July 06, 2020
As per the report titled ‘Global Sonar System Market - Analysis By Solution, End-User, Defence Application, Commercial Application, By Region, By Country (2020 Edition): Opportunities and Forecast (2019-2024)’, available with Market Study Report LLC global sonar system market was worth USD 2.71 billion in 2018 and is expected to show significant growth through 2024.
Increasing expenditure on military & naval forces, escalating cross border sea trade, rising maritime tourism, growing demand for autonomous underwater vehicles, and advancements in marine navigational safety are the major growth drivers of global sonar system market.
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Based on the solution type, global sonar system market is split into hardware and software, wherein the former segment is expected to acquire significant market share of over the forecast duration. Growing focus among governments towards strengthening their underwater security forces in wake of rising threats and disputes is augmenting the demand for sonar hardware, including sensors and transducers.
Speaking of the end-user segment, the market is bifurcated into defense and commercial. The former segment captured majority market share in 2019 and will continue to show strong growth over the forecast timeline, cites the report. Increasing initiatives by governments towards improving and adding additional security measures to safeguard lives from underwater threats and terrorism is supporting the segment growth.
Considering the geographical landscape, worldwide sonar system market is fragmented into North America (United States, and Canada), Europe (France, Russia, United Kingdom, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of APAC), and LAMEA. The report claims that APAC is expected to hold a strong position over the forecast timeframe, with China as the prime contributor, followed by Japan and India. Surging demand of sonar technologies for medical applications and for strategic defense operations are the key factors favoring the regional market expansion.
Key players operating in global sonar system market are Teledyne Technologies, Thales, Northrop Grumman, Furuno, Ultra Electronics, Atlas Elektronik, Lockheed Martin, Kongsberg Gruppen, Raytheon, and Norbit.