The global SONAR system market size is projected to reach USD 3.60 billion by the end of 2027. The increasing investment in product R&D by major companies will bode well for 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 2019 and will exhibit a CAGR of 7.17% during the forecast period, 2020-2027.
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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)
These systems are widely used in underwater applications to detect and locate objects and obstacles. This technology involves the use of ultrasonic rays to detect the range of the object from the vehicle. The increasing use of sound navigation and ranging (SONAR) systems in applications across diverse industry verticals will aid the growth of the overall market in the coming years. These products are extensively used in research and survey methods associated with aquatic life. The high investment in the development of efficient SONAR systems, coupled with the presence of several large scale companies will bode well for the market in the forthcoming years. The increasing technological intervention and use of automated and precise concepts have fuelled the demand for the product across the world. Technological penetration has yielded products with high efficacy and operational capabilities, subsequently aiding the growth of the overall market in the coming years.
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.
SONAR System 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.
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.
Key Questions Answered:
- Why Choose Fortune Business Insights?
- What are the key demands and trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth?
Industry Developments:
- September 2019 - Lockheed Martin The U.S. Navy signed a contract with a valuation of USD 297 million to develop a new generation of submarine-hunting sonars. These systems agree to surface ships to hunt and attack enemy submarines during the battlefield operation.
- May 2016- Lockheed martin and the U.S navy awarded a contract with a valuation of USD 425 million to build advanced systems of sonar. The Lockheed Martin guidance and control systems equipped the heavyweight torpedoes with tracking capabilities, increased bandwidth, and streamlined targeting.
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Browse Detailed Research Insights:
https://www.fortunebusinessinsights.com/industry-reports/sonar-system-market-101830
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