus, and an autonomous helicopter at the same time. Passengers will be able to book a seat in CityAirbus as they book a ride using Uber.
Amazon Prime Air:
Amazon is planning to utilize drones for speedy package delivery. It aims to deliver in 30 minutes using autonomous drones guided by GPS, flying at a height of up to 400 feet, carrying packages of up to 5 pounds and flying at speeds of 50 MPH.
Delivery to Hard-to-reach Areas:
Zipline is a Silicon Valley Startup and it delivers vaccines and blood to the remote areas of Africa that lack infrastructure. Similarly, drones can be used for last-mile delivery of consumer goods as it will reduce cost and time of delivery.
sky[nav]pro:
sky[nav]pro is a software-based integrated system for planning and navigation purposes. It is integrated in a specially developed hardware to serve several purposes like weather information, communication, live tracking, and collision avoidance. Sky[nav]pro is the first and only product that offers these features in the form of a single portable device. Furthermore, it has an additional advantage of cost-effectiveness. The software application is provided free of charge containing features of planning and navigation. Whereas, for additional services of live weather reports, collision alerts and worldwide tracking with SOS feature, a specially designed hardware is needed to be installed. The hardware is available in several models which are already developed and installed throughout central Europe. It can be easily installed in any aircraft whether manned or unmanned due to its system-level integration.
Furthermore, Dacher Systems GmbH aims to initiate an ICO for the development of a new blockchain based flight planning and tracking system. The token used for this blockchain is named as skynavpro [SNP]. The ICO will be introduced worldwide through several phases by the end of 2019.
References
Business Aircraft Market 2018 : Worldwide Overview by Industry Size, Market Share, Future Trends, Growth Factors and Leading Players – Forecast 2023. (2018). Retrieved from Digital Journal: http://www.digitaljournal.com/pr/3962620
Business Jet Market – Segmented by Range (less than 3000 NM, 3000 – 5000 NM, more than 5000 NM), By Aircraft Type (Light Jet, Mid – Size Jet, Large Jets) and Geography – Growth, Trends and Forecast (2018 – 2023). (2018, July). Retrieved from Mordor Intelligence: https://www.mordorintelligence.com/industry-reports/business-jet-market
CASTELLANO, F. (n.d.). Commercial Drones Are Revolutionizing Business Operations. Retrieved from toptal: https://www.toptal.com/finance/market-research-analysts/drone-market
Dacher Systems GmbH. (n.d.). sky[nav]pro. Retrieved from skynavpro.io: https://skynavpro.io/wp-content/uploads/ICO_skynavpro_Whitepaper.pdf
Lineberger, R., Hussain, A., Mehra, S., & M. Pankratz, D. (2018, January 18). Elevating the future of mobility. Retrieved from Deloitte: https://www2.deloitte.com/insights/us/en/focus/future-of-mobility/passenger-drones-flying-cars.html
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