(ALAN RADECKI / Northrop Grumman photo)
The UAV payload and subsystem market will exceed $2.9 billion this year, according to a forecast by market research firm ASDReports.
The study examined UAV payloads such as electro-optical and intelligence gathering sensors, as well as essential communications and navigation equipment. The market is expected to grow despite defense budget cuts.
"Recent defense spending cuts and realignment of priorities do pose a threat to UAV payloads and subsystems programs, but UAVs’ importance in current and future military operations could help overcome many of those issues," said the report.
"As UAVs are only as good as their sensors and other internal components, demand for UAV payloads and subsystems should see continued growth."