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Teal Group: UAV Production to Reach $93B in 10 Years

Teal Group: UAV Production to Reach $93B in 10 Years - top government contractors - best government contracting event
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droneA new Teal Group report forecasts production of unmanned aerial vehicles to reach a total of $93 billion in the next 10 years.

Philip Finnegan, Teal Group’s director of corporate analysis and an author of the study, said Friday the market research firm“™s 2015 UAV study “calculates the UAV market at 72 percent military, 23 percent consumer, 5 percent civil cumulative for the decade.”

“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,” added Finnegan.

Teal Group predicts civil UAVs will achieve the highest growth over the forecast period buoyed by the expansion of airspace worldwide.

“The U.S. will account for 64 percent of total military worldwide [research development test and evaluation] spending on UAV technology over the next decade, and about 38 percent of the military procurement,” said Steve Zaloga, Teal Group senior analyst and another author of the study.

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Written by Jay Clemens

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