Pune, Aug. 21, 2020 (GLOBE NEWSWIRE) -- The global SONAR systems 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. According to a report published by 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.
Get Sample PDF Brochure with Impact of COVID-19:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/sonar-system-market-101830
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.
Industry Developments:
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:
https://www.fortunebusinessinsights.com/industry-reports/sonar-system-market-101830
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)
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.
Order a Complete Research Report:
https://www.fortunebusinessinsights.com/checkout-page/101830
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Global SONAR System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Hull-Mounted
- Stern-Mounted
- Sonobuoy
- DDS
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Defense
- Market Analysis, Insights and Forecast – By Platform
- Ship Type
- Airborne
- Market Analysis, Insights and Forecast – By Solution
- Hardware
- Software
- Market Analysis, Insights and Forecast – By End-User
- Line Fit
- Retrofit
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
Get your Customized Research Report:
https://www.fortunebusinessinsights.com/enquiry/customization/sonar-system-market-101830
Have a Look at Related Research Report:
Aerospace Fasteners Market Size, Share & COVID-19 Impact Analysis, By Product (Rivets, Screws, Nuts & Bolts, and Others), By Material (Aluminum, Steel, Superalloys, and Titanium), By Platform (Fixed-wing Aircraft (Commercial Aircraft, Business Aircraft, General Aviation Aircraft, and Military Aircraft) and Rotary-wing Aircraft (Military helicopters and Civil helicopters)), and Regional Forecast, 2020-2027
Maritime Surveillance and Intervention Market Size, Share & COVID-19 Impact Analysis, By System (Detectors, Combat Management Systems, Surveillance and Tracking, Geographic Information System (GIS)), By Services (Risk Assessment and Investigation, Maintenance and Support, Security Management), By Application (Port and Critical Infrastructure Facility, Vessel Security, Coastal Surveillance, and Search and Rescue), and Regional Forecast, 2020-2027
Remote Towers Market Size, Share and COVID-19 Impact Analysis, By Operation Type (Single Multiple and Contingency), By System Type (Airport Equipment, Remote Towers Modules, Network Solutions), By Application (Communication, Information & Control, Surveillance, Visualization), and Regional Forecast,2020-2027
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-sonar-system-market-10173