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.