Last month, Congress passed the FAA Reauthorization Act, which makes it easier for the government to fly unmanned spy planes over American airspace. The bill also requires the Federal Aviation Administration to create regulations for the testing and licensing of commercial drones by 2015. With the new legislation, some analysts believe the commercial drone market in the United States could grow to be worth hundreds of millions of dollars, leaving investors wondering how to capitalize on the expanding market.
The FAA estimates that there could be 30,000 drones flying over America by 2020, potentially creating a boom for drone makers such as Aerovironment Inc. (NASDAQ:AVAV). The California based company is a leading manufacturer of unmanned aircraft systems and aerial vehicles. Recently, Aerovironment announced it received a $4.1 million order from the United States Air Force for its Switchblade loitering munition systems and services. The system provides beyond line of sight precision strike capability to dismounted troops. Aerovironment will work with Alliant Techsystems Inc. (NYSE:ATK) to produce and deliver the systems.
The FAA estimates that there could be 30,000 drones flying over America by 2020, potentially creating a boom for drone makers such as Aerovironment Inc. (NASDAQ:AVAV). The California based company is a leading manufacturer of unmanned aircraft systems and aerial vehicles. Recently, Aerovironment announced it received a $4.1 million order from the United States Air Force for its Switchblade loitering munition systems and services. The system provides beyond line of sight precision strike capability to dismounted troops. Aerovironment will work with Alliant Techsystems Inc. (NYSE:ATK) to produce and deliver the systems.
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