Global SONAR System Market Size Worth USD 2.9 Billion, by 2028 at 7.60% CAGR – Vantage Market Research

WASHINGTON, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global SONAR System Market finds that the growing adoption rate of Unmanned Underwater Vehicles is accelerating market growth. Additionally, the rising use of SONAR System Market in Anti-Submarine Warfare (ASW) and the adoption of preventative defense strategies are anticipated to augment the growth of the Global SONAR System Market during the forecast period.

The Global SONAR System Market revenue is expected to reach a value USD 2.9 Billion in 2028.

The Global Market revenue was valued at USD 1.9 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.60% during the forecast period; states Vantage Market Research, in a report, titled “SONAR System Market Size, Share & Trends Analysis Report by Application (Anti-Submarine Warfare, Port Security, Mine Detection & Countermeasure Systems, Search & Rescue, Navigation, Diver Detection, Seabed Terrain Investigation, Scientific), by Platform (Commercial Vessels, Defence Vessels, Unmanned Underwater Vehicles (UUVs), Scientific), by Product (Hull-Mounted SONAR System, Stern-Mounted SONAR System, Dipping SONAR System, Sonobuoy), by Installation (Fixed, Deployable), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

Key Industry Findings & Insights from the report:

• The global SONAR System Market was valued USD 1.9 Billion in 2021 and is all set to surpass USD 2.9 Billion by 2028, exhibiting a CAGR of 7.60% during the forecast period 2022-2028.          
• In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
• In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
• The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
• North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of SONAR System industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
  

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Market Dynamics:

Driver:

Stable expansion in the Deliveries of Military Vessels to Drive the Market Growth

The stable development in the deliveries of the military vessel is driving the global market growth for SONAR System Market. In addition, the military ship uses few of the majority advanced SONAR System Market to achieve the precision of the maximum level. In military vessels, SONAR System Market are utilized for various applications such as seabed terrain investigation, mine detection, port security, anti-submarine warfare, diver detection, and so on. Moreover, numerous types of ships utilize different sonar for other purposes. For instance, submarine uses passive sonar for moving in the enemy waters unnoticed, whereas vessels such as frigates and corvettes operate multi-static sonar to detect the enemy. Therefore, the expansion in the deliveries of these military ships will supply favorable conditions for the SONAR System Market to develop during the forecast period.
The Increasing Adoption Rate of Unmanned Underwater Vehicles (UUVs) to Stimulate Market Growth

The rise in the adoption of Unmanned Underwater Vehicles (UUV) is anticipated to propel the SONAR System Market growth in the coming years. Underwater drones are utilized in applications like wreck inspection, ship hull inspection, ocean floor mapping, underwater exploration, marine research, hydrothermal vent detection, and mining. Unmanned Underwater Vehicles use a synthetic aperture sonar, which combines acoustic signals to produce a high along-track resolution image of the target. Also, it plays an essential part in naval warfare because of its intelligence gathering, minesweeping, submarine combat, surveillance, and reconnaissance.

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Segment Analysis:

• Application
  • Anti-Submarine Warfare
  • Port Security
  • Mine Detection & Countermeasure Systems
  • Search & Rescue
  • Navigation
  • Diver Detection
  • Seabed Terrain Investigation
  • Scientific
  • Other Applications
• Platform
  • Commercial Vessels
  • Defence Vessels
  • Unmanned Underwater Vehicles (UUVs)
  • Scientific
  • Other Platforms
• Product
  • Hull-Mounted SONAR System
  • Stern-Mounted SONAR System
  • Dipping SONAR System
  • Sonobuoy
• Installation
  • Fixed
  • Deployable
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The report on SONAR System Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• Historic Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics

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Regional Analysis:

North America Dominated the Global SONAR System Market

North America is leading the Global SONAR System Market and is likely to continue the same trend in the coming years. The North America region has the highest market share owing to the increased procurement of new naval ships and submarines and the up-gradation of existing fleets. Moreover, 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.

List of Prominent Players in SONAR System Market:

• 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)
  

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "SONAR System Market Size, Share & Trends Analysis Report by Application (Anti-Submarine Warfare, Port Security, Mine Detection & Countermeasure Systems, Search & Rescue, Navigation, Diver Detection, Seabed Terrain Investigation, Scientific, ), by Platform (Commercial Vessels, Defence Vessels, Unmanned Underwater Vehicles (UUVs), Scientific), by Product (Hull-Mounted SONAR System, Stern-Mounted SONAR System, Dipping SONAR System, Sonobuoy), by Installation (Fixed, Deployable), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Recent Developments:

April 2021: SEA, a UK-based maritime defense system specialist and part of the Cohort Group, was awarded GBP 25 million contract by the UK Ministry of Defence for managing and updating in-service sonar equipment till 2030. In addition, SEA may enlarge its innovative Anti-Submarine Warfare solutions by designing and developing a part of the MoD’s next-generation sonar equipment under the terms of the contract.

Key Questions Answered in The Report:

• Which region will show the fastest and highest growth in the near future?
• Which are the top five players and their weakness and strength of the Market?
• What will be the future innovation in the upcoming six years?
• Which application and product will lead the largest share of the Market?
• What are the growth drivers, restraints and challenges of the industry?
• What will be the CAGR and size of the SONAR System Market for the base year and forecast period?             

This market titled “SONAR System Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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