SONAR System Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
SONAR System Market size is projectedto reach USD 3.60 billion by the end of 2027. The increasing productapplications across diverse industry verticals will aid the growth of themarket in the coming years.
Fortune Business Insights,titled “SONAR System Market Size, Share and COVID-19Impact; By Product Type (Hull -Mounted, Stern-Mounted, Sonobuoy, and DDS), ByApplication (Commercial, and Defense), By Platform (Ship Type, Airborne), BySolution (Hardware, and Software) By End-User (Line Fit, and Retrofit), and RegionalForecast, 2020-2027,” the market was worth USD 2.77 billion in 2020 andwill exhibit a CAGR of 7.17% during the forecast period, 2020-2027.
SONAR or sound navigation and rangingsystems are products that are used to detect obstacles or specific objectsunderwater. It makes use of an ultrasonic wave that helps locate the exactlocation and the distance of the object from the focal point. The increasingnumber of commercial shipbuilding activities will add to the growing demand forSONAR systems across the world.
The increasing use of these systems inmilitary and defense as well as in transportation ships and carriers used intrading will favor the growth of the overall market in the coming years. Due tothe increasing demand for these systems across the world, several large scalecompanies are looking to invest heavily in the development of efficientproducts. The healthy market competition has encouraged companies to integratethe latest technologies; a factor that will ultimately influence the growth ofthe overall market in the foreseeable future.
Company Mergers are a Growing TrendAmong Major Companies
The report encompasses several factorsthat have contributed to the growth of the market in recent years. Ithighlights the ongoing trends and major industry developments of recent timesand discusses their impact on the growth of the overall market. Due to hugeproduct demand, major companies are looking to adopt strategies that will helpthem ward off the competition in the market. It is observed that companymergers and collaborations are a growing trend among major companies across theworld. In September 2016, L-3 Communications announced that it has bagged acontract from the US Navy for the development of a passive SONAR system.
The contract is said to be worth USD238.2 million. Through this contract, L-3 Communications will be working on thedevelopment of an efficient SONAR system for applications that will cater todefense and military purposes. L-3 Communications’ latest contract with the USNavy will not just benefit the company but will have a huge impact on thegrowth of the overall market in the coming years.
North America to Emerge as the LeadingRegion; Rising Naval Shipbuilding Activities to Aid Growth
The report analyzes the ongoing markettrends across North America, Europe, Asia Pacific, and the Rest of the World.Among these regions, the market in North America is likely to emerge dominant.The increasing shipbuilding activities, specifically in the United States, havecontributed to the growth of the regional market in recent years. The risingdemand for the product and subsequently rising applications will aid the growthof the market in the coming years.
Moreover, the presence of several largescale companies in several countries across this region will aid the growth ofthe market. As of 2019, the market in North America was worth USD 0.88billion and this value is projected to increase further in the coming years.Whereas, the market in Asia Pacific will witness considerable growth in theyears. The growth of this region is attributable to the increase in domesticship production in countries such as China, Japan and South Korea.
List of the Leading Companies Profiledin the SONAR System Market Research Report are:
- ASELSAN A.Ş. (Turkey)
- ATLAS ELEKTRONIK INDIA Pvt. Ltd. (India)
- Dsit Solutions (Israel)
- Edgetech Air Systems Pvt. Ltd. (India)
- FURUNO ELECTRIC CO., LTD. (Japan)
- Japan Radio (JRC) Co., Ltd. (Japan)
- Kongsberg Gruppen (Norway)
- Lockheed Martin Corporation. (United States)
- L3Harris Technologies, Inc. (United States)
- Navico (Norway)
- Raytheon Technologies Corporation (United States)
- Sonardyne (United Kingdom)
- Teledyne Technologies Incorporated. (United States)
- Thales Group (France)
- Ultra Electronics (United Kingdom)
Industry Developments:
July 2017: EdgeTech announced that it has delivered anadvanced multiphase sonar system to the University of New Hampshire’s Center.The product will be used for Coastal and Ocean Mapping/Joint HydrographicCenter.
Browse Detailed Research Insights withTable of Content:
https://www.fortunebusinessinsights.com/industry-reports/sonar-system-market-101830
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Global SONAR System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Hull-Mounted
- Stern-Mounted
- Sonobuoy
- DDS
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Defense
- Market Analysis, Insights and Forecast – By Platform
- Ship Type
- Airborne
- Market Analysis, Insights and Forecast – By Solution
- Hardware
- Software
- Market Analysis, Insights and Forecast – By End-User
- Line Fit
- Retrofit
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
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