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(MoneyNewsWire.Net, May 19, 2018 ) 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 targeting pods market has been segmented based on type, component, platform, and fit. Based on type, the market has been further segmented into laser spot tracker, laser designator pods, FLIR pods, and FLIR & laser designator pods. The FLIR & laser designator pods segment is projected to lead the market during the forecast period. The increasing use of forward-looking infrared sensors, along with laser designators for targeting and surveillance, is driving the growth of the FLIR & laser designator pods segment.
Based on component, the targeting pods market has been segmented into environmental control unit, FLIR sensor, CCD camera, moving map system (MMS), HD TV, video datalink, digital data recorder, and processor. The FLIR sensor segment is projected to lead the market during the forecast period owing to the increase in spending on aircraft with precision attack capabilities at low light conditions.
Based on platform, the targeting pods market has been segmented into combat aircraft, attack helicopters, bombers, and unmanned aerial vehicles (UAVs). The combat aircraft segment is projected to lead the market during the forecast period owing to the increase in spending on upgradation of existing aircraft and new aircraft procurement programs, especially for precision ground attack capabilities. The UAVs segment is projected to witness the highest CAGR during the forecast period owing to the increase in spending on reconnaissance and surveillance operations.
Based on fit, the targeting pods market has been segmented into OEM fit and upgradation. The OEM fit segment is projected to lead the market during the forecast period owing to the increase in spending for airborne targeting and laser designation systems.
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Europe accounted for the largest share of the targeting pods market in 2017, followed by Asia Pacific and North America. Europe’s large share can be attributed to the increased spending on advanced airborne targeting systems by countries such as the UK, France, and Russia and the upgradation and procurement of targeting pod-based aircraft. Russia is estimated to be the leading market for targeting pods in Europe in 2017. The reason for Russia’s dominance of the Europe targeting pods market can be attributed to the country’s aircraft upgradation programs.
Major challenges faced by the manufacturers of targeting pods are mostly related to technical aspects of the targeting pod. At present, manufacturing a targeting pod that works optimally in bad weather and low light conditions is a challenge for the targeting pod providers.
The major players in the targeting pods market include Lockheed Martin (US), Raytheon Company (US), and Thales (France). These manufacturers are mostly focused on acquiring long-term contracts to grow in the market.
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