Targeting Pods Market Size to hit USD 6026.4 Million in 2027 | Growing at 6.5% CAGR, Says Brandessence Market Research
LONDON, May 23, 2022 /PRNewswire/ -- The Targeting Pods Market size is expected to reach USD 6026.4 million by 2027, registering to accelerate at a 6.5% CAGR, according to the most recent study by Brandessence Market Research & Consulting Pvt ltd.
The Global Targeting Pods Market size was Valued at USD 3878.1 Million in 2020. Increasing defense budgets of various countries and growing demand of aircraft targeting systems are the significant factors driving the growth of the Global Targeting Pods Market. "The Global Targeting Pods Market By Type (FLIR & Laser Designator Pods, Laser Designator Pods, Laser Spot Tracker Pods), By Component Type (FLIR Sensor, Charged Coupled Device (CCD), Environmental Control Unit (ECU), Moving Map System (MMS), Video Data Link, Digital Data Recorder, Processor, High Definition (HD) TV), By Fit Type (OEM Fit, Upgradation Fit), By Platform Type (Combat Aircraft, UAV, Attack Helicopters, Bombers), Industry Analysis, Trends, And Forecast, 2022-2028"
Targeting Pods Market: Key Drivers
The evolution that has taken place in the world of global warfare has been seeing a rapid evolution in the last few years where the guns, tanks and other aircrafts have been equipped with the more advanced weapons and the systems of warfare to make it even more advanced. The technological advancements here are the key to the kind of development this market has because of the kind of warfare that takes place in the modern world. The warfare is highly advanced and includes cyber weapons, infrared lasers, fire control and radars. This is a technology which has advanced tools of warfare and is going to replace the ongoing conventional weapons in the coming years. The demand for the warfare is going to be increasing eventually and that is going accelerate the way the target pods demand is going to work in the coming years.
All over the world, the defense sector is going to lean in future and even right now towards deployment of the OTPs or the optical targeting pods in the aircraft sector. This is going to be the onset of an era where the targeting facilitators are going to need precision with the facilitators designating, identifying and tracking the targets using the laser beams and it will continuously gain popularity all over the world. Further there is a progress which is going to take place in the optical systems over the coming years and that will be playing a major part in the boosting of demands for the targeting pods. These are factors which will increase the market. Further, the defense budget is going to increase all over the governments.
The global targeting pods market has been expected to see a good amount of growth in the coming years and that is due to the projections being favorable in terms of the application of this product. There are factors like growth in demand for the targeting systems along with the increasing number of upgrading programs which are held in the world for the military aircrafts. This is a market which is highly sensitive to the geopolitics of the world and the conflicts among countries is really driving the global targeting pods market.
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Targeting Pods Market: Competitive Analysis
Lockheed Martin (US), Thales group (France), Raytheon Company (US), Aselsan (Turkey), L-3 technologies (US), Northrop Grumman (US), Ultra Electronics(UK), Israel Aerospace Industries (Isreal), MOOG lnc.,(US), Flir Systems (US), Rafeal advanced Defense Systems Ltd. (Isreal) and Qioptik (Paris) and others. These are companies which are really working hard to gain contracts from the governments to get them the ahead of their competitors in the global targeting pods market.
Targeting Pods Market: Segmentation Analysis
In terms of segmentation, the global targeting pods market has been segmented into platform, type, component and fit. On the basis of type, the market has been segmented further into the laser designator pods, spot trackers, FLIR pods and Laser designator pods. The FLIR and Laser designator pods segment is going to see the biggest dominance in the global targeting pods market as there are uses which are increasing for the forward looking sensors in addition with the laser designators for the surveillance and targeting.
On the basis of component, the global targeting pods market has been categorized into the CCD cameras, moving map systems, digital data recorder, FLIR sensor and processors. The FLIR sensors is going to see the biggest projection in the coming years which the potency of the aircraft attack increasing in the low light conditions. On the basis of platform, the global targeting pods market is seeing its segmentation into the attack helicopters, aircrafts, UAVs and bombers. The combat aircraft segments are expected to see the market grow due to the increasing spend on the upgrading of the existing technology in the aircrafts. The UAVs segment is definitely going to grow in the coming years with the technology becoming better and more patent.
On the basis of fit, the global targeting pods market is segmented into the OEM fit as well as upgradation. The OEM fit segment has been touted to lead this market in the coming years which the spending increased for the airborne targets and the systems of laser designation.
Targeting Pods Market: Key Trends
The recent trends have shown that the targeting pods have been integrated increasingly in the defense aircraft sector with the targeting pods playing a critical role in the detection and targeting in the process of combat. Further, the targeting pods are going to improve the efficiency as well as the accuracy of the targeting. Further, the targeting pods have been increasingly integrated in the aircrafts as the targeting pods play a great role in the efficiency and the accuracy of the laser weapons which is a huge factor that will augment the growth of the market.
The strides taken n technology in the last few years have been paving the way for the advanced targeting pods development. The advancements have been leading to the downsized plugs and play systems which have been used in the form of force-multipliers in the aircraft. There are more notable evolutions in the optical targeting systems where the electro-optical sightings in the day and the infrared sightings are utilized increasingly in the aircraft operations.
All over the world, the governments are showing major interest in the betterment of the equipment they use for their defense and the capabilities, the market players are stressing on the way the targeting takes place the market players are also interested in getting into the MOUs with government bodies through which they increase the market share. The aircraft manufacturers are also always keen to work with these companies to improve their abilities.
Increasing defense budgets of various countries is one of the major driving factors for the global Targeting Pods market. For instance; according to Global Aerospace and Defense Industry Outlook 2019, the defense budget of UK is about US$ 52 billion and this could increase up to US$ 78 billion in few years. Also the defense budget of India in 2018 was US 43.8 billion and by 2025 India is expected to become "third largest" aviation market and supply about 478 million passengers. Similarly the defense budgets of countries like France, Japan is increasing in recent years. Targeting pods are used in aircrafts and defense systems for identifying targets and guiding precision guided munitions (PGM). In addition, rising demand of aircraft targeting systems is another major factor fostering the growth of global targeting pods market. For instance; according to FAA 2019, FAA forecasts the small UAS model fleet will likely more than double in size over the next five years. From the present 1.1 million units to over 2.4 million units, by 2022 the sUAS non-model fleet will likely grow from the current 110,604 registered aircraft to over 450,000. So the increasing demand of aircraft targeting systems will simultaneously increase the demand of targeting pods.
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Asia Pacific region is expected to witness a fastest growth in the global Targeting Pods market owing to the rising increasing research and development activities and growing investments in defense services. Europe is expected to capture the significant share in the global targeting pods market over the forecast period due to the presence of prominent targeting pods providers in this region. For instance; according to Russian and Chinese Combat air Trends 2020, Russian aerospace forces maintained an active service inventory of 795 fast jet aircraft alongside 126 heavy bomber aircraft while the naval aviation of the Navy operated a further 126 fast jets. The Su-27 was initially developed by Russia as superior air fighter. Also VKS Sukhoi Su-30SM also developed. As per the news published in November 2018, Thales Group reports that its new generation Talios laser targeting pods successfully completed qualification testing by the French defense procurement agency (DGA).
On Special Requirement Targeting Pods Market Report is also available for below region:
Middle East and Africa
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