facebook
twitter
rss
account
search
search
 

Spending worldwide on UAVs to double, study says

A new report on the UAV market sector by the Teal Groups predicts a doubling in spending on UAV systems and their various sensor payloads, as well the civilian market for the aircraft increasing.
By Richard Tomkins   |   July 18, 2014 at 12:45 PM   |   Comments

FARNBOROUGH, England, July 18 (UPI) -- A new study on the unmanned aerial vehicle market forecasts increased spending on the systems and increased civil sector use of the aircraft.

The Teal Group, an aerospace and defense market analysis firm, said it estimates UAV spending will nearly double over the next decade -- from $5.7 billion annually to $9.9 billion annually.

It also predicts changes in usage.

"The UAV market continues to evolve and become an increasingly global market," said Philip Finnegan, Teal Group's director of corporate analysis and an author of the study.

"And our coverage of the civil UAV market continues to grow with each annual report, mirroring the gradual increase in the civil market itself. Our 2014 UAV study calculates the UAV market at 89 percent military, 11 percent civil cumulative for the decade, with the numbers shifting to 86percent military and 14 percent civil by the end of the 10-year forecast."

The Teal Group made its forecasts public at the Farnborough International Air Show.

Among UAV-related topics looked at in its "World Unmanned Aerial Vehicle Systems, Market Profile and Forecast 2014," were UAV payloads, including electro-optic/infrared sensors, synthetic aperture radars, signal intelligence and electronic warfare systems.

Sensor payloads for UAVs, the company said, are forecast to double in value over the next 10 years -- from $2.8 billion to $5.6 billion.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
3
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
4
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
5
Mexican Navy to build Damen vessels Mexican Navy to build Damen vessels
Trending News
Video
x
Feedback