Month: November 2024

Luton, Bedfordshire, United Kingdom, Nov. 21, 2024 (GLOBE NEWSWIRE) — The growing adoption of lithium-metal batteries is significantly contributing to the expansion of the utility drones market. Unlike the commonly used lithium-ion and lithium polymer (LiPo) batteries, lithium-metal batteries offer superior energy density, which enables drones to operate for longer periods without the frequent need for recharging. These batteries also feature non-flammable electrolytes, addressing safety concerns associated with lithium-ion batteries, which are prone to overheating, short circuits, and even explosions. This advancement in battery technology supports the increasing demand for drones in industries such as e-commerce, logistics, construction, and agriculture, where longer flight times and safer operation are crucial.

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As drones gain traction for a variety of applications, including agricultural monitoring, aerial mapping, logistics, and surveillance, the logistics sector, in particular, is seeing considerable innovation. Companies like Zipline International, Walmart, DHL, and Amazon are leading efforts to incorporate drone delivery systems, improving operational efficiency and reducing delivery times. This trend is further fueled by the challenges of traffic congestion and the growing demand for faster delivery services, particularly in urban areas.

The market for commercial drones is expected to continue its rapid growth, driven by advancements in drone capabilities, improved battery technologies, and increasing investment from logistics and e-commerce companies. The market is estimated to grow at a compound annual growth rate (CAGR) of approximately 15-20% over the next few years, with the potential to reach a valuation of USD 7-10 billion by 2030. The continued development of drone-based delivery services is expected to remain a key driver in the market’s expansion.

Utility Drones Market Segment Insights:

Service-Based Segmentation: The utility drones market is primarily segmented into two key service categories: end-to-end solutions and point solutions. In 2022, the end-to-end solution segment accounted for the largest share of the market. These comprehensive services include the provision of drones, skilled pilots, engineers, software, data management, and analytics. Additionally, end-to-end solutions encompass drone advisory services and consultancy, which play a critical role in gathering reliable data about utility assets. These services are increasingly being adopted by utility companies to streamline operations, enhance safety, and improve data accuracy, with market growth projections indicating a continued demand for such all-inclusive services.

Type-Based Segmentation: Based on drone type, the utility drones market is divided into multi-rotor and fixed-wing categories. In 2022, multi-rotor drones held the largest market share. These drones, equipped with more than two rotor blades, differ from traditional single-rotor designs by generating lift through multiple rotors, typically arranged at angles of 90 degrees or less. Multi-rotor drones are versatile and are widely used for aerial photography, surveying, mapping, and inspection, as well as for commercial applications such as goods delivery and services provision. The high adaptability and ease of use in various applications are major drivers of their dominance in the market.

End-Use Segmentation: The market is also segmented based on end-use applications, including conventional power and renewable energy. In 2022, conventional power accounted for the largest share and is expected to continue to grow at a steady pace during the forecast period. Utility drones are increasingly utilized in the power industry, offering advantages such as reduced operational and maintenance costs, enhanced worker safety—by accessing potentially hazardous locations—and minimal environmental impact due to the use of little or no fuel. These factors make utility drones a vital tool in the power sector, driving their adoption and expansion in the coming years.

Market Projections: Overall, the utility drones market is anticipated to experience substantial growth across these segments, with market estimates suggesting a compound annual growth rate (CAGR) of around 18-22% over the next decade. This growth is driven by the increasing demand for efficient, safe, and sustainable solutions in both the power and commercial sectors.

Utility Drones Regional Insights:

The global utility drones market is analyzed across several key regions, including North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, North America held the largest market share, exceeding 40%. This dominance is expected to continue throughout the forecast period due to increased demand from industries such as oil and gas, mining, and power generation. Key players in the region, including 3D Robotics, DJI, Parrot, Yuneec International BV, and Hover Camera Systems GmbH, are expected to drive significant market growth. The U.S. is the leading country in this region, followed by Canada, contributing to a large share of the regional market.

In Europe, the utility drones market holds the second-largest share, driven by increasing private investments and funding in electricity infrastructure development. Germany leads the European market in terms of market share, while the UK exhibits the fastest growth rate in the region, driven by its push toward advanced infrastructure solutions and a growing interest in drone technologies. Other significant countries in Europe include France, Italy, and Spain, all contributing to the market’s expansion.

