"Our coverage of the civil UAV market continues to grow with each annual report, mirroring the gradual increase in the civil market itself" said Philip Finnegan, Teal Group's director of corporate analysis and an author of the study. "Our 2014 UAV study calculates the UAV market at 89% military, 11% civil cumulative for the decade, with the numbers shifting to 86% military and 14% civil by the end of the 10-year forecast." he added.
Teal Group analysts, in their 2014 Unmanned Aerial Vehicles (UAVs) integrated market study, estimate that UAV spending will nearly double over the next decade from current worldwide UAV expenditures of $5.7 billion annually to $9.9 billion, totaling just over $77 billion in the next ten years. The new study covers more than 40 U.S., European, South African and Israeli companies, and reveals the fundamental reshaping of the industrial environment as UAV technology proliferates worldwide.
"The Teal Group study predicts that the US will account for 65% of the worldwide RDT&E spending on UAV technology over the next decade, and 53% of the procurement," said Teal Group senior analyst Steve Zaloga, another author of the study. Regarding payloads "The overall UAV electronics market will continue to be the world's fastest-growing aerospace payload market, but not through continued growth of 'the usual suspects' from the past decade," said Dr. David Rockwell, author of the electronics portion. The study also includes a UAV Manufacturers Market Overview that reflects the worldwide UAV market: "Again continuing as one of the prime areas of growth for defense and aerospace companies, the UAV market continues to evolve and become an increasingly global market," said Philip Finnegan.