Targeting Pods Market Size, Share, Growth Analysis, By Type(OEM and upgrade), By Fit(FLIR segment, CCD Camera, MMS, ECU), By Region - Industry Forecast 2024-2031

Targeting Pods Market size was valued at USD 4.05 billion in 2022 and is poised to grow from USD 4.33 billion in 2023 to USD 7.46 billion by 2031, at a CAGR of 7.02% during the forecast period (2024-2031).

The Targeting Pod Market is seeing growth around the globe. This is thanks to the industries that are contributing their best to the market. The company is focusing on growth factors and marketing opportunities to help the market reach its goals. Lockheed Martin is promoting its Sniper advanced targeting pod to military buyers around the world; the pod is expanding its reach into the Middle East military market. 'Lockheed Martin Corporation', 'Thales Group', 'Raytheon Company', 'Northrop Grumman Corporation', 'L3Harris Technologies, Inc.', 'Aselsan A.S.', 'FLIR Systems, Inc.', 'Rafael Advanced Defense Systems Ltd.', 'Ultra Electronics Holdings PLC', 'MOOG, Inc.', 'Elbit Systems Ltd.', 'Sagem (Safran)', 'Hensoldt', 'Terma A/S', 'Qioptiq Ltd.', 'Collins Aerospace (Raytheon Technologies)', 'Israel Aerospace Industries Ltd.', 'Leonardo S.p.A.', 'Rheinmetall AG', 'Boeing Defense, Space & Security', 'In January 2024, Researchers at Southeast University in Nanjing, China, unveiled the design of their next-generation electronic warfare (EW) weapon in a peer-reviewed journal. Distinguishing itself from existing EW weapons, the Chinese-developed weapon purportedly has the capability to emit multiple beams of electromagnetic waves from a single antenna, enabling it to target multiple objects simultaneously. ', 'In February 2024, The US Air Force is embarking on an innovative partnership with defense giant Northrop Grumman to introduce a groundbreaking advancement to the skies—the LITENING Large Aperture (LA) targeting pod. Revealed by Northrop Grumman on Tuesday, February 13, this collaboration represents more than just an enhancement; it signifies a revolution in illuminating the darkness and targeting elusive entities. ', 'In October 2023, SAP SE honored six partners with awards for excellence in the Intelligent Spend and Business Network line of business (LoB) during the SAP Spend Connect Live event held in Vienna.'

The pod is an electronic device that can assist ground attack by identifying targets at a low altitude and directing the munitions to those targets. The need for enhancing air force defense systems around the world is expected to drive the pod market. As infrared technologies become more popular, the market is opening up new opportunities for companies that produce infrared devices and forward-thinking infrared technologies. This will create growth for the market players. The targeting pod provider needs to find a pod that works well in low light and bad weather conditions.

Pods are used for combat missions for surveillance and attacking targets located on the ground. They can be deployed on multiple platforms, including fighter aircraft, helicopters, and unmanned aerial vehicles. With the advent of new technology, the targeting pod technology is evolving to better meet the needs of challenging combat missions. Several well-known manufacturers, including Northrop Grumman Corporation, Thales Group, and Raytheon Company, are constantly upgrading their targeting pods to meet the demand from air force agencies across the globe for technologically advanced targeting pods.

Europe is expected to be the dominant player in the targeting pod market during the forecast period, thanks to increased investment in upgrading programs for targeting pods and advanced technologies by countries such as the U.K. and France. The region has a number of technologically advanced companies, which has helped to promote economic growth.