In terms of revenue, the Global SONAR System Market is expected to reach USD 2.9 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.30% from 2022 to 2028.
Factors such as increasing use of these systems in Anti-submarine Warfare, increasing adoption of preventative defense strategies, and rising usage of these systems in Unmanned Underwater Vehicles are expected to augment the growth of the SONAR System Market during the forecast period.
Key Highlights from Report:
· The Unmanned Underwater Vehicle (UUV) platform segment is predicted to witness the maximum growth of the SONAR System Market during the forecast period. This platform is used to enable the best data collection for characterizing and tracking the movement of hostile submarines at a distance, which in turn, fuels the segmental growth of the SONAR System Market.
· The Anti Submarine Warfare (ASW) application segment accounted to have the potential growth of the SONAR System Market in 2021. This application segment is used to employ surface warship submarines to locate, track, and destroy enemy submarines. Thus, it is expected to mention positive segmental growth for the SONAR System Market.
· North America is expected to dominate the growth of the SONAR System Market during the forecast period. The increased usage of both surface & sunken naval ships and the introduction of development programmed on relevant submarines & other underwater vessels are accelerating the growth of the SONAR System Market in this region.
The military ship uses some of the majority of advanced systems to achieve the precision of the maximum level. In military vessels, these systems are used for various purposes such as port security, mine detection, diver detection, seabed terrain investigation, anti-submarine warfare, and so on. Moreover, numerous types of ships utilize different sonar for other purposes. In addition, increasing adoption of Unmanned Underwater Vehicles (UUV) is anticipated to propel the SONAR System market growth in the coming years. These systems are used in many applications such as underwater exploration, ocean floor mapping, ship hull inspection, wreck inspection, marine research, mining, and hydrothermal vent detection. Also, it plays an essential part in naval warfare because of its intelligence gathering, minesweeping, submarine combat, surveillance, and reconnaissance.
Asia Pacific is anticipated to hold at the fastest growth rate of the SONAR System Market during the forecast period. The increased procurement of new naval ships & submarines and the up-gradation of existing fleets in this region is expected to bolster the growth of the SONAR System Market during the forecast period. In addition, the Chinese navy is going through a massive naval fleet increase, which is predictable to make China surpass Russia as the biggest navy in the globe in terms of frigates & submarines.
The Global SONAR System Market is Segmented as follows:
- Anti-Submarine Warfare
- Port Security
- Mine Detection & Countermeasure Systems
- Search & Rescue
- Diver Detection
- Seabed Terrain Investigation
- Other Applications
- Commercial Vessels
- Defence Vessels
- Unmanned Underwater Vehicles (UUVs)
- Other Platforms
- Hull-Mounted SONAR System
- Stern-Mounted SONAR System
- Dipping SONAR System
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global SONAR System Market is:
Lockheed Martin Corporation(US), L3Harris Technologies Inc. (US), Thales Group (France), Kongsberg Maritime AS (Norway), Northrop Grumman Corporation (US), Teledyne Technologies Inc. (US), Sonardyne International Ltd., Furuno Electric Co. Ltd. (Japan), Navico Inc. (Norway)
The Global SONAR System Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|