Pune, India, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The SONAR system market size is predicted to reach USD 3.76 billion by 2029 and exhibit a CAGR of 7.96% during the projected period. Fortune Business Insights has presented this information in its report titled, “SONAR System Market, 2022-2029”. The market stood at USD 2.09 billion in 2021 and USD 2.20 billion in 2022. Sound Navigation and Ranging (SONAR) is a sophisticated technique that uses sound propagation to navigate and communicate with underwater objects.
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List of Key Market Players:
- ASELSAN A.Ş. (Turkey)
- ATLAS ELEKTRONIK INDIA Pvt. Ltd. (India)
- DSIT Solutions Ltd. (Israel)
- EdgeTech (U.S.)
- FURUNO ELECTRIC CO., LTD. (Japan)
- Japan Radio Co. (Japan)
- KONGSBERG (Norway)
- Lockheed Martin Corporation (U.S.)
- L3Harris Technologies, Inc. (U.S.)
- NAVICO (Norway)
| Report Attribute | Details |
| Market size value in 2022 | USD 2.20 billion |
| Revenue forecast in 2029 | USD 3.76 billion |
| Growth Rate | CAGR of almost 7.96% 2022 -2029 |
| Base Year | 2021 |
| Historic Years | 2018 - 2020 |
| Forecast Years | 2022 - 2029 |
| Segments Covered | By Product, By Application, and By End-User |
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Russia–Ukraine War Impact
Russian and Ukrainian ports are the primary export destinations for crude oil, wheat, and corn. The current conflict has halted cargo import and export via the sea, resulting in sluggish growth in the marine sector. Several European countries, on the other hand, have increased their defense budgets in 2022 in response to NATO recommendations. NATO has advised countries to increase their defense budgets to 2% of their GDP. For example, officials in Poland have declared that the defense budget will be increased to 2% of its GDP in 2022 and 3% of GDP in 2023. The increased defense budget is expected to increase naval vessel procurement, supporting the market growth.
Segments-
On the basis of product type, the market is divided into sonobuoy, stern-mounted, hull-mounted, and DDS. On the basis of application, the market is split into defense and commercial. On the basis of platform, the market is divided into airborne and ship type. On the basis of solution, the market is divided into hardware (control units, transmitter and receiver, displays sensors, which is further divided into ultrasonic diffuse proximity sensors, VME-ADC, ultrasonic through-beam sensors, ultrasonic retro-reflective sensors, and others), and software. On the basis of end-user, the market is bifurcated into retrofit and line fit. Geographically, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.
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Drivers & Restraints-
Tactical Defense Operations Are Surging the Demand for Sonobuoys
A sonobuoy is a sophisticated underwater acoustic research system that naval ships drop or eject. Sonobuoys use a sophisticated transducer and a radio transmitter to record and transmit underwater sounds. Other environmental data, such as wave height and water temperature, are also provided by special-purpose buoys. The market is expected to expand as the use of sonobuoys in military vessels expands. However, the steep cost associated with SONAR development may impede the SONAR system market growth.
Regional Insights-
North America to be a Dominant Region of the Global Market
North America dominated the market in 2021, with market size of USD 665.5 million. North America's dominance is owing to the rise in naval shipbuilding in the U.S. 82 new ships costing up to USD 147 billion will be added in the U.S. between 2022 - 2026, according to a shipbuilding plan announced in 2020.
Asia Pacific will experience remarkable growth as a result of increased naval spending and an increase in domestic ship manufacturing in China and South Korea. Ship deliveries in Japan have grown and various South Korean shipbuilding players have integrated automation into ship systems to drive the market development.
As the SONAR system market share increases in Europe, this is largely driven by the introduction of a new generation of threat detection and identification capabilities in ships and the retrofitting of vessels with autonomous engineering systems. Increased investment in marine system upgrades is anticipated to fuel the market in the U.K.
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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 –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on SONAR System Market
- Impact of COVID-19 on Global SONAR System Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVD-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global SONAR System Market Analysis, Insights and Forecast, 2018-2029
- 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
- Transmitter
- Receiver
- Control Units
- Displays
- Sensors
- Ultrasonic diffuse proximity sensors
- Ultrasonic retro-reflective sensors
- Ultrasonic through-beam sensors
- VME-ADC
- Others
- Others
- Software
- Hardware
- 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
TOC Continued…!
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Competitive Landscape-
The dominant factor responsible for this key market players’ dominance is a diverse product portfolio combined with R&D activity. Impact Subsea will launch the ISS360 SONAR, the world's tiniest imaging SONAR, in March 2020. It has a capacity of up to 90 meters/295 feet and provides excellent image quality.
Key Industry Development-
February 2022: Leonardo SpA awarded ELAC SONAR a USD 58 million contract to supply SONAR systems for two new submarines supplied by Fincantieri for the Italian Navy.
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