Asia-Pacific is projected to experience the fastest growth in the utility drones market from 2023 to 2032. This is attributed to rapid industrialization, as well as the increased adoption of drones by commercial sectors like agriculture, construction, and infrastructure development. China holds the largest market share in the region, while India is expected to be the fastest-growing market. The expansion of infrastructure projects and increasing automation in commercial services are major factors driving the growth of utility drones in this region.

Regional Growth Projections:

• North America is expected to maintain a market share of 40-45%, driven by industrial demand and innovation.
• Europe will continue to account for around 30-35% of the market share, with Germany and the UK leading the charge.
• Asia-Pacific is anticipated to grow at a CAGR of 20-25%, with China and India playing pivotal roles in driving this expansion.

Utility Drones Key Market Players & Competitive Insights:

The competitive landscape of the utility drones market is highly dynamic, with leading players heavily investing in research and development (R&D) to expand their product offerings and enhance market growth. Companies are adopting strategic measures such as new product launches, mergers and acquisitions, partnerships, and investments to strengthen their market presence. These strategies are crucial for companies to stay competitive in a rapidly evolving market.

One of the key strategies in the industry is local manufacturing, aimed at reducing operational costs while improving product accessibility for clients. By manufacturing locally, companies can better meet the needs of regional markets while maintaining competitive pricing, which is essential for long-term success. Moreover, the utility drones industry has gained significant traction in sectors like medicine, providing crucial benefits through advanced aerial surveillance and data collection technologies.

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Some of the prominent players in the utility drones market include:

• SkyScape Industries (US): Focused on providing innovative aerial solutions for various utility applications, including surveillance and infrastructure inspections.
• Measure (US): Specializes in drone services for industrial sectors, helping businesses optimize operational efficiency through aerial data collection.
• Sharper Shape Inc. (US): Known for providing drone-based solutions for utility infrastructure inspections, enhancing the reliability and safety of power lines and other assets.
• Sky Futures (UK): A key player in the energy sector, offering drone inspection services for oil and gas platforms and power lines.
• Terra Drone (Japan): Provides high-tech drone solutions for industrial inspections, focusing on precision and safety in utility infrastructure monitoring.
• ABJ Drones (US): Offers drones designed for utilities and environmental monitoring, helping businesses track energy usage and improve system maintenance.
• ULC Robotics (US): Known for its advanced drone solutions in utilities, focusing on safe and efficient infrastructure inspection services.

Carbonix, an Australian leader in UAV manufacturing, has expanded its presence with a partnership with SA Power Networks and Nokia. This collaboration focuses on utilizing long-range, unmanned aerial vehicles (UAVs) for inspecting remote power lines and network assets in South Australia. The use of Beyond Visual Line of Sight (BVLOS) UAVs, integrated with the Nokia Digital Automation Cloud, is a significant step towards enhancing operational efficiency in remote utility monitoring.

DJI Technology Co., Ltd. (China), a global leader in drone technology, controls a large share of the consumer drone market (approximately 75-80%). DJI’s drones are widely used in sectors such as filmmaking, agriculture, and surveillance. The company’s advanced UAVs, such as the Phantom 4 RTK, are used for high-precision surveys, combining centimeter-level navigation with advanced imaging systems to improve survey efficiency and reduce operational costs.

Key Companies in the Utility Drones market include

• Cyberhawk Innovations Limited
• PrecisionHawk
• Delair
• SkyScape Industries
• Measure
• Sharper Shape Inc.
• Sky Futures
• Terra Drone
• ABJ Drones
• ULC Robotics
• Aerodyne Group
• Asset Drone
• Hemav

Utility Drones Industry Developments

• In July 2023, Skydio launched the X10, a drone optimized for utility inspections, equipped with advanced navigation systems powered by NVIDIA Jetson Orin. Its 360-degree visual field and autonomous capabilities make it ideal for inspecting critical infrastructure in complex environments. The X10 is especially useful for utilities seeking to enhance safety and reduce downtime, with applications in substation security and powerline monitoring
• August 2023 saw the introduction of DJI’s Mavic 3 Multispectral, a drone designed for energy infrastructure inspections. This model features multispectral sensors to capture data from various spectrums, improving the inspection of powerlines and substations. It aids utilities in detecting potential issues early, thus improving the reliability of energy grids​
• In April 2023, Florida Power & Light (FPL) launched an autonomous drone fleet to inspect its extensive power grid. This initiative enhances both operational efficiency and safety by reducing the need for human inspectors in potentially dangerous conditions, such as after severe weather events​
• In June 2023, the Vantis UAS network in North Dakota expanded to enable Beyond Visual Line of Sight (BVLOS) flights for utility inspections. The network’s expansion allows real-time data transmission from drones, improving the efficiency and accuracy of infrastructure monitoring, especially in remote areas

