SONAR System Market size is projected to reach USD 3.60 billion by the end of 2027. The increasing product applications across diverse industry verticals will aid the growth of the market in the coming years.
Fortune Business Insights, titled “SONAR System Market Size, Share and COVID-19 Impact; By Product Type (Hull -Mounted, Stern-Mounted, Sonobuoy, and DDS), By Application (Commercial, and Defense), By Platform (Ship Type, Airborne), By Solution (Hardware, and Software) By End-User (Line Fit, and Retrofit), and Regional Forecast, 2020-2027,” the market was worth USD 2.77 billion in 2020 and will exhibit a CAGR of 7.17% during the forecast period, 2020-2027.
SONAR or sound navigation and ranging systems are products that are used to detect obstacles or specific objects underwater. It makes use of an ultrasonic wave that helps locate the exact location and the distance of the object from the focal point. The increasing number of commercial shipbuilding activities will add to the growing demand for SONAR systems across the world.
The increasing use of these systems in military and defense as well as in transportation ships and carriers used in trading will favor the growth of the overall market in the coming years. Due to the increasing demand for these systems across the world, several large scale companies are looking to invest heavily in the development of efficient products. The healthy market competition has encouraged companies to integrate the latest technologies; a factor that will ultimately influence the growth of the overall market in the foreseeable future.
Company Mergers are a Growing Trend Among Major Companies
The report encompasses several factors that have contributed to the growth of the market in recent years. It highlights the ongoing trends and major industry developments of recent times and discusses their impact on the growth of the overall market. Due to huge product demand, major companies are looking to adopt strategies that will help them ward off the competition in the market. It is observed that company mergers and collaborations are a growing trend among major companies across the world. In September 2016, L-3 Communications announced that it has bagged a contract from the US Navy for the development of a passive SONAR system.
The contract is said to be worth USD 238.2 million. Through this contract, L-3 Communications will be working on the development of an efficient SONAR system for applications that will cater to defense and military purposes. L-3 Communications’ latest contract with the US Navy will not just benefit the company but will have a huge impact on the growth of the overall market in the coming years.
North America to Emerge as the Leading Region; Rising Naval Shipbuilding Activities to Aid Growth
The report analyzes the ongoing market trends 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, have contributed to the growth of the regional market in recent years. The rising demand for the product and subsequently rising applications will aid the growth of the market in the coming years.
Moreover, the presence of several large scale companies in several countries across this region will aid the growth of the market. As of 2019, the market in North America was worth USD 0.88 billion and this value is projected to increase further in the coming years. Whereas, the market in Asia Pacific will witness considerable growth in the years. The growth of this region is attributable to the increase in domestic ship production in countries such as China, Japan and South Korea.
List of the Leading Companies Profiled in 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)
July 2017: EdgeTech announced that it has delivered an advanced multiphase sonar system to the University of New Hampshire’s Center. The product will be used for Coastal and Ocean Mapping/Joint Hydrographic Center.
Browse Detailed Research Insights with Table of Content:
Detailed Table of Content:
o Research Scope
o Market Segmentation
o Research Methodology
o Definitions and Assumptions
• Executive Summary
• Market Dynamics
o Market Drivers
o Market Restraints
o Market Opportunities
• Key Insights
o Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
o Latest technological Advancements
o Porters Five Forces Analysis
o Supply Chain Analysis
• Global SONAR System Market Analysis, Insights and Forecast, 2016-2027
o Key Findings / Summary
o Market Analysis, Insights and Forecast – By Product Type
o Market Analysis, Insights and Forecast – By Application
o Market Analysis, Insights and Forecast – By Platform
o Market Analysis, Insights and Forecast – By Solution
o Market Analysis, Insights and Forecast – By End-User
o Market Analysis, Insights and Forecast – By Region
Rest of the world
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