The ‘Global Sonar System Market Size, Share, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global sonar system market, assessing the market on the basis of its segments like type, installation, operation, platform, application, and major region.
Sonar System Market Size, Share, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 3.13 billion
• Forecast CAGR (2023-2028): 7.80%
• Forecast Market Size (2028): USD 4.92 billion
The rising demand for sonobuoys for tactical defence operations and expanding sonar applications in aquaculture farms is likely to propel the sonar system market growth in the forecast period. Governments all over the world are raising their defence resources in order to build warships and to deploy nuclear submarines as part of their military policies to combat the rise in terrorist attacks.
Additionally, the demand for sonar systems has increased due to the expanding use of these devices in anti-submarine warfare (ASW) and preventative defence procedures. Accordingly, cutting-edge devices are being created, such as synthetic aperture sonar (SAS), which generate images with a better resolution. It is also projected that the ongoing developments in the field of autonomous underwater vehicles and increasing demand for unmanned underwater vehicles (UUVs) for commercial oil and gas exploration is expected to support the expansion of the sonar system market over the forecast period.
The development of contemporary sonar systems with artificial intelligence and acoustic layers, which are predicted to increase the systems’ efficiency, is receiving more funding, which is fuelling the expansion of the global sonar system market. Sonar systems are being used more and more for navigation during deep sea exploration, security and surveillance, and search and rescue operations.
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Sonar System Industry Definition and Major Segments
A sonar system, commonly referred to as sound navigation and ranging, is a technique for locating objects in the environment and determining their location, size, and direction. Sonar systems typically include transmitters, a large number of omnidirectional sensors, and receivers. The sensors and receivers in a sonar system measure and record the sound waves that are emitted by the transmitter, estimating the characteristics of objects based on sound waves that are reflected.
Based on type, the market is segmented into:
• Hull-Mounted Sonar
• Stern-Mounted Sonar
• Dipping Sonar
• Driver Detection Sonar
On the basis of installation, the market is bifurcated into:
The market on the basis of operation is divided into:
Based on platform, the market is segmented into:
• Commercial Vessels
• Defence Vessels
• Unmanned Underwater Vehicles (UUVs)
The market on the basis of application is categorised into:
• Search and Rescue
• Anti-Submarine Warfare
• Port Security
On the basis of region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Sonar System Market Trends
A key trend in the sonar system market is the growing naval footprint of armed forces of various countries as a result of the acquisition of new ships and submarines as well as upgrade initiatives for current naval vessels. Purchase of cutting-edge sonar systems for naval fleