Just released integrated market research from the Teal Group, tells us that Unmanned Aerial Vehicles (UAVs) have been the most dynamic growth sector of the world aerospace industry this decade.
According to Teal Group’s 2011 study UAV spending is estimated to nearly double over the next 10 years from current expenditures of $5.9 billion annually to $11.3 billion annually.
One of the study’s authors, Philip Finnegan is optimistic about the potential of the market space. “The UAV market will continue to be strong despite cuts in defense spending,” he said. “UAVs have proved their value in Iraq and Afghanistan and will be a high priority for militaries in the United States and worldwide.”
According to a press release announcing the availability of the research, it is believed that the United States will account for 77% of the worldwide UAV technology spend over the next decade.
The eighth edition of the sector study, World Unmanned Aerial Vehicle Systems, Market Profile and Forecast 2011, examines the worldwide requirements for UAVs, including UAV payloads and companies, and provides ten-year forecasts by country, region, and classes of UAVs.