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Teal Group‘s 2014 market study on unmanned aerial vehicles indicates a projected $77 billion in global UAV spending over the next 10 years, with spending in the civil market rising alongside the military market’s continued dominance.
Teal Group Director of Corporate Analysis Philip Finnegan and Senior Analysts Steve Zaloga and David Rockwell co-authored the report titled “World Unmanned Aerial Vehicle Systems, Market Profile and Forecast 2014,” the firm said Thursday.
“”The UAV market continues to evolve and become an increasingly global market. And our coverage of the civil UAV market continues to grow with each annual report, mirroring the gradual increase in the civil market itself,” Finnegan said.
He added that the military and civil UAV market share are expected to reach 86% and 14%, respectively, after 10 years.
Based on the study’s forecasts, funding and production of UAV electronics payloads will be worth $5.6 billion in fiscal 2023, which Rockwell said is the fastest-growing market in this field.
“[The study] shows how companies worldwide are responding to the growth of the UAV market and the extent to which a new breed of technology companies such as Google, Facebook and Amazon are working to position themselves in the UAV market,” Finnegan said.
