global targeting pod market is set to gain momentum from the increasing demand for forward-looking infrared technologies (FLIR), thermally cooled infrared devices, and infrared technologies. Fortune Business Insights™ provided this information in an upcoming report, titled, “Targeting Pod Market Size, Share & Industry Analysis, By Type (Laser Spot Tracker Pod, FLIR Pod, FLIR and Laser Designator Pod, Laser Designator Pod), By Platform (Combat Aircraft, Unmanned Aerial Vehicles (UAV), Helicopters), By Component (FLIR Sensor, Moving Map System (MMS), Digital Data Recorder) and Regional Forecast, 2022-2029.” The report further states that the surging need to improve the air force defense system worldwide is set to augment growth.
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Drivers & Restraints-
Increasing Terrorist Activities to Favor Growth
Targeting pods are extensively used to assist ground attack aircraft in order to detect targets present in low altitudes. They also help in guiding the munitions to the identified targets. They are being highly demanded from several countries nowadays. The regulatory bodies of the countries are investing heavily on the upgradation of their military systems. Also, the rising cases of terrorist attacks and cross-border conflicts worldwide would affect the targeting pod market growth positively in the coming years.
Combat Aircraft Segment to Dominate Backed by Rising Upgradation of Existing Aircraft
Based on the platform, the market is segregated into helicopters, unmanned aerial vehicles (UAVs), and combat aircraft. Amongst them, the combat aircraft segment was projected to dominate the market in 2018. This growth is attributable to the rising upgradation of existing aircraft and the increasing expenditure on the procurement of new aircraft.
Rising Geopolitical Tensions in Asia Pacific to Skyrocket Demand for Targeting Pods
Geographically, Europe is anticipated to lead in the near future by generating the largest targeting pod market share. The presence of numerous technologically advanced companies, such as Thales Group and BAE Systems would augment growth in this region. Apart from that, the increasing expenditure by the regulatory bodies to enhance the conventional targeting pods would propel growth.
Asia Pacific, on the other hand, is likely to exhibit a considerable growth throughout the forthcoming years on account of the increasing geopolitical tensions between South Korea, China, and India. It is hence leading to a high demand for targeting pods. Besides, the defense administrations in China and India are undertaking several developmental activities.
Key Players Focus on Signing Agreements & Launching New Products to Strengthen Positions
The companies operating in the market are engaging in acquisitions, agreements, and new product developments to strengthen their positions. The regulatory bodies are presently testing many aircraft to evaluate their performances. Below are two latest industry developments:
- August 2020: The U.S. Air Force demonstrated operations with four Lockheed Martin F-16Cs. They include active electronically steered array radars. Each of them carried an ASQ-213 HARM Targeting System Pod and AAQ-33 Sniper Advanced Targeting Pod.
- July 2020: Mitsubishi Heavy Industries (MHI) and Boeing completed a Direct Commercial Sale (DCS) agreement. Its main aim is to upgrade Japan’s F-15J Eagle fleet. The upgrade package will include Passive Attack Display for air-to-air visual identification from the AN/AAQ-33 Sniper Advanced Targeting Pod.
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Fortune Business Insights™ provides the names of all the prominent targeting pod manufacturers present in the global market. They are as follows:
- Thales Group (France)
- Saab AB (Sweden)
- Lockheed Martin Corporation (the U.S.)
- The Raytheon Company (the U.S.)
- Northrop Grumman Corporation (the U.S.)
- L-3 Technologies (the U.S.)
- BAE Systems (the U.K)
- Other renowned companies
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