Covina, CA, Jan. 06, 2021 (GLOBE NEWSWIRE) -- 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.
The global SONAR Systems market accounted for US$ 2.83 billion in 2019 and is estimated to be US$ 5.5 billion by 2029 and is anticipated to register a CAGR of 7.0%.
The report "Global SONAR System Market, By Component (Receiver, Transmitter, Hydrophone, Beam Forming Processor, and Others), By Acoustic Frequency (Infrasonic SONARs, and Ultrasonic SONARs), By Application (Military, Commercial, and Scientific), By Service Type (Single Beam Scanning SONAR Systems, Multi Beam SONAR Systems, Synthetic Aperture SONAR Systems and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
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Key Highlights:
- In June 2019, the experts of the Atlantic Underwater War of the US navy. They ordered a trailer surface ship probe system to help warship track silent enemy submarines on different sea beds.
- In 2019, Ultra Electronics Maritime Systems announced that it would build and integrate low frequency active and passive traction array SONAR systems and next-generation hull-mounted SONAR mounted on future Canadian surface combat ships (CSC).
Analyst View:
Increasing investment in research and development of SONAR systems
Government and major companies are heavily investing in this new technology which may give rise to the global SONAR systems and technology market growth. Constant innovation in the synthetic aperture SONARs in order to enhance the resolution quality for complementary applications and accomplishment of the various contracts is anticipated to drive the market. Some of the major factors that are influencing the global market are enhancements in the anti-submarine warfare techniques, advancements in digital signal processing which has enhanced the underwater SONAR signal processing and communication, rising demand for sonobuoy in tactical defense operations, and advancements in active and passive SONAR technologies.
Growing SONAR industry
Increasing investment in the research, use of unmanned underwater vehicles (UUVs), and procurement in the last few years has significantly enhanced the market. UUVs have become platforms for many commercial and military applications, which include reconnaissance and mine countermeasures. This is anticipated to spur the global SONAR systems and technology market in the coming years.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global SONAR Systems Market”, By Component (Receiver, Transmitter, Hydrophone, Beam Forming Processor, and Others), By Acoustic Frequency (Infrasonic SONARs, and Ultrasonic SONARs), By Application (Military, Commercial, and Scientific), By Service Type (Single Beam Scanning SONAR Systems, Multi Beam SONAR Systems, Synthetic Aperture SONAR Systems and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global SONAR Systems market accounted for US$ 2.83 billion in 2019 and is estimated to be US$ 5.5 billion by 2029 and is anticipated to register a CAGR of 7.0%. The market report has been segmented on the basis of component, acoustic frequency, application, service type and region.
- Depending upon component, the beam forming processor segment dominated the market and this segment is anticipated to be dominant in the coming years. Increase in the demand for multi beam sonar systems market and advancement in passive and active sonar and sensor technologies are some of the key factor boosting the demand of SONAR system market for the forecast period.
- Depending upon the acoustic frequency, the ultrasonic SONARs segment dominated the market in the coming years. Enhancement of the technology is one of the key factors driving the ultrasonic SONARs segment.
- In terms of application, the military segment dominated the market due to increase in the demand for SONAR systems in tactical defense operations is one of the key factor fueling the demand of the military segment during the forecast period.
- By region, North America is the leading player in terms of shipment. Europe is following the same trend; growing focus on improving the safety of marine transportation is anticipating fueling the global market growth in Europe. Rising investments in UUVs and anti-submarine warfare (ASW) systems is projected to propel the market growth in the Latin American region.
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Competitive Landscape:
The prominent player operating in the global SONAR systems market includes Northrop Grumman, Teledyne Reson, Ultra Electronics, Kongsberg Mesotech, Lockheed Martin, Atlas Elecktronik, Raytheon, Thales Group, R-2 Sonic, and Edge Tech.
Raytheon is one of the largest defense contractors across the globe serving both, government and commercial clients. The company delivers solutions through 5 business segments, namely, missile systems; integrated defense systems; space and airborne systems; intelligence, information & services; and Forcepoint.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
- Introduction
- Study Deliverables
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Opportunity Map Analysis
- Market at Glance
- Market Share (%) and BPS Analysis, by Region
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Investment Analysis
- Competitive Analysis