Digital battlefield-focused targeting pods reshaping world military approach, study findsNews
August 05, 2021
AMSTERDAM. The number of advanced targeting pod (TGP) systems has increased over the last decade as defense departments around the globe aim to build their armed forces lighter, faster, and ready to deploy, according to a new report from Market Forecast, "Global Targeting Pods -- Market and Technology Forecast to 2028."
According to the researchers, the market revenue for TGP systems was $3.54 billion in the year 2020, a number that is expected to reach a value of approximately $6.22 billion by the year 2028, a combined annaul growth rate (CAGR) of 7.06% during the forecast period.
Factors that will be supportive of such growth include a focus on improving frontline situational awareness, increasing occurrences of asymmetric and network-centered warfare, and an increase in defense spending, especially in emerging economies. Possible factors that may hinder growth in this market can include the high cost of equipment, obsolete platforms, and faster technological advancements in munitions.
In terms of region, the APAC region is expected to dominate the global TGP market, with a value of approximately $2.62 billion, due to increasing R&D investment in this sector plus construction of infrastructure that supports it.
For additional information, visit the Market Forecast website.