Report Forecast:
The sonar system market was estimated at US$ 5.5 billion in 2021 and is expected to grow at a CAGR of 2.7% during 2022-2028 to reach US$ ~7.9 billion in 2028. The market for sonar systems will be driven by the consistent expansion in the deliveries of military vessels. Few of the most cutting-edge sonar systems are used by military warships to achieve the maximum level of accuracy. Sonar systems are employed on military ships for various purposes, including diver detection, mine detection, seabed topography exploration, anti-submarine warfare, and port security. For example, submarines utilize passive sonar to enter enemy seas unnoticed, but ships like frigates and corvettes employ multi-static sonar to find the enemy. Different types of ships use different sonar for different applications. The rising number of military ship deliveries will create ideal circumstances for the sonar systems industry to expand in the upcoming years.
The market's growth is influenced by a number of factors that have a significant or indirect impact on demand. An overview of such factors can be found in our report, which is derived utilizing SWOT analysis, industry life cycle, and supply chain analysis. Such key information can help market participants and investors identify the low-hanging fruits in the market and establish strategic initiatives to accelerate their growth.
COVID-19 IMPACT on the Market-
The COVID-19 pandemic has influenced almost all the industries, little or large, dealing in any sector.
The growth curves of Sonar System market have witnessed enormous ebb and flows in the year 2020. The market scenario and the pace of growth have taken a huge turn and have prompted numerous adjustments in the cycles. 2021 is probably going to be superior to 2020 for the Sonar System market players as the greater part of the organizations have continued their activities and the interest is getting re-established for them.
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The Cornerstones in the market-
Listed below are the top key players that dominate the Sonar System market –
- ATLAS ELEKTRONIK GmbH (Germany)
- Aselsan (Turkey)
- Raytheon Company (US)
- DSIT (Israel)
- Furuno (Japan)
- Kongsberg Gruppen ASA (Norway)
- Teledyne Technologies Inc. (US)
- Sonardyne (UK)
- Japan Radio Company (Japan)
- Navico (Norway)
- FLIR Systems (US).
- Thales (France)
- Ultra Electronics (UK)
- EdgeTech (US)
- Lockheed Martin (US)
- L-3 Technologies Inc. (US)
Sonar System Market Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different leading factors and identifies the most-attractive segments and sub-segments. The market segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns that leads a roadmap to success.
The Sonar System market is segmented into the following categories.
By Application
The market is segmented into anti-submarine warfare, port security, mine detection & countermeasure systems, search & rescue, navigation, diver detection, seabed terrain investigation, scientific, and others.
By Platform
The market is segmented into commercial vessels, defence vessels, unmanned underwater vehicles (UUVS), aircrafts, and ports. One of the most popular types of sonar is hull-mounted sonar. Sonars affixed to the ship's hull are fastened there. Sonar installed on the ship's hull is utilised for various operations, including diver identification, fish detection, anti-submarine warfare, and seabed monitoring. Further divisions of hull-mounted sonar include echosounders, omnidirectional sonar, and forward-looking sonar.
Regional Analysis
North America is likely to maintain its supremacy in the sonar system market throughout the forecast period. The U.S. made significant efforts to create technologically advanced weapon stations, which allowed North America to lead the market in 2021. In contrast, Europe's Sonar System market is expected to grow more quickly in the future because of the ongoing focus on weaponry upgrades. In defence and maritime applications, sonar systems are utilized for a variety of operations including surveillance, navigation, tracking, etc. Sonar is used in a variety of defence and business applications, such as port security, anti-submarine warfare, fishing, mine detection, and seabed terrain monitoring.
Concurrently, Asia Pacific is expected to witness the fastest growth in the sonar system market during the forecast period. The growth can be attributed to the increasing investments by China, India, and Japan in the defense industry. Globally China’s defense budget stands second after the US. Due to a significant naval force increase under the PLAN, China has surpassed Russia as the country with the biggest fleet of frigates and submarines worldwide. The development of China's anti-submarine warfare (ASW) capabilities, from coastal defence to blue-water operations, is another priority. To improve their situational awareness at sea, other nations are also expanding their spending on ASW gear like sonar systems.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
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- Company Profiling
- Detailed profiling of key market players (up to 3 players)
- SWOT analysis of key market players (up to 3 players)
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