The market for military drones and sensors “will be one of the most dynamic growth sectors in the world aerospace industry this decade,” according to the latest analysis by the Teal Group.
“The Teal Group’s 2020/2021 market study estimates that UAV production will increase compared to current global UAV production $ 5.6 billion annually in 2020 to $ 14 billion in total in 2029 $ 95.5 billion in the next ten years, ”says a press release. “The spending on military UAV research would add more $ 64.5 billion over the decade. “
“New technology and increased trade are coming together to fuel the growth of the UAV market,” he said Philip Finnegan, Director of Corporate Analysis for the 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 regime, cheap Chinese exports, and strong demand for armed UAVs.”
With military drones and sensors increasingly becoming crossover products with the commercial drone market, industry growth could have a significant impact on the drone industry as a whole. Alongside the military drone market, sensors and payloads are part of the industry’s growth, including electro-optic / infrared (EO / IR) sensors found in drones like FLIR’s Black Hornet, a drone that fits in the palm of your hand.
“After a decline in funding over the past few years as several legacy UAV sensor programs ended for Endurance, Teal predicts a short-term spike in the EO / IR market for” standard sensors “by $ 1.8 billion in fiscal year 20 to $ 2.3 billion in fiscal year 24… ”, says the press release.
The Teal study breaks billions of dollars in classified and future slave sensor programs with annual projections. DR. David L. RockwellTeal’s senior electronics analyst says, “It is important to forecast these programs as they represent an increasing share of the available market, even though they are not contained in any public DoD documents or monetized in any online source.” He notes that “detailed speculative ‘available’ forecasts – almost overall $ 43 billion for payloads up to fiscal year 29 – are designed to give early warning of programs that are not yet on the DoD budget or even being discussed publicly – so Teal customers can plan ahead before the RFPs are released “
Miriam McNabb is editor-in-chief of DRONELIFE and CEO of JobForDrones, a marketplace for professional drone services, and a fascinating observer of the emerging drone industry and the regulatory environment for drones. Miriam has written over 3,000 articles focusing on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam graduated from the University of Chicago and has over 20 years experience in high tech sales and marketing for new technologies.
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