UAV market to exceed US$10 billion by 2024: IHS
According to recent research released by IHS: The global defence and security market for Unmanned Aerial Vehicles (UAVs), also referred to as ‘drones,’ will expand at 5.5 per cent per year over this decade, from the current figure of US$6.4 billion, to US$10.4 billion by 2024.
“Unmanned systems are here to stay,” said Derrick Maple, principal analyst, unmanned systems for IHS Jane’s. “These systems are well established, combat proven and are an essential and expanding element of future operations across the globe.”
Research highlights from a published IHS statement include:
• In 2014, Israel again secured its position as the top exporter of UAVs. However, this year and into the foreseeable future, the US is forecast to regain a significant leading position through sales of General Atomics Predator series and Northrop Grumman Global Hawk.
• Western Europe, forecast to reach US$1.3 billion in sales by 2024, continues to grow its capability, with the aim of building a strong indigenous UAV industry and to lessen its reliance on US and Israeli imports.
• However, China, the Russian Federation, India, South Korea and Japan are increasing their investments. Sales for these nations together are forecast to reach US$3.4 billion by 2024. This sets the scene for a future vibrant global marketplace.