In John Keller’s post, the market researcher said worldwide spending will reach $12 billion by 2023, led by the U.S military and followed by the Asia Pacific region and Europe.
The figure includes $4 billion for research and $8 million for procurement compared to a prediction of $2 billion in research and procurement spending in 2014, according to analysts from the Fairfax, Va.,-based company.
Medium-altitude long-endurance UAVs will be the top acquisition, accounting for $15 billion in investments over the next decade, it added.
The UAV forecast is part of Teal’s wider market analysis of the global unmanned aerial vehicle systems and was presented at a recent conference in Washington hosted by the Association of Unmanned Vehicle Systems International.
According to the article, more than 22,000 mini UAVs will be purchased over the next decade worth $1.3 billion.