Our in-depth analysis has segmented global SONAR system market into the following segments:
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.
Global SONAR system market is further classified on the basis of region as follows:
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.