Pune, India, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, 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, 2023-2029”. The market stood at USD 2.09 billion in 2021 and USD 2.20 billion in 2023. Sound Navigation and Ranging (SONAR) is a sophisticated technique that uses sound propagation to navigate and communicate with underwater objects.
Sonar (Sound Navigation and Ranging) systems are technologies used for underwater acoustic sensing. They work by emitting sound waves into the water and analysing the echoes that bounce back from objects, allowing for the detection and location of underwater objects, terrain, and even marine life.
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List of Key SONAR System 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 Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2029 |
| Forecast CAGR | 7.96% |
| 2029 Value Projection | USD 3.76 billion |
| Market Size in 2023 | USD 2.20 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 250 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| SONAR System Market Growth Drivers | Increasing Demand for Sonobuoy for Tactical Defense Operations Will Aid Growth |
| Growing Use of SONAR for Aquaculture Farms Drives Market Growth |
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Some trends and developments that might have occurred after September 2022 include:
Advancements in Sonar Technology: Continuous developments in signal processing, sensor technology, and data analysis have led to more accurate and efficient sonar systems.
Unmanned Underwater Vehicles (UUVs): The use of UUVs equipped with sonar systems has expanded for various applications, including underwater surveys, environmental monitoring, and military operations.
Integration with Autonomous Systems: Sonar technology is being integrated into autonomous underwater systems, enabling improved data collection and decision-making capabilities.
Environmental Concerns: Increasing awareness of marine conservation and environmental protection may drive the demand for sonar systems used in monitoring and studying aquatic ecosystems.
Market Expansion: The growing demand for offshore renewable energy installations, such as offshore wind farms, could contribute to the expansion of the sonar system market for seabed surveys and construction support.
Global Geopolitical Developments: Political and security factors could impact the demand for military sonar systems and underwater surveillance technologies.
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 player’s 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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