There is no question in regard to the growing market of Drone which is expected to reach US$40 billion by the end of the year 2025.
If compared to the applications blockchain, stem cell, and 3D scanning, the drone market will beat all of them in terms of revenue. There are also certain predictions which says that within a couple of years, the drone market will go to the mainstream.
However, as every industry faces the challenge, there is also an upcoming challenge in the drone industry. As per the experts, safety is the key concern in the drone industry.
As per the estimation, around 300 drones crash every day in the US alone by 2021. There was further a report from the US Federal Aviation Administration (FAA) which reported that there were nearly 5,000 incidents reported where drones flying in restricted airspace since past 4 years.
As per the new report of Pitt Street, there were a majority of such drones that were shipped without any safety system. Without any safety system, one cannot ensure the safe landing of these drones. There are other reports which state that just like a car needs air, drone needs a parachute.
It is an opportunity for one ASX listed company that is into the business of providing safety solutions. The name of that company is ParaZero Limited (ASX: PRZ). It has developed SafeAir which provides a solution to ensure the safe landing of the drones used for the commercial purpose.
It can be positioned on top of any drone. Thus, enabling to monitor different parameters including altitude, gyration, speed, temperature, and vibration.
The safety system at ParaZero analyses any malfunctioning or error occurred by its users to check the criticality of the drone. Through the data which they get through the analysis, is used in real time to save payloads, protect crowds. It will also prevent the drone to fly in any restricted airspace. Thus, preventing any further damage to the drone. In case there is a need to stop the drone, the rotors of the drone are stopped by setting off the siren and flashing the light to alert the people before positioning a parachute for a safe landing.
It is still a matter of concern for the regulators, FAA and European Aviation Safety Agency (EASA) to support commercial drone keeping in mind the safety of the common people. Most of the reports say that the upcoming regulations from the FAA and EASA will act as a blueprint for the usage of drone across the globe.
At present ParaZero is continuously working with the aviation authorities throughout the world that will guide the company for the requirement of any changes to ensure a safe flight operation. Recently it has received its first contract to fly drones that have a parachute to fly above the crowd.