The unmanned aerial vehicle (UAV) market sector has experienced the most dynamic growth of any sector in the global aerospace industry this decade, according to a 2011 market study. Analysts at Teal Group, an aerospace and defense market analysis firm based in Fairfax, Va., predict UAV spending to nearly double over the next decade. Current worldwide UAV expenditures total $5.9 billion annually—a figure that Teal Group analysts predict to grow to $11.3 billion annually.
Analysts further anticipate UAV spending over the next 10 years to total just over $94 billion. “The UAV market will continue to be strong despite cuts in defense spending,” reports Philip Finnegan, Teal Group’s director of corporate analysis and an author of the study. He predicts UAVs to be a high priority for U.S. and worldwide militaries, especially given their proven performance and value in Iraq and Afghanistan.
UAVs have been credited as having changed the face of war, in fact. They have also been called the most effective military weapon in the fight against Al Qaeda; the most famous UAV application is likely the use of unmanned drones in Pakistan to locate, videotape, and confirm the identity of Osama Bin Laden. U.S. forces also employed UAVs in the recent NATO-led campaign against Col. Muammar el-Qaddafi’s forces in Libya.
“World Unmanned Aerial Vehicle Systems, Market Profile and Forecast 2011,” now available from Teal Group, marks the eighth edition of Teal Group’s UAV sector study. This geek is impressed that each annual outlook has been positive, as well as has reported and predicted continued growth. To the unmanned future!