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Sonar systems Market Size, Growth, Trends Forecast 2019-2023 Industry Analysis based on Top Key Players

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Sonar Systems market is projected to register a CAGR of 5.8% by Forecast 2023, Sonar Systems Market Report by Type, installation, Application and by Region - Forecast till 2023 | Sonar Systems Industry

Sonar systems Market Scenario:

The global sonar systems market is expected to grow at a significant rate during the forecast period due to the increase in demand for sonar systems by the naval forces in emerging economies. Defense authorities across the world are focused on purchasing advanced sonar systems, especially in countries that are currently involved in conflicts and territorial disputes. Due to the increasing number of conflicts, the naval forces use sonar systems to enhance anti-submarine warfare capabilities, which is driving market growth.

Additionally, due to the increasing number of terrorist attacks, across the globe, governments have increased their defense budgets, which offers market players lucrative opportunities for growth. Moreover, large use of sonar systems in the fishery industry is another factor driving the market growth. However, serious impacts of sonar sound pulse on marine mammals is expected to restrain the growth of the market.

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Sonar systems Market Segmentation:

The global sonar systems market has been segmented by type, installation, application, and region. On the basis of type, the global sonar systems market has been divided into active sonar and passive sonar. The active sonar segment is expected to lead the market during the forecast period.

Active sonar systems are largely used for navigation, diver communication and fish finding purpose. The passive sonar segment is expected to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increasing use of passive sonar to detect and destroy enemy ships, submarines, and underwater mines by militaries globally.

Based on installation, the market has been classified as vessel mounted, hand-held and pole mounted, towed, UUV, and others.

The vessel mounted segment held the largest share of the global sonar systems market in 2017 due to the widespread adoption of sonar systems by naval forces for vessels. However, the UUV segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing use UUVs sonar system for hydrographic survey, surveillance.

Based on application, the market has been segmented into military and commercial. The commercial segment is expected to lead the market while the military segment is projected to register the highest CAGR during the review period. The growth of these segments can be attributed to the increasing demand for this sonar systems in tactical defense operations

The global sonar systems market has been segmented, by region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest market share in 2017 due to significant demand for new and advanced sonar systems in the US and Canada. Europe is projected to be the second-largest market due to large demand for sonar systems in the region. The high demand for sonar systems in the UK, France, Russia, and Germany is expected to contribute greatly to market growth.

Asia-Pacific is expected to emerge as the fastest-growing regional market during the forecast period. This is due to the increase in maritime border disputes in India, China, and South Korea. Moreover, the increasing government expenses for obtaining advance equipment are expected to drive market growth in the region.

The global sonar systems market is projected to register a CAGR of 5.8% during the review period.

Key Players

The key players in the global sonar systems market are Atlas Elektronik (Germany), Kongsberg Gruppen (Norway), L3 (US), Lockheed Martin (US), Northrop Grumman (US), Raytheon (US), Sonardyne (UK), Teledyne (US), Thales Group (France), and Ultra Electronics (UK).

Intended Audience:

Defense authorities
Naval forces
Sonar systems manufacturers
Governments
Research organizations
Original equipment manufacturers

The report on the global sonar systems market by Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of the qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance.

The report offers a clear picture of the current market scenario, which includes the historical and forecast market size, in terms of value and volume, and the technological, macroeconomic, and governing factors of the market. The report also provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.

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Source URL: https://marketersmedia.com/sonar-systems-market-size-growth-trends-forecast-2019-2023-industry-analysis-based-on-top-key-players/493338

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Release ID: 493338

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