Research Nester published a report titled “SONAR System Market: Global Demand Analysis and Opportunity Outlook 2028” which delivers detailed overview of the SONAR system market in terms of market segmentation by type, acoustic frequency, installation, component, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Driven by the growing defense operations across the world and developments in offshore energy sector, the demand for SONAR system market is anticipated to increase significantly in the coming years. A major trend in SONAR system market is the development of advanced marine defense technologies such as nuclear submarines and unmanned underwater vehicles. They have grown at a significant rate over the years and have emerged as revolutionary tools for anti-submarine warfare owing to their sophisticated sensing technologies. Global SONAR system accounted for a market value of USD 2,960.60 million in 2019 and is anticipated to grow up to USD 4,177.53 million by 2028, at a CAGR of 3.90% during the forecast period 2020-2028.
Based on region, the global SONAR system market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa region. North America SONAR system market is expected to grow at a robust pace during the forecast period. Currently, America is majorly focused on developing advanced SONAR systems for locating submarines or ships at longer distances. The Europe SONAR system market is anticipated to grow at a significant rate during the forecast period on account of the shipbuilding industry, which is currently going through a slump across the region. Also, the region consists of various abandoned deep-sea mines, resulting in the SONAR system market growth.
Growing Defense Operation Across The World and Developments in Offshore Energy Sector and Fisheries to Drive the Market Growth
On account of the emerging era in undersea competitions, military forces are significantly rethinking their approach in conducting underwater warfare. Also, the global offshore energy sector is growing at a robust pace and is anticipated to rise over the forecast period. Globally, the annual rate at which new production capacity is being added for unconventional onshore oil is predicted to rise from around 1Mbpd/year in 2015 to nearly 3Mbpd/year in 2031. Nowadays, researches use new SONAR technologies to study imperiled cod populations underwater. SONAR systems are one of the acoustic technologies that help researchers study the habitat of fishes.
However, the increase in underwater surveillance systems such as submarines, SONARs, seismic air gun blasts, and others which are used for offshore energy exploration and underwater warfare is disrupting the life of marine creatures. This acts as a key restraint factor in the growth of global SONAR system market.
This report also provides the existing competitive scenario of some of the key players of the global SONAR system market, which includes company profiling of Ultra (Ultra Electronics) (LON: ULE), Thales Group (EPA: HO), Raytheon Technologies Corporation (NYSE: RTX), Neptune Sonar Ltd., Kongsberg Gruppen ASA, L3Harris Technologies, Inc.(NYSE: LHX), Mind Technology, Inc.(NASDAQ: MIND), General Dynamics Mission Systems Inc., Teledyne Technologies Incorporated (NYSE: TDY), Nisshinbo Holdings Inc. (TYO:3105), Lockheed Martin Corporation (NYSE: LMT), SONARDYNE, and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global SONAR system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.