Washington, DC--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."
The study provides 10-year funding and production forecasts for a wide range of UAV payloads, including electro-optic/infrared sensors, synthetic aperture radars, SIGINT and EW systems, C4I systems, and CBRN sensors, worth $2.3 billion in FY2013 and forecast to increase to $4.6 billion in FY2022. The UAV electronics market is expected to grow steadily, with the fastest growth and opportunities in SAR and SIGINT/EW.
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The payload portion of the 2013 study has expanded coverage of manned-equivalent future UCAV sensors, as well as today’s stunningly capable (and expensive) new gimbaled sensors for mini and nano-UAVs – a market whose recent growth has caught almost everyone by surprise,” according to David Rockwell, another author.
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