Precision-weapons instrument market to see 7% CAGR by 2028, study saysNews
November 20, 2020
AMSTERDAM. The market revenue for global targeting pods -- reported to be $3.54 billion in 2020 -- is predicted to reach a value of approximately $6.22 billion by the year 2028, a combined annual growth rate (CAGR) of around 7.06% during the forecast period, according to a new study from Market Forecast, "Global Targeting Pods -- Market and Technology Forecast to 2028."
According to the study authors, such variables as increased focus on improving situational awareness and additional use of asymmetric and network-centered warfare have a major bearing on the targeting pod market. Additionally, the study states, an increase in defense spending, especially in emerging economies, and subsequent investments in the procurement of precision targeting systems, are further boosting the growth of the market.
The Asia-Pacific region is projected to dominate the global market, with a market value of around $2.62 billion due to increased R&D investment in this sector, building up of infrastructure to support it, and increased occurrence of global conflicts and cross-border tension between countries including China, India, Pakistan, and others in the APAC region. North America is expected to be the second-largest market, the study projects, with a market value of approximately $1.83 Billion.
For additional information visit the study website.