Teal Group Report: Worldwide UAV Spending to Double in 10 Years

MALE UAV 15 Aug 2013The Teal Group has forecast that governments will continue to pour investments into unmanned aerial vehicle development and acquisition in the next 10 years, Military Aerospace reported Thursday.

In John Kellers 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.

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