September 28, 2011 07:30 ET

Unmanned Air Vehicle Industry Still Growing

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO News Wire

NEW YORK, NY--(Marketwire - Sep 28, 2011) - Unmanned aerial vehicle (UAV), also known as a unmanned aircraft System (UAS) or Drone, is a machine which functions either by the remote control of a navigator or pilot or autonomously. According to research by Teal Group, global spending on these vehicles and their technology will be over $11 billion on this year and nearly $95 billion in the next ten years.

Companies that dominate the market of UAS's and the technology behind them are Boeing (NYSE: BA) and Northrop Grumman (NYSE: NOC) but plenty of experienced, up and coming companies fill the niche areas within, such as AeroVironment, Inc. (NASDAQ: AVAV) which announced yesterday that it received a $6.8 million dollar order from the US Air Force for its Raven UAS. Also, Mundus Group, Inc. (PINKSHEETS: MNDP) issued a statement celebrating the 10 year anniversary of its all electric ducted fan used in UAV's. The technology was developed under a Co-operative Research and Development Agreement (CRADA) with the US Navy from 2001-2004.

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