Stratview Research delivers key insights on the Targeting Pods market in its latest report titled Targeting Pods 2023-2028.
According to the report, the targeting pods market was estimated at USD 3.46 billion in 2022 and is likely to grow at a CAGR of 7.17% during 2023-2028 to reach USD 5.26 billion in 2028.
Market Dynamics
The unprecedented growth of the market can be ascribed to the rising military aircraft procurement along with the upgradation of prevalent aircraft across the globe. The escalating military aircraft procurement by different countries has triggered off an upsurge in the demand for aircraft payload-based targeting systems, i.e. targeting pods for capability improvement in precision targeting.
What are targeting pods?
Targeting Pods are tools to identify targets and guide precisely through options such as lasers for the bombing. These pods are available in different types such as FLIR designator, laser designator, and laser spot tracker.
Targeting Pods have a number of components for the action to take place such as a FLIR sensor, environmental control unit, video datalink, processor, charge-coupled device, moving map system, digital data recorder, and high-definition TV. These are of high usage in the case of combat aircraft, attack helicopters, unmanned aerial vehicles, and bombers.
Segment Analysis
Based on the type, the market is segmented as FLIR & laser designator pods, laser designator pods, FLIR pods, and laser spot tracker pods. The FLIR & laser designator pods segment is estimated to remain dominant during the forecast period. The growing application of forward-looking infrared sensors, along with laser designators for targeting and surveillance, is driving the growth of the segment.
Based on the component type, the market is segmented as FLIR sensor, Charge Coupled Device (CCD) Camera, Environmental Control Unit (ECU), Moving Map System (MMS), video datalink, digital data recorder, processor, and high definition (HD) TV. The FLIR sensor segment is expected to remain dominant in the coming five years. The market is driven by the rise in spending on aircraft with precision attack capabilities under low light conditions.
Based on the fit type, the market is segmented as OEM fit and upgradation. The OEM fit segment is estimated to lead the market during the forecast period due to the growth in expenditure on airborne targeting and laser designation systems.
Based on the platform type, the market is segmented as combat aircraft, unmanned aerial vehicle (UAV), attack helicopters, and bombers. The combat aircraft segment is expected to be dominant during the forecast period, sustained by the rise in expenditure on the upgradation of prevalent aircraft and new aircraft procurement programs, primarily for precision ground attack capabilities. The UAVs segment is estimated to depict the highest growth in the coming five years, owing to the rise in spending on reconnaissance and surveillance operations.
In terms of regions, Europe is estimated to be the largest market for targeting pods during the forecast period, followed by Asia-Pacific and North America. Europe’s large share can be ascribed to the rising expenditure on advanced airborne targeting systems by economies, such as the UK, France, and Russia, and the upgradation and procurement of targeting pod-based aircraft. Russia was expected to emerge as the leading market for targeting pods in Europe during the forecast period. The prime reason for Russia’s dominance of the European targeting pods market is owing to the country’s aircraft upgradation programs. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key Players
The top market segments considered to prepare this report are reputed market players of Targeting Pods industry from different geographical locations, their product type and application industries.
Some of the top market players considered for this report are as follows:
- Aselsan Corporation
- FLIR Systems
- Israel Aerospace Industries
- Lockheed Martin Corporation
- L-3 Communications
- Northrop Grumman Corporation
- Raytheon Company
- Rafael Advanced Defense Systems Ltd.
- Ultra Electronics Holdings
The report delivers detailed profiles of the key market influencers, market value, growth factors, etc. Furthermore, important information such as sales data, value, volume market share, profit margin, and growth plans of coming few years is also provided in the report.
The product trends, market share of the top market players, their profile details to know the competitive analysis, market growth of different regions, growth promoters, roadblocks, and opportunities are some of the key insights of the report that will help the users to prepare business plan and understand the investment opportunity and make a mark in the market.
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