-- Market Overview
Global Targeting Pods Market is expected to garner exponential accruals by 2025. In its recent COVID 19 analysis, MRFR also asserts that the market would register significant CAGR throughout the forecast period (2020-2025). Rising demand for targeting pods can allow operation of all types of smart air-to-surface weaponry, such as laser-guided, GPS-guided, and EO/IR imaging-guided munitions is forecasted to boost the market growth.
Global Targeting Pods Market is growing rapidly, mainly due to the increasing defense budgets in countries worldwide. With the emergence of futuristic airborne targeting pod systems that can deliver real-time, forward-looking infrared (FLIR+SWIR), and HD color imagery, the market is projected to garner tremendous traction worldwide. Augmenting demand for high-resolution sensors and effective EO/IR design that can offer reliable operation at significant stand-off ranges is estimated to increase the market growth.
Additionally, factors such as substantial investments in the development of targeting pods and technological advancements would allow the market to witness rapid growth during the analyzed period. Improvements happening in targeting pods accelerate the market demand further, increasing their uptake worldwide. Besides, increased demand for futuristic infrared technologies thermally cooled infrared devices, and infrared technology, would offer new growth opportunities for the market players.
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On the other hand, technical complexities, and limitations in the manufacturing of targeting pods are the major factors estimated to obstruct the growth of the market. Nevertheless, the advent of solutions such as piezoelectric ceramic film strips would support the market growth throughout the predicted period, proving to be a breakthrough in building targeting pods. Also, increasing military aircraft procurement and upgrades of existing aircraft across the world would provide a considerable impetus to the market growth.
Competitive Analysis
Highly competitive, the targeting pods market appears fragmented due to the presence of several well-established players. Innovations, collaborations, and mergers & acquisitions remain key trends of leading players to gain a larger competitive share. Industry players focus on the development of their product portfolio with the help of advanced technologies.
Players make investments to drive R&D and to acquire promising companies to support their expansion plans. Increasing government funding support is motivating key companies to manufacture new equipment that can match the changing trends and needs of defense sectors. Military developers address the demand with a wide range of solutions that are purpose-built for challenging battlefield environments.
Players leading the Targeting Pods Market include Aselsan (Turkey), Lockheed Martin (US), Thales Group (France), Northrop Grumman (US), Raytheon Company (US), L-3 Technologies (US), Israel Aerospace Industries (Israel), Ultra Electronics (UK), MOOG Inc. (US), Rafael Advanced Defense Systems Ltd (Israel), Flir Systems (US), and Qioptik (Paris), among others.
Industry/ Innovation/ Related News
May 19, 2020 - Lockheed Martin Corporation (the US), a leading global advanced aerospace, defense, arms, and security Technology Company, announced signing a contract the US Defense for advanced targeting pods. The Air Force Life Cycle Management Center deal worth over USD 485 and covers Sniper, Infrared Search & Track (IRST), and Targeting Infrared for Low Altitude Navigation and Night (LANTIRN) navigation pod (fixed wing) hardware production.
As a proven IRST technology provider for more than 30 years, Lockheed Martin has delivered over 350 systems worldwide and consistently advanced its IRST capabilities across various platforms.
Market Segment
The report is segmented into five dynamics.
By Fit: OEM and Upgrade.
By Type : FLIR & Laser Designator, Laser Spot Tracker, and others.
By Component: FLIR Sensor, CCD Camera, MMS, ECU, HD TV, and Video Datalink.
By Platform: Combat Aircraft, Helicopters, and UAV.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
Regional Analysis
Europe dominates the global targeting pods market. The largest market share attributes to the increased spending on advanced airborne targeting systems by the UK, France, and Russia. Besides, factors such as the upgrades and procurement of targeting pod-based aircraft and rising defense budgets drive the regional market growth. Russia, with its unique aircraft upgrades programs, leads the European targeting pods market. The region is estimated to continue dominating the global targeting pods market throughout the review period. North America is another lucrative market for targeting pods. The market is driven by the presence of well-developed defense and aerospace sectors in the region. Moreover, factors such as substantial defense budgets and technological advancements foster regional market growth. Also, favorable government policies, alongside a large manufacturing base of targeting pods in the region, positively impact the market growth.
The targeting pods market is brisk in the Asia Pacific region. High governmental support for targeting pods in military applications is a key driving factor for the market growth. Factors such as the increasing need for public safety and increased defense budgets of developing countries influence the regional market growth. The region is witnessing rapid economic growth, especially in countries such as India and China. India is increasingly becoming a hub for technologies, which is drawing a steady flow from foreign investors.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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