Research Nester published a report titled “Towed Array Sonar Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global towed array sonar market in terms of market segmentation by type, acoustic frequency, component, by end-use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The slowdown of businesses and shutdowns due to COVID-19 resulting in logistical and supply chain constraints impacted the industries on a global level. Whilst studying the impact, the market leaders are also concentrating on finding strategies to sustain and boost the growth of their business.
With the utilization of towed array sonar systems for detecting enemy ships or submarines by finding distance, speed, and size among other attributes, the demand for towed array sonar systems is estimated to grow in military and naval industry. In 2019, the global towed array sonar market garnered USD 368 Million and by 2028, the market is estimated to touch USD 536.61 Million by growing at a CAGR of 4.28% over the forecast period, i.e., 2020-2028. On the basis of segmentation, the global market is divided by acoustic frequency into infrasonic and ultrasonic sonar, out of which, the ultrasonic sonar segment is estimated to grow with highest CAGR throughout the forecast period.
Regionally, the global towed array sonar market is segmented into five major regions comprising North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market accounted for highest market value (around USD 160 Million) in 2019 and is further projected to grow significantly during the forecast period on the back of rising investments and spending for research and development activities in military and naval industry.
Advancements in Naval Border Security to Boost Market Growth
To enhance the underwater surveillance, numerous key players are signing contracts and agreements. Moreover, developments in anti-submarine technologies and operations below the surface of water along with growth in fishing, and oil & gas industry is driving the demand for towed array sonar systems for tracing enemy vessels, seismic surveys and fish detection, thereby resulting in the growth of the market.
However, the disturbing effects of sonar technology on marine life are estimated to negatively affect the growth of the market in upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global towed array sonar market which includes company profiling of Ultra Electronics, Neptune Sonar Limited, Kongsberg, L3Harris Technologies Inc. (NYSE: LHX), Mind Technology Inc. (NASDAQ: MIND), General Dynamics Mission Systems Inc., Teledyne Reson, Raytheon Technologies Corporation (NYSE: RTX), Nisshinbo Holdings Inc. (TYO: 3105), Lockheed Martin Corporation (NYSE: LMT), Sonardyne International Limited, and Thales Group (EPA: HO). 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 towed array sonar 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.