The sonar system market is projected to grow at a CAGR 5.97% rate from 2021 to 2026. The major factors driving the growth of the market are the increasing global seaborne trade activities, growing requirement of ship owners to comply with the maritime safety norms, and flourishing maritime tourism sector.
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The defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment from 2021 to 2026. The growth will due to the increased demand for different types of ships by naval forces of different countries. Moreover, the increasing demand for equipping naval ships with updated Anti-submarine Warfare (ASW) systems is expected to drive the growth of the defense segment of the market.
The prominent players in the global sonar system market are Raytheon (US), Lockheed Martin (US), Thales (France), Kongsberg Gruppen (Norway), Ultra Electronics (UK), L3 (US), Teledyne (US), Sonardyne (UK), Atlas Elektronik (Germany), Furuno (Japan), Navico (Norway), Japan Radio (JRC) Co. Ltd. (Japan), DSIT (Israel), EdgeTech (US), and Aselsan (Turkey), among others.
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