Global Targeting Pods Market: Overview
The global market for targeting pods have massively benefitted from technological advancements in the fields of laser, electro-optics, and radar in the past few years. The notable rise in companies manufacturing these target designation tools, which are used by ground-attack aircraft for identifying targets and guiding smart or precision guided munition to the identified targets, has also provided ample growth prospects to the market. Once considered a luxury, these advanced targeting tools are gaining increased demand from countries with increased defense budgets, including developed as well as developing economies across the globe. The vast rise in terrorism activities are compelling countries to plough resources into technologically advanced devices.
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This report gives an insightful account of the present state of the market and presents a reliable forecast for the way the market will develop over the course of the next few years. The report gives a thorough overview of these and other key drivers, trends, and challenges of the market. The report analyzes the way these factors will impact the future growth of the market. A detailed account of aspects such as key product and technology segments, application areas, and regional market is included.
Global Targeting Pods Market: Trends and Opportunities
The report estimates that the introduction of products with advanced technologies having advanced image processing capability, mission history recording features, high-resolution, high density, high reliability, and improved range performance at a rapid pace will improve the growth prospects of the market in the next few years. The market is also expected to benefit from the easy availability of products with easier and safe training regimens, multi-target tracking, capability of navigating during nights, and accurate stabilization. Increase in deference budgets and increased expenditure on upgrading existing aircrafts in several emerging nations could also prove to be beneficial for the global targeting pods market.
On the flip side, the high base and maintenance costs of targeting pods could combined with a notable decline in defense expenditure of some leading consumers of defense and military tools could hamper the growth prospects of the market to a certain degree over the report’s forecast period. Moreover, strict regulations related to the trade of defense equipment could also act as a restraint for the overall growth prospects of the global targeting pods market to a certain degree.
Global Targeting Pods Market: Segmentation
For providing a more detailed account of the global targeting pods market, the report segments it on the basis of criteria such as product type, type of fit, application, and geography. Based on product type, the market has been examined for varieties such as laser spot tracker and FLIR and laser designator. Based on the type of fit, the market has been segmented into upgradation/aftermarket and original equipment manufacturer. Based on application, the market for targeting pods has been segmented into combat aircrafts, helicopters, and unmanned aerial vehicles.
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Global Targeting Pods Market: Regional and Competitive Dynamics
From a geographical perspective, the report provides a detailed account of growth prospects of the targeting pods market in regions such as Europe, Asia Pacific, North America, Middle East and Africa, and Latin America. Of these, the market in Europe presently accounts for the dominant share in the global market owing to the presence of some of the world’s most prominent manufacturers of targeting pods. The region is also expected to remain a key contributor to the global market over the forecast period owing to increased exports to emerging economies in Asia Pacific and Middle East.
The market in Asia Pacific is expected to remain a prominent consumer as countries in the region pour funds into their defense sectors so as to protect themselves from rising terrorist activities. Moreover, development activities funded by government bodies and space organizations in the region will also emerge as a leading growth driver for the regional market in the next few years.
Some of the most prominent companies operating in the global targeting pods market are Ultra Electronics Holdings plc., ASELSAN A.S., Raytheon Company, Northrop Grumman Corporation, FLIR Systems, Inc., Thales Group, L3 Technologies, Inc., and FLIR Systems, Inc.