According to a study from the Teal Group (Fairfax, VA), unmanned aerial vehicles (UAVs) continue as the most dynamic growth sector of the world aerospace industry this decade despite near-term U.S. budget cutbacks. An analyst from the company summarized the study results during AUVSI‘s Unmanned Systems 2013 at the Walter E. Washington Convention Center.
The study estimates that worldwide UAV spending will more than double over the next decade from the current $5.2 billion annually to $11.6 billion, totaling just over $89 billion in the next ten years. It predicts that the US will account for 65% of the worldwide RDT&E spending on UAV technology over the next decade, and 51% of the procurement.
“The UAV market is evolving, it is becoming an increasingly international market as it grows,” said Philip Finnegan, Teal Group’s director of corporate analysis and an author of the study. “UAVs have proved their value in Iraq and Afghanistan and are being sought by a growing number of militaries worldwide.”