Sonobuoy Market
Global Sonobuoy Market: Information by Type (Active and Passive), Size (Size A, Size B, Size C), Application (Detection & Tracking, Safety & Security, Oil & Gas, Others), Deployment (Spring, Pneumatic, Free Fall, & Cartridge), & Region—Forecast till 2023
The global sonobuoy market is expected to be valued at USD 595.9 million by 2023 at a CAGR of 6.62% during the forecast period of 2018 to 2023.
A sonobuoy is a specialized equipment that uses sonar for operation. It is an information collection floating device that uses sonar. It can be used in several industries but is mainly utilized in military applications and oil & gas exploration.
However, the impact on marine life and limited detection capability in littoral zones are expected to adversely impact market growth.
The key players in the global sonobuoy market are Radixon (Australia), Ultra-Electronics Group (Australia), Spartan (US), General Dynamics Corporation (US), Thales Group (France), Lockheed Martin Corporation (US), Sealandaire Technologies Inc. (US), Lone Star Electronics Co. (US), and Sigma Pi-Power Sources Pvt Ltd (India).
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In October 2018, General Dynamics Corporation-Canada, a subsidiary of General Dynamics Corporation, signed a contract to deliver an anti-submarine warfare (ASW) upgrade for the Royal Canadian Navy's 12 Halifax-class frigates.
In April 2015, Sealandaire Technologies Inc. signed a contract with the US Department of Defense (DoD) to supply deep drifting sonobuoys.
The global sonobuoy market has been segmented based on type, size, deployment, and application.
Based on the type, the sonobuoy market has been segmented into active sonobuoys and passive sonobuoys. The active sonobuoys segment is projected to dominate the market with a valuation of USD 293.8 million in 2018 and reach USD 410.0 million by 2023. This is due to the ability of active sonobuoys to detect quiet diesel submarines or submarines that are in attack mode. However, the passive sonobuoy segment is expected to register the higher CAGR of 6.02% during the forecast period.
Based on size, the global sonobuoy market has been classified as size A, size B, and size C. The size A segment is expected to lead the market with a value of USD 206.3 million in 2018 and reach USD 284.6 million by 2023. These sonobuoys can track very low-frequency sounds and operate in shallow and deep waters, which is driving the growth of the segment. The size C segment is expected to register a 6.78% CAGR during the forecast period. However, the size B segment is projected to exhibit the highest CAGR of 6.78% during the forecast period.
By application, the global sonobuoy market has been categorized as detection and tracking, safety and security, oil & gas, and others. The detection and tracking segment is projected to hold the maximum market share with a valuation of USD 174 million in 2018. The increasing number of disputes regarding undefined sea borders between countries such as China, Malaysia, Indonesia, the Philippines, and Vietnam is driving the demand for sonobuoys for the detection and tracking of enemy submarines. The segment is expected to reach USD 240.3 million by 2023 at the highest CAGR of 6.66% during the forecast period.
On the basis of deployment, the global sonobuoy market has been divided into pneumatic, spring, free fall, and cartridge. The pneumatic segment is expected to be the largest with a value of USD 170.2 million in 2018 and reach USD 258.8 million by 2023. The pneumatic method is suitable for the deployment of a large number of sonobuoys at specific intervals, which is driving the growth of the segment. The spring segment is expected to register a 5.29% CAGR during the forecast period.
The global sonobuoy market has been segmented, by region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America is leading the market with a valuation of USD 137.9 million in 2018. The regional market is expected to reach USD 191.0 million by 2023 at a CAGR of 6.74% during the forecast period.
Europe is projected to be the second-largest market during the review period. The presence of major market players, such as Thales Group and Ultra-Electronics Group, is expected to drive market growth in Europe. The regional market is projected to reach USD 595.9 million by 2023 at a CAGR of 6.62% during the forecast period.
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https://www.reuters.com/brandfeatures/venture-capital/article?id=47115
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