Honeywell launches new business unit to capture drone market

Stéphane Fymat, the head of that new business, said Honeywell expects the hardware and software market for urban air taxis, drone cargo delivery, and other drone businesses to reach $120 billion by 2030 and Honeywell's market opportunity would be about 20% of that. He declined to say how much of that market Honeywell was targeting to capture, adding only that the unit has hundreds of employees with many engineers. Honeywell doesn't build drones itself but provides autonomous flight controls systems and aviation electronics. The new business creation comes as the coronavirus pandemic creates a surge of interest in drone deliveries; Fymat said it's accelerating the drone cargo delivery programs of some of its partners. Some of Honeywell's customers include Intel-backed Volocopter, Slovenia-based small aircraft maker Pipistrel, which is developing an electric vertical take-off and landing aircraft for cargo delivery, and UK-based Vertical Aerospace, which has test flown a prototype vehicle last year that can carry 250 kilograms and fly at 80 kilometers an hour.