Foresight and Indian Drone Manufacturer Win Grant for $5 Million Project to Commercialize Autonomous Industrial Drones

Core Insights - The global drone inspection and monitoring market is projected to reach $21.3 billion by 2027, driven by demand in various industries including oil and gas, mining, critical infrastructure, and manufacturing [1][3] - Foresight Autonomous Holdings Ltd. has announced a joint development and commercialization project with Big Bang Boom Solutions Pvt. Ltd., with a budget of $5 million, set to begin in September 2025 and lasting for 24 months [1][2][5] - The project aims to develop rugged, autonomous industrial inspection drones equipped with advanced sensors and AI-based algorithms for operation in challenging environments [4][5] Industry and Market Potential - The commercialization of the jointly developed technology could generate up to $32 million in revenue by 2031, indicating significant commercial potential for both Foresight and Big Bang [3] - The funding approval from the India-Israel Industrial R&D and Technological Innovation Fund (I4F) covers 50% of the project's budget, supporting the development of drone solutions tailored for industries such as oil and gas, mining, and power generation [5][6] - The drones are expected to improve safety, reduce operational costs, and enhance efficiency by performing inspections in hazardous and hard-to-reach environments [5]