Major supplier of aerospace products, Honeywell International Inc. announced on Monday that it will launch a new business unit to enter the drone industry. The new department will focus on the autonomous aviation space, including drones, air taxis, unmanned cargo delivery vehicles.
Honeywell to enter the drone industry
Honeywell’s head of the new drone business, Stéphane Fymat says that the company expects the hardware and software market for urban air taxis, drone cargo delivery, and other drone businesses to reach an estimated US$120 billion by 2030. Honeywell’s opportunity would be 20% of that market and has dedicated hundreds of employees, many of whom have an engineering degree to capture that opportunity.
Fymat said that the new business creation is a direct result of the coronavirus pandemic that increased the demand for drone deliveries.
Honeywell’s corporate venture capital department is also one of the financial backers of Airmap in Santa Monica whose offices recently burned down during Black Lives Matter protests.
“We’re not trying to bet on who’s going to have the best drone. We want to sell to everyone’s drones,” said Murray Grainger, head of Honeywell Ventures.
Honeywell is specifically working on a system that can help unmanned aircraft navigate the ‘urban canyons’ where GPS systems typically don’t work well, according to Reuters.
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