North America Airborne Pods Market Revenue to cross US$ 1,843.61 million by 2030

At 5.3% CAGR, North America Airborne Pods Market is Speculated to be Worth US$ 1,843.61 Million by 2030, says Business Market Insights

According to Business Market Insights research, the North America airborne pods market was valued at US$ 1,215.69 million in 2022 and is expected to reach US$ 1,843.61 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Increasing defense spending, growing occurrences of unstable geopolitical scenario and advent of advanced warfare technologies, increasing number of contracts for supply of airborne pods, and increasing procurement of military aircraft and helicopters are among the critical factors attributed to the North America airborne pods market expansion.

The changing modern warfare scenario has obligated governments of various countries to allocate significant funds and financial aid to respective defense and military forces. The defense budget allocation supports army and military forces in purchasing technologies and equipment from domestic or international developers. There is an augmented need to reinforce defense and military forces with advanced airborne defense systems; hence, air forces across the globe are focusing on investing significant amounts in procuring advanced technologies. Defense forces' constant inclination to acquire new technologies for non-combat and combat operations further boosts military expenditure worldwide.

As per the Stockholm International Peace Research Institute (SIPRI), global military expenditure increased to US$ 2,148 billion in 2022, representing a 3.5% increase from 2021. The US, China, India, Russia, and Saudi Arabia were the top five spenders in 2022, which accounted for 63% of the global expenditure.

The increasing military expenditure encourages the incorporation of advanced warfare technologies such as advanced communication devices, sensor systems, missile detection systems, and surveillance and navigation systems. In addition, a high military budget supports the countries in assigning resources for the advancement of their existing military aircraft, helicopters, and unmanned aerial vehicles. This comprises enhancing or replacing outdated and mature communication, sensor, laser, surveillance, and navigation systems with more advanced and capable ones by incorporating high-end airborne pods.

On the contrary, technological obsolescence hampers the North America airborne pods market.

Based on aircraft type, the North America airborne pods market is segmented into combat aircraft, helicopter, UAVs, and others. The combat aircraft segment held 70.7% share of North America airborne pods market in 2022, amassing US$ 859.64 million. It is projected to garner US$ 1,286.13 million by 2030 to expand at 5.2% CAGR during 2022-2030.

In terms of pod type, the North America airborne pods market is categorized into ISR, targeting, and self-protection/countermeasure. The ISR segment held 50.4% share of North America airborne pods market in 2022, amassing US$ 613.29 million. It is projected to garner US$ 907.27 million by 2030 to expand at 5.0% CAGR during 2022-2030.

Based on sensor technology, the North America airborne pods market is segmented into EO/IR, EW/EA, and IRCM. The EO/IR segment held 60.9% share of North America airborne pods market in 2022, amassing US$ 739.75 million. It is projected to garner US$ 1,103.76 million by 2030 to expand at 5.1% CAGR during 2022-2030.

In terms of range, the North America airborne pods market is categorized into short range, intermediate range, and long range. The long-range segment held 44.9% share of North America airborne pods market in 2022, amassing US$ 546.00 million. It is projected to garner US$ 866.65 million by 2030 to expand at 5.9% CAGR during 2022-2030.

By country, the North America airborne pods market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.7% share of North America airborne pods market in 2022. It was assessed at US$ 1,041.54 million in 2022 and is likely to hit US$ 1,615.00 million by 2030, exhibiting a CAGR of 5.6% during 2022-2030.

Key players operating in the North America airborne pods market are BAE Systems Plc, L3Harris Technologies Inc, Lockheed Martin Corp, Northrop Grumman Corp, Saab AB, Terma AS, Thales SA, Ultra-Electronics Holdings Ltd, Advanced Technologies Group Inc, and Raytheon Technologies Corp, among others.