WASHINGTON, April 12 (UPI) -- Spending on unmanned aerial vehicles is projected to almost double over the next decade, a U.S. analysis company says.
The Teal Group, a defense and aerospace market research and analysis firm, said worldwide expenditures of UAVs will grow from $6.6 billion annually to $11.4 billion annually in the next 10 years.
"The UAV market will continue to be strong despite cuts in defense spending," said Philip Finnegan, Teal Group director of corporate analysis and an author of the study. "UAVs have proved their value in Iraq, Afghanistan and Pakistan and will continue to be a high priority for militaries in the United States and worldwide."
Teal Group analyst Steve Zaloga, author of "World Missiles and UAV Briefing," said 62 percent of spending for research and development would be by the United States, which would also account for 55 percent of procurement.
The report examines the worldwide requirements for UAVs, including UAV payloads and companies, and provides 10-year forecasts by country, region, and classes of UAVs.