Global UAV market expected to reach $11.6 billion annually in ten years
Washington, DC--According to a study from the Teal Group (Fairfax, VA), unmanned aerial vehicles (UAVs) continue as the most dynamic growth sector of the world aerospace industry this decade despite near-term U.S. budget cutbacks. An analyst from the company summarized the study results during AUVSI's Unmanned Systems 2013 at the Walter E. Washington Convention Center.
The study estimates that worldwide UAV spending will more than double over the next decade from the current $5.2 billion annually to $11.6 billion, totaling just over $89 billion in the next ten years. It predicts that the US will account for 65% of the worldwide RDT&E spending on UAV technology over the next decade, and 51% of the procurement.
"The UAV market is evolving, it is becoming an increasingly international market as it grows," said Philip Finnegan, Teal Group's director of corporate analysis and an author of the study. "UAVs have proved their value in Iraq and Afghanistan and are being sought by a growing number of militaries worldwide."
The study provides 10-year funding and production forecasts for a wide range of UAV payloads, including electro-optic/infrared sensors, synthetic aperture radars, SIGINT and EW systems, C4I systems, and CBRN sensors, worth $2.3 billion in FY2013 and forecast to increase to $4.6 billion in FY2022. The UAV electronics market is expected to grow steadily, with the fastest growth and opportunities in SAR and SIGINT/EW.
Related article: UAV VISION: Rigors of unmanned aerial vehicles challenge vision technology
The payload portion of the 2013 study has expanded coverage of manned-equivalent future UCAV sensors, as well as today’s stunningly capable (and expensive) new gimbaled sensors for mini and nano-UAVs – a market whose recent growth has caught almost everyone by surprise,” according to David Rockwell, another author.
Related article: Meeting the design challenges for imaging payloads on small UAVs
Conard Holton | Editor at Large
Conard Holton has 25 years of science and technology editing and writing experience. He was formerly a staff member and consultant for government agencies such as the New York State Energy Research and Development Authority and the International Atomic Energy Agency, and engineering companies such as Bechtel. He joined Laser Focus World in 1997 as senior editor, becoming editor in chief of WDM Solutions, which he founded in 1999. In 2003 he joined Vision Systems Design as editor in chief, while continuing as contributing editor at Laser Focus World. Conard became editor in chief of Laser Focus World in August 2011, a role in which he served through August 2018. He then served as Editor at Large for Laser Focus World and Co-Chair of the Lasers & Photonics Marketplace Seminar from August 2018 through January 2022. He received his B.A. from the University of Pennsylvania, with additional studies at the Colorado School of Mines and Medill School of Journalism at Northwestern University.