The targeting pods market is estimated to be USD 3.26 Billion in 2017 and projected to reach USD 4.49 Billion by 2022, at a CAGR of 6.61% during the forecast period. The growth of the market can be attributed to increasing military aircraft procurement as well as upgradation of existing aircraft across the world. The increasing military aircraft procurement by various countries has led to an increase in demand for aircraft payload-based targeting system, i.e. targeting pods for capability enhancement in precision targeting.
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The report "Targeting Pods Market by Type (FLIR & Laser Designator Pods, Laser Spot Tracker), Component (FLIR Sensor, CCD Camera, MMS, ECU, HD TV, Video Datalink), Platform (Combat Aircraft, Helicopters, UAV), Fit (OEM Fit & Upgradation), and Region - Global Forecast to 2022", The targeting pods market is projected to grow from an estimated USD 3.26 Billion in 2017 to USD 4.49 Billion by 2022, at a CAGR of 6.61% during the forecast period. Increase in spending on upgradation activities of existing aircraft and rise in surveillance and reconnaissance operations are expected to drive the market during the forecast period.
Browse 69 market data Tables and 41 Figures spread through 113 Pages and in-depth TOC on "Targeting Pods Market - Global Forecast to 2022"
Based on type, the FLIR & laser designator pods segment is estimated to lead the targeting pods market during the forecast period
Targeting pods are used in fighter aircraft for surveillance, reconnaissance, ground attack, and air-to-air operations and are thus essential and critically important components for any fighter aircraft.
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With the market for surveillance and reconnaissance increasing, the demand for targeting pods is also expected to increase. These factors are expected to drive the market for targeting pods during the forecast period.
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Based on component, the FLIR sensor segment is estimated to lead the targeting pods market during the forecast period
FLIR sensors in targeting pods are critically important components used for surveillance, reconnaissance, ground attack, and air-to-air operations in low light conditions. The thermal imaging capability of a FLIR sensor helps in capturing videos as well as the laser-based tracking & targeting of targets at night.
With the market for surveillance and reconnaissance increasing and the need for night tracking and target designation capability growing, the demand for FLIR sensors is expected to increase in the coming years.
Europe is estimated to be the largest market for targeting pods during the forecast period
The European region is estimated to account for the largest share of the targeting pods market during the forecast period. Procurement of new aircraft and upgradation of existing fighter aircraft are expected to drive the targeting pods market in the coming years.
Some of the major players in the targeting pods market are Lockheed Martin (US), Thales Company (France), Raytheon Company (US), and Israel Aerospace Industries (Israel).
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