*For list of authors, see page 2. Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts based outside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 65.SIGNATURE #dronerisingGlobal Technology As Drones Rise, Costs Fall Commercial drones provide an avenue for cost reduction ($100Bn) and safety improvement which will drive widespread adoption in the coming years. This wave of uptake provides an opportunity for investors in the form of sensors, cameras and processing units. 5G, AI and remote computing will help this technology take flight. U.S. IT Hardware* U.S. Semiconductors* U.S. Internet & Media* Daniel Gaide Blayne Curtis Ross Sandler +1 212 526 2912 +1 617 342 4101 +1 415 263 4470 daniel.gaide@barclays.com blayne.curtis@barclays.com ross.sandler@barclays.com BCI, US BCI, US BCI, US Equity Research 30 July 2019Barclays | Global Technology 30 July 2019 2 Contributing Authors U.S. IT Hardware† Daniel Gaide +1 212 526 2912 daniel.gaide@barclays.com BCI, US U.S. Semiconductors Blayne Curtis +1 617 342 4101 blayne.curtis@barclays.com BCI, US North America Power & Utilities Eric Beaumont, CFA +1 212 526 8334 eric.beaumont@barclays.com BCI, US Sustainable & Thematic Investing Hiral Patel +44 (0)20 3134 1618 hiral.patel@barclays.com Barclays, UK U.S. Homebuilding & Building Products Matthew Bouley +1 212 526 9029 matthew.bouley@barclays.com BCI, US U.S. Insurance/Life Jay Gelb, CFA +1 212 526 1561 jay.gelb@barclays.com BCI, US North America Transportation Brandon R. Oglenski +1 212 526 8903 brandon.oglenski@barclays.com BCI, US U.S. Internet Ross Sandler +1 415 263 4470 ross.sandler@barclays.com BCI, US U.S. Chemicals Duffy Fischer +1 212 526 3212 duffy.fischer@barclays.com BCI, US North America Oilfield Services & Equipment J. David Anderson +1 212 526 4016 jdavid.anderson@barclays.com BCI, US European Integrated Oil & Refining Lydia Rainforth, CFA +44 (0)20 3134 6669 lydia.rainforth@barclays.com Barclays, UK North America Metals & Mining Matthew Murphy, CFA +1 416 863 8963 matthew.murphy@barclays.com BCCI, Canada U.S. Software Raimo Lenschow, CFA +1 212 526 2712 raimo.lenschow@barclays.com BCI, US †U.S. IT Hardware is led by Tim Long. Barclays | Global Technology 30 July 2019 3 CONTENTS Drones: Cost Reduction Potential and Safety Improvements Provide the Runway for a Large and Expanding TAM ................................................................................................................................. 4 Drone Basics .................................................................................................................................................... 9 Cost Savings and Safety Improvements Drive Uptake ...................................................................... 10 Market Opportunity Is Substantial, DJI Holds a Striking Lead ......................................................... 17 Sensors, Cameras and Processors Provide a Compelling Investment Angle .............................. 19 Convergence of 5G, Remote Computing and AI Provide the Technology Needed for Effective Drone Usage ............................................................................................................................................ 29 Despite Steady Progress, Regulation Is Likely to Remain a Hurdle in the Near Term .............. 38 Drone Hardware .......................................................................................................................................... 42 Drone Service Providers ............................................................................................................................. 43 Transportation Infrastructure .................................................................................................................. 44 Energy Infrastructure .................................................................................................................................. 45 ESG – Sustainable & Thematic Investing............................................................................................... 48 Homebuilders ............................................................................................................................................... 49 Telecommunications Infrastructure ....................................................................................................... 50 Insurance ............................................................................................................................
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