Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
SONAR System Market Overview
SONAR system is used to detect the objects under the surface of the water. Generally, two types of SONAR system are used namely active SONAR and passive SONAR system. Active SONAR emits ultrasonic frequencies and listens to the echo whereas passive SONAR system serves the purpose of listening to the sounds produced by vessels.
Market Size and Forecast
Global SONAR system market is expected to flourish at a CAGR of 6.9% during the forecast period 2017-2024. In 2012, global SONAR system market was held at USD 2.0 Billion. Further, the market of SONAR system is anticipated to garner USD 4.7 Billion by the end of 2024 from USD 2.8 Billion in 2016. Growth in manufacturing coupled with increasing demand for military marines and submarines is expected to drive the growth of the SONAR system market.
In the terms of regional platform, North America is expected to dominate the overall market of SONAR system during the forecast period. Heavy utilization of SONAR system in the military submarines is anticipated to strengthen the growth of SONAR system market in the North America region. Furthermore, adoption of SONAR system for fishing is anticipated to swell the demand for the SONAR system during the forecast period. U.S. is the major market in the region. Furthermore, development of advance passive SONAR system coupled with spiked adoption of technological advance system is envisioned to foster the growth of the global SONAR system market.
Europe region accounted for second position in overall SOANR system market in 2016. U.K. and Germany are expected to contribute significantly to the growth of the SOANR system market on the account of the presence of the major manufacturers of SONAR system in the region. Asia Pacific is projected to grow at highest CAGR over the forecast period 2017-2024. This growing can be attributed to the rising installation of SONAR system in defense ships and submarines in the region. China and India are expected to be the major contributor to the growth of the SONAR system market owing to the wide scale application of the SONAR system such as fisheries, defense and medical survey. Latin America and Middle East & Africa are projected to grow at a decent pace during the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Based on type, global SONAR system is bifurcated into active SONAR system and passive SONAR system. In these sub segments, active SONAR segment accounted for the major share in overall SONAR system market. Apart from this, active SONAR system market is expected to grow at highest CAGR during the forecast period.
Market Segmentation
Our in-depth analysis has segmented global SONAR system market into the following segments:
By Type
By Frequency
By Technology Type
By Application
By Region
Global SONAR system market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Rising number of marine defense ships across the globe is one of the key growth drivers of the global SONAR system market. Apart from this, increasing defense budgets in various nations is projected to drive the growth of the global SONAR system market. Apart from this, rising preference for integrated SONAR system ships is expected to escalate the growth of the SONAR system market in the next few years.
Research and development of technologically advanced SONAR system is predicted to trigger the growth of the global SONAR system market. Additionally, spiked demand for technologically advanced defense equipment is likely to accelerate the growth of the SONAR system market globally.
In contrast, problems related with the complexity of data management are anticipated to dampen the growth of the global SONAR system market.
Key Players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global SONAR system market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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