ID: MRFR/A&D/7251-CR | January 2020 | Region: Global | 136 pages
Global Sonar Systems And Technology Market is growing at a significant rate owing to increasing military expenditure and a surge in international seaborne trade. The global sonar systems and technology market is projected to reach USD 4,214.4 Million by 2025 at a CAGR of 6.88% during the forecast period of 2019 to 2025. North America dominated the global market in 2018, followed by Europe.
Global Sonar Systems and Technology Market Growth, 2018–2025
Source: MRFR Analysis
Sonar systems and technologies are used for military and commercial applications including mine detection, diver detection, port security, and hydrography. Sonar systems offer various benefits such as accuracy, enhanced navigation capabilities, and safety.
Global Sonar Systems and Technology Market Share, by Region, 2018 (%)
Source: MRFR Analysis
Rising military expenditure and upgrade of fishing vessels are some of the key drivers for the growth of the global sonar systems and technology market. Furthermore, the surge in international seaborne trade is expected to fuel the growth of the market. North America dominated the global sonar systems and technology market with a share of around 53.96% in 2018.
The Global Sonar Systems And Technology Market has been segmented based on product type, mode of operation, solution, application, and region. Based on product type, the market has been classified as hull-mounted sonar, stern-mounted sonar, dipping sonar, and sonobuoy. The mode of operation segments of the market is active, passive, and dual. In terms of solution, the market has been segregated into hardware and software. Based on the application, the market has been segmented into defense and commercial. The defense segment has been further divided into anti-submarine warfare, port security, diver detection, mine detection, and countermeasure systems, search & rescue, and others, while the commercial segment has been divided into fisheries, hydrography, and navigation.
The market in North America was valued at USD 1,427.4 million in 2018.
By region, the Global Sonar Systems And Technology Market has been segregated into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share of the global sonar systems and technology market in 2018. The sonar systems and technology market in North America is expected to register a CAGR of 5.47% during the forecast period. Market growth is significantly driven by the presence of major manufacturers such as Raytheon Company, L3Harris Technologies, Inc., and Lockheed Martin Corporation. Rising investments by the US Navy in sonar systems is expected to drive the growth of the market in the region. For example, in 2017, the US Navy signed a contract with Lockheed Martin Corporation amounting to USD 100.4 million to procure submarine sonar systems.
The hull-mounted sonar segment is expected to dominate the market.
Hull-mounted sonars offered by companies such as Thales Group provide numerous benefits such as underwater telephone and anti-submarine warfare capabilities. These capabilities enable users to detect submarines from a long distance and provide early warning, thereby offering enhanced safety. Hence, the hull-mounted sonar segment is expected to register a CAGR of 5.69% during the forecast period.
The Key Players in the Global Sonar Systems and Technology Market are Raytheon Company (US), Lockheed Martin Corporation (US), Thales Group (France), L3Harris Technologies, Inc. (the US), Kongsberg Maritime (Norway), Aselsan AŞ (Turkey), Teledyne Technologies Incorporated (US), Ultra Electronics (UK), Wärtsilä (Finland), FURUNO Electric Co., Ltd (Japan), Sonardyne (UK), Atlas Elektronik Group (Germany), Navico (Norway), Japan Radio Co. (Japan), DSIT Solutions Ltd (Israel), and EdgeTech (US).
The market values and forecast are derived using the Market Research Future (MRFR) research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.
MRFR offers report customization to valued customers. Below are the options available for customization:
In-depth profiling of additional market players (3 to 4 companies)
Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability)
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
Sonar systems and technology market can expand at 6.88% CAGR by 2025.
By 2025, the Sonar systems and technology market value can touch USD 4,214.4 Mn.
Teledyne Technologies Incorporated (US), Aselsan AŞ (Turkey), and Ultra Electronics (UK) are some reputed names in the Sonar systems and technology market.
The pressing demand for port security promote the Sonar systems and technology market.
The presence of similar effective technologies can restrain the Sonar systems and technology market.