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Teal Group Predicts Military Unmanned Aerial Vehicles (UAVs) Will Hit $ 95 Billion by 2029
Unmanned Aerial Vehicles (UAVs) will be one of the most dynamically growing sectors in the global aerospace industry this decade, Teal Group analysts report in their latest market analysis.
Teal Group’s 2020/2021 market study estimates that UAV production will increase from current global UAV production of $ 5.6 billion annually in 2020 to $ 14 billion in 2029, for a total of $ 95.5 billion in the next ten years. Spending on military unmanned aerial vehicle research would add another $ 64.5 billion over the decade. (For more details and study availability, please contact the appropriate Teal sales representative in your area at http://www.tealgroup.com/).
“New technologies and increased commerce are coming together to drive growth in the UAV market,” said Philip Finnegan, director of corporate analysis for Teal Group and author of the study. “The next generation of systems is being developed at a time when trade is growing thanks to the liberalized US export rule, cheap Chinese exports and strong demand for armed UAVs.”
“The Teal Group study predicts that the United States will account for 80% of total military RDT & E spending worldwide on UAV technology over the next decade and 40% of military acquisitions,” added Teal Group senior analyst. , Steve Zaloga, another study author. Much of the US RDT & E is dedicated to developing the next generation of systems that can survive in contested airspace.
The latest edition of the industry study, World Military Unmanned Aerial Vehicle Systems, Market Profile and Forecast 2020/2021, examines global requirements for UAVs, including UAV payloads and businesses, and provides ten-year forecasts by country, region and UAV classes. It incorporates the most recent budget data from around the world, including the US defense budget for fiscal year 2021.
The 2020-2021 study provides forecasts for a wide range of UAV payloads, including electro-optical / infrared (EO / IR) sensors, synthetic aperture radars (SAR), SIGINT and EW systems, and C4I systems, which are projected to grow in overall value. from $ 6.0 billion in FY20 to $ 8.5 billion in FY29. After a slump in funding in recent years when several legacy endurance UAV sensor programs ended, Teal forecasts a short-term rise in the “default sensors” EO / IR market of $ 1.8 billion in the fiscal year 2020 to $ 2.3 billion in fiscal 24, but will then stabilize at around $ 2.4 billion per year for the rest of the decade, with growth led by modified U-2 sensors likely to go aboard the Global Hawk and for a new production of classified UCAVs and mini / nano-UAVs.
The study breaks down billions of dollars in classified and future tracking sensor programs with annual forecasts. Dr. David L. Rockwell, principal electronics analyst at Teal, states that “it is important to forecast these programs as they represent an increasing share of the available market, although they are not in public Department of Defense documents and are not monetized from any online source. “He notes that” detailed speculative forecasts ‘available’, totaling nearly $ 43 billion for payloads through fiscal year 29, are intended to give an early warning of programs still they are not in the Department of Defense budgets or even in public discussion, to allow Teal customers to plan ahead before the RFPs are published. ”
Along with EO / IR, comprehensive coverage of the many new programs in the radio frequency (RF) markets is also included, with UAV radars projected to grow from $ 1.6 billion in fiscal year 20 to $ 2.3 billion in fiscal year 29, and the SIGINT and Electronic Attacks (EA) markets. to grow from $ 1.55 billion to $ 2.3 billion.
The 2020-2021 study also includes an overview of the UAV manufacturers market that reflects the potential reorganization of leadership in the industry as multiple next-generation systems are developed, “Finnegan said.” New players are emerging and the leadership of some companies is threatened. ”
The study reflects the rapid growth of interest in the UAV business by covering approximately 60 US, European, Asia-Pacific and Israeli companies, and reveals the redevelopment fundamental of the industrial environment as UAV technology proliferates around the world.
Teal Group is an aerospace and defense market analysis company based in Fairfax, Virginia, USA, providing competitive intelligence to industry and government around the world.