Utility Drones Market Segmentation:

Utility Drones Market By Service Outlook

• End-to-End Solution
• Point Solution

Utility Drones Market By Type Outlook

Utility Drones Market By End-Use Outlook

• Conventional Power
• Renewable

Utility Drones Regional Outlook

• North America
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America

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DALLAS, Nov. 21, 2024 (GLOBE NEWSWIRE) — Beneficient BENF (“Ben” or the “Company”), whose subsidiary Beneficient Fiduciary Financial, L.L.C., is a Technology-Enabled Fiduciary Financial Institution (TEFFI) today provided an update to the State of Kansas Joint Committee on Fiduciary Financial Institutions Oversight about its business operations, the digital innovation occurring in the alternative asset industry and related economic development activity for the benefit of Kansas communities under the Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act (“Act”), which was passed in 2021 with near-unanimous support in the Kansas Senate and strong bipartisan support in the House.

The Act aims to attract private asset businesses to Kansas by creating a business-friendly environment that drives reinvestment into Kansas communities through a 2.5% financing fee paid by companies operating under the Act. Beneficient was a key proponent of the Act and established the first foundation, Beneficient Heartland Foundation, dedicated to reinvesting Act proceeds into local Kansas communities.

As part of its testimony, Beneficient executives summarized the Company’s recently reported fiscal second quarter financial results, through September 30, 2024—the Company’s second consecutive quarter of positive diluted earnings per share for Ben’s common shareholders. Additionally, they emphasized Ben’s continued advancement of its financial industry focused business through new technology innovation, an authorization by Ben’s board of directors to complete up to $5 billion in fiduciary financings and a transaction involving the reclassification of certain preferred equity that increased Beneficient’s permanent equity by $126 million.

Additionally, Beneficient’s testimony highlighted progress on key projects primarily funded by the proceeds generated under the Act.

Among the highest profile projects is an effort to bring a new grocery store to Hesston, KS, which has been without a local grocery store since 2018. As part of an integrated downtown redevelopment plan, property has been acquired for a new store, and existing local businesses relocated or are in the process of relocation to updated facilities in a centralized community retail district designed to be easily accessible for pedestrians, bicycles and vehicles.

White’s Foodliner, a family-owned grocery chain in business through three generations since its first store opened in Coldwater, KS in1953, has been selected to operate the new store. White’s operates grocery stores across eight Kansas communities, offering shoppers a diverse array of food products and complete customer service.

In September, Lieutenant Governor and Secretary of Commerce David Toland announced a third round of Strategic Economic Expansion and Development (SEED) grants funded through the TEFFI Development and Expansion Fund.

In addition to economic development in Hesston, proceeds from the Act have funded more than 70 microgrants amounting to nearly $3 million in total funding for awardees located in Kansas communities with a population of 5,000 or less. Projects must be focused on economic development and revitalization efforts through one of the following quality-of-life categories: 

• Childcare and senior programming 
• Community vibrancy  
• Food retail  
• Libraries 

Other presenters and the committee discussed a variety of topics pertaining to TEFFI activity in the State of Kansas. The Joint Committee then passed a motion recommending certain action items be undertaken by Kansas House and Senate committees that have responsibilities related to the Act.

These action items pertained to potential modifications to the Act, such as modifying the Act to reflect the continued innovation and digital transformation occurring in the alternative asset marketplace, including digitization of alternative assets ownership, revising certain reporting and operating requirements of TEFFIs, reducing the application fee for new TEFFIs and encouraging the Kansas Department of Commerce to commence further marketing activity to recruit additional business to seek a TEFFI charter in Kansas, among others.

About Beneficient

Beneficient BENF – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.        

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn.

Investors

investors@beneficient.com

Contacts

Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission (the “SEC”). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.