The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Targeting Pods Market.

It was estimated prior to this unanticipated outbreak that the Targeting Pods Market was likely to witness an impressive CAGR of 7.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

Prior to this global crisis, unprecedented growth of the market can be ascribed to the rising military aircraft procurement along with the upgradation of prevalent aircraft across the globe. The escalating military aircraft procurement by different countries has triggered off an upsurge in the demand for aircraft payload-based targeting system, i.e. targeting pods for capability improvement in precision targeting.

Targeting Pods Market Segment Insights:

By Type:

The FLIR & laser designator pods segment is estimated to remain dominant during the forecast period. The growing application of forward-looking infrared sensors, along with laser designators for targeting and surveillance, is driving the growth of the segment.

By Component Type:

The FLIR sensor segment is expected to remain dominant in the coming five years. The market is driven by the rise in spending on aircraft with precision attack capabilities under low light conditions.

By Fit Type:

The OEM fit segment is estimated to lead the market during the forecast period due to the growth in the expenditure on airborne targeting and laser designation systems.

By Platform Type:

The combat aircraft segment is expected to be dominant during the forecast period, sustained by the rise in expenditure on upgradation of prevalent aircraft and new aircraft procurement programs, primarily for precision ground attack capabilities. The UAVs segment is estimated to depict the highest growth in the coming five years, owing to the rise in spending on reconnaissance and surveillance operations.

By Region:

Europe held the largest share of the targeting pods market in 2018, followed by Asia-Pacific and North America. Europe’s large share can be ascribed to the rising expenditure on advanced airborne targeting systems by economies, such as the UK, France, and Russia and upgradation and procurement of targeting pod-based aircraft. Russia was expected to emerge out as the leading market for targeting pods in Europe in 2018. The prime reason for Russia’s dominance of the European targeting pods market is owing to the country’s aircraft upgradation programs. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.