Forecast: Triple growth ahead in UAV spending

FAIRFAX, Va., Aug. 17 (UPI) -- Spending on unmanned aerial vehicles for military and civilian use could triple to more than $120 billion over the next 10 years, a new study says.

The Teal Group, a new market analysis firm, estimates that UAV production worldwide will grow from $4 billion annually and will total $93 billion in the next 10 years.

Spending on military UAV research will add another $30 billion to that.

"The market for UAVs looks very strong, increasingly driven by new technologies such as the next generation of unmanned combat systems, and the development of new markets such as civil and consumer drones," said Philip Finnegan, Teal Group's director of corporate analysis and an author of the study, titled World Unmanned Aerial Vehicle Systems, Market Profile and Forecast 2015.

"Our 2015 UAV study calculates the UAV market at 72 percent military, 23 percent consumer, 5 percent civil, cumulative. for the decade. Of the three areas, civil UAVs grow most rapidly over the forecast period as airspace around the world is opened, but it grows from a very low base. "

The organization forecasts that the United States will account for 64 percent of total military RDT&E spending worldwide for UAV systems.