TEL AVIV - Aerospace company ParaZero Technologies Ltd. (NASDAQ:PRZO), known for its drone safety systems, announced plans to venture into the counter unmanned aircraft system (C-UAS) sector, a market expected to exceed $15 billion by 2032. The decision follows an extensive evaluation of the increasing demand for C-UAS technologies, driven by the rising deployment of small, lethal drones in conflict zones worldwide.
ParaZero's entry into the anti-drone market is propelled by its proprietary technology portfolio, which the company believes provides a competitive advantage in addressing the threats posed by unmanned aerial systems (UAS).
The company's CEO, Boaz Shetzer, emphasized the urgent need for effective C-UAS solutions to counteract drone strikes, noting ParaZero's capability to rapidly develop custom solutions for various site applications, including military bases, correctional facilities, and large public venues.
The global anti-drone market, valued at $1.9 billion in 2023, is forecasted to grow at a compound annual growth rate (CAGR) of 26.0% from 2024 to 2032, according to Global Market Insights. This growth projection underscores the potential for companies like ParaZero to make significant inroads in providing innovative countermeasures against UAS threats.
ParaZero, established in 2014, specializes in autonomous parachute safety systems for commercial drones and urban air mobility aircraft, aiming to enable safe flight operations in populated areas and beyond visual line of sight (BVLOS). The company's technology has been developed and refined over more than a decade, protected by global patents.
This news is based on a press release statement from ParaZero Technologies Ltd. and does not constitute an endorsement of the company or its products. The company's plans to enter the C-UAS market represent its strategic response to evolving security needs and market dynamics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.