Teal Group Predicts Worldwide Military UAV Production of $80 Billion Over the Next Decade in its 2017 UAV Market Profile and Forecast
WASHINGTON, Nov. 10, 2017
WASHINGTON, Nov. 10, 2017 /PRNewswire-USNewswire/ -- Unmanned Aerial Vehicles (UAVs) will be the most dynamic growth sector of the world aerospace industry this decade, more than tripling in the next decade, report Teal analysts in their latest market analysis.
Teal Group's 2017 market study estimates that UAV production will increase from current worldwide UAV production of $4.2 billion annually in 2017 to $10.3 billion in 2026, totaling $80.5 billion in the next ten years. Military UAV research spending would add another $26 billion over the decade. (For further details and study availability, contact the respective Teal sales representative in your area at http://www.tealgroup.com/).
"The UAV market continues to soar," said Philip Finnegan, Teal Group's director of corporate analysis and an author of the study. "Increasing trade in costly high-altitude, long-endurance systems, demand for armed UAVs, the development of the next generation of unmanned combat systems, and potential new applications such as missile defense continue to drive the market."
"The Teal Group study predicts that the US will account for 57% of total military worldwide RDT&E spending on UAV technology over the next decade, and about 31% of the military procurement," said Teal Group senior analyst Steve Zaloga, another author of the study.
The latest edition of the sector study, World Military Unmanned Aerial Vehicle Systems, Market Profile and Forecast 2017, examines the worldwide requirements for UAVs, including UAV payloads and companies, and provides ten-year forecasts by country, region, and classes of UAVs. It incorporates the latest budget data worldwide, including the fiscal 2018 US defense budget.
Teal Group analysts already cover the UAV market in their World Missiles and UAV Briefing, which examines the UAV market on a program-by-program basis. Sensor payloads are also treated in detail in Teal's Military Electronics Briefing. The sector study examines the UAV market from a complementary perspective, namely national requirements, and includes both a comprehensive analysis of UAV system payloads and key UAV manufacturers.
This year's military study has a companion volume on civil government, commercial and consumer UAVs. The rapid growth in those markets required a new study analyzing the varying dynamics of those markets.
Teal Group is an aerospace and defense market analysis firm based in Fairfax, Virginia USA. It provides competitive intelligence to industry and government worldwide.
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SOURCE Teal Group