As reported by PRNewsWire.com:
Stratview Research announces the launch of a new market research report on Airborne Pods Market by Aircraft Type (Combat Aircraft, Helicopter, UAV, and Others), by Pod Type (ISR, Targeting, Self-Protection/Countermeasure, and Others), by Enclosure Type (Composite and Metal), by Sensor Type (EO/IR, EW/EA, IRCM, and Others), by Range Type (Short, Intermediate, and Long), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
This market report, from Stratview Research, studies the airborne pods market over the trend period 2012 to 2017 and forecast period of 2018 to 2023. The research report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Airborne Pods Market: Highlights
Airborne pods refer to an external pod structure, which is designed to provide a better aerial detection, recognition, identification, targeting, communication, data linking, and self-defensive capabilities to an aircraft. It is used to convert a normal aircraft into a warfare or surveillance aircraft. Previously, metals, such as aluminum and steel, were mainly used to manufacture airborne pods. But, due to their higher weight and significant maintenance cost, the industry has started shifting towards composite materials. In the last few decades, composite materials have become the perennial choice in fabricating components and structure of pods as the materials not only offer the advantages of lightweight and high strength-to-weight ratio, but also improve the overall pod aesthetics.
As per Stratview Research, the global airborne pods market offers healthy growth opportunity during the forecast period and reach an estimated value of $3,167.9 million in 2023. Growing military expenditure, especially in the developing economies including China and India, emergence of ISR (Intelligence, Surveillance, & Reconnaissance) due to security reasons, increasing demand for advanced targeting systems, and rising military aircraft upgrade are the major growth factors that are burgeoning the demand for airborne pods in various countries. Asia-Pacific and North America are the biggest demand generators with a current combined share of more than two-third of the total airborne pods market.
Based on the pod type, ISR is likely to remain the most dominant segment of the global airborne pods market over the next five years. It offers a wide array of advantages, such as precise identification, detection, and recognition of targets. Whereas, targeting pods are likely to be the fastest-growing segment of the global airborne pods market, mainly driven by increasing military aircraft procurement and upgradation of the existing fleet of military aircraft across the world.
Composite enclosure is likely to remain the more dominant and faster-growing segment of the airborne pods market during the forecast period. It provides numerous advantages over its counterpart (metals), such as good product performance, low maintenance cost, and excellent corrosion resistance. Composite enclosure further helps in reducing the aerodynamic drag due to its smooth structure. It is expected that there would be a continuous shift from metal enclosures to composite enclosures in the coming years.
In terms of sensor type, Electro-Optical (EO)/ Infrared (IR) segment is projected to maintain its dominance in the market over the next five years. Increasing demand for ISR pods and rising emergence of ISR due to security reasons are the major growth drivers of EO/IR sensors in the global airborne pods market. Electronic warfare/electronic attack (EW/EA) sensors are likely to be the fastest-growing segment of the global airborne pods market during the forecast period 2018-2023.
As per the study, North America is projected to remain the largest market during the forecast period. The USA is the growth engine of the region’s market and has the largest fleet of combat aircraft across the world. Rising military aircraft fleet size with a high focus on their upgrades is likely to further boost the overall demand for airborne pods in the region in the foreseeable future. However, Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing defense budget of China, India, and South Korea, continuous upgrade of existing aircraft fleet, and higher investment in developing and procuring UAVs, due to rising tensions in different parts of the region.