STUDY: Drone Market Will Total $89 Billion Over Next Decade; U.S. To Account For 62% By 2022
The Teal Group, an Aerospace and Defense consulting firm, predicts the Unmanned Aerial Vehicle (UAV) market to total $89 Billion worldwide over the next decade.
A news brief released by the Teal Group summarizes the key findings of the 2012 study:
- Currently, worldwide spending on drones is $6.6 billion per year and is estimated to nearly double to $11.4 billion over the next ten years.
- The market value of UAV's will total $89 billion across the globe over the same time period.
- The U.S. will account for 62% of global drone spending by 2022.
Unmanned Aerial Vehicles (aka "drones") are defined by the U.S. Department of Defense as "powered aerial vehicles sustained in flight by aerodynamic lift over most of their flight path and guided without an onboard crew."
The United States military has increased its use of drones to carry out air strikes against Al Qaeda and its allies. In September 2011, a drone missile killed the American-born cleric, Anwar al-Awlaki in Yemen. Awlaki was allegedly linked to three of the hijackers who attacked the U.S. on September 11, 2001.
It is estimated that the Pentagon currently has 7,000 aerial drones compared with fewer than 50 in its arsenal just ten years ago.
Recently, drone usage has expanded from the battlefield to inside the homeland.
As CNSNews.com previously reported, the FAA has authorized 106 government 'entities' to fly domestic drones. The Government Accountability Office has said that the proliferation of domestic drones raises issues, namely, the right to privacy.See more "Right Views, Right Now."