Global Targeting Pods market projected to register a CAGR around 7% from 2018 to 2023.
Targeting pods are electronic devices used by ground-attack aircraft for identifying targets and guiding Precision-Guided Munitions (PGM), such as laser-guided bombs, to those targets. This will benefit the air-to-ground attacks in autonomous or cooperative mode, using integrated laser spot tracker. The increased need for futuristic technologies, such as infrared technologies, thermally cooled infrared devices, and forward-looking infrared technology, will enable the manufacturers to offer new growth opportunities to the market players. The factors driving the growth of the global targeting pods market are increasing military aircraft procurement and upgrades of existing aircraft across the world. However, there are some shortcomings in the operative performance of the targeting pods such as technical constraints of manufacturing targeting pods. The market for targeting pods is estimated to witness 7% CAGR during the forecast period.
On the basis of region, the market is segmented into America, Asia Pacific, Europe, and Rest of the World. In the European region, the increased spending on advanced airborne targeting systems by countries such as the U.K, France, and Russia and the upgrade and procurement of targeting pod-based aircraft. In the Asia Pacific region, there is an increasing need for national security and increased defense budgets of developing countries, which will boost the targeting pods market during the forecast period. Meanwhile, Northrop Grumman was awarded a contract worth USD 116 million by the U.S. military to modernize the latter’s advanced targeting systems. These upgrades would improve the range and resolution capabilities of targeting pods. Similarly, Ultra Electronic Holdings Plc signed a contract with the U.K. Eurofighter Typhoon aircraft to provide airborne laser targeting pods.
The scope of the Report
This study provides an overview of the Global Targeting Pods Market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC), Middle East & Africa and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Targeting Pods market by its type, component, platform, fit, and region.
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