Global Targeting Pods Market Size By Application (Combat Aircraft And Unmanned Combat Aerial Systems), By Type (OEM and Retrofit), By Geography Scope And Forecast
Global Targeting Pods Market Size By Application (Combat Aircraft And Unmanned Combat Aerial Systems), By Type (OEM and Retrofit), By Geography Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Targeting Pods Market size was valued a USD 4.13 Billion in 2022 and is projected to reach USD 14.79 Billion By 2030 growing at a CAGR of 6.67% from 2024-2030.
The Targeting Pods Market is expanding due to the growing demand for defense technologies and increasing investment from governments worldwide. Many developed, and developing countries are actively focusing on increasing their air force arsenal with various technologies such as combat aircraft, UAVs, choppers, and bomber planes. Combat aircraft are leading the market as they have significantly higher demand, which is expected to offer growth opportunities for the key players in the Targeting Pods Market.
Global Targeting Pods Market Definition
A targeting pod or TGP is defense equipment that offensive aircraft use to identify targets and attack them using laser-guided missiles or bombs. The Targeting Pods are used alongside the precision-guided munition, or PGM, for precisely delivering PGMs. Targeting Pods are equipped with advanced GPS, using which the users can get the target’s precise location. The user can also communicate this through either wired or wireless means. Along with audio communication, TGPs also give users a clear picture of the target.
Targeting Pods have commonly used in ground-attack aircraft, which use precision-guided munitions. Thus, TGPs have a decent demand in the defense industry, as air combat offers an excellent edge for any military. With advancing technology, TGPs have become a crucial part of modern aircraft.
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Global Targeting Pods Market Overview
The primary drivers for the Targeting Pods are their demand from the defense industry. Due to rising global tensions, many developed and developing countries focus on increasing their offensive arsenal. As a part of this, the governments are dedicating a significant amount of their annual budget to procuring advanced military equipment and technologies for the defense sector. With technological advancement, the defense industry is experiencing a massive surge of innovative defense technologies with cutting-edge solutions such as AI, deep learning, machine learning, etc.
However, the Targeting Pods are incredibly costly to procure and maintain. Thus, low- and middle-income countries have shown minimal demand for Targeting Pods. During the forecast period, the market in these regions is expected to rise but with slow growth. Contrary to this, developing countries, especially Asian countries, are showing tremendous interest in advanced military supplies, which is also expected to propel the targeted pods market in the Asia Pacific region.
Global Targeting Pods Market Segmentation Analysis
The Global Targeting Pods Market is segmented on the basis of Application, Type, and Geography.
Targeting Pods Market, By Application
Combat Aircraft
Unmanned Combat Aerial Systems
Attack Helicopters
Bombers
Based on Application, we have segmented the Global Targeting Pods Market base on the aircraft it is used in, such as Combat Aircraft, Unmanned Combat Aerial Systems, Attack Helicopters, and Bombers. We expect that the combat aircraft segment will dominate the global market because of its wide-scale application and global demand. Combat aircraft have witnessed a massive surge in demand as countries are focusing on increasing the size of their air force.
Targeting Pods Market, By Type
OEM
Retrofit
Based on Type, the global Targeting Pods Market is segmented into OEM and Retrofit. The OEM segment is expected to lead the global market because of increased defense spending and the introduction of various targeting systems. The retrofit segment is also estimated to generate significant revenue during the forecast period.
Targeting Pods Market, By Geography
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
On the basis of Geography, Under the Global Targeting Pods Market, we have covered regions such as Europe, North America, Latin America, the Middle East and Africa, and Asia Pacific. The North American region is estimated to dominate the Targeting Pods Market during the forecast period. The US has one of the most advanced militaries and spends a massive number of resources on developing innovative defense solutions. Thus, the North American region is expected to generate the highest revenue for the Targeting Pods Market compared to other regions.Â
Key Players
Want to know what's happening in the Global Targeting Pods Market? This study dives deep, focusing on the big picture worldwide. You'll find key players like ASELSAN AS, FLIR Systems Inc, IAI Group, L3Harris Technologies Inc, Rafael Advanced Defense Systems Ltd, Raytheon Technologies Corporation, Lockheed Martin Corporation, MOOG Inc, Thales Group, and Ultra Electronics – they're the names you need to know. We don't just list them; we dissect their company overview, where they stand in the market, their footprint across regions and industries, and even give you an ACE matrix for a competitive edge. Plus, we break down their financial performance to give you the full story.
Key Developments
In September 2022, ASELSAN developed the MEROPS gimbal system in collaboration with the Denel Group. MEROPS gimbal is an advanced air surveillance and targeting gimbal system.
In February 2023, Rafael Advanced Defense Systems Ltd established a new facility in UAE to expand its operations in the Middle East.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Targeting Pods Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Targeting Pods Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
ASELSAN AS, FLIR Systems Inc, IAI Group, L3Harris Technologies Inc, Rafael Advanced Defense Systems Ltd, Raytheon Technologies Corporation, Lockheed Martin Corporation, MOOG Inc, Thales Group, and Ultra Electronics.
SEGMENTS COVERED
By Application
By Type
By Geography
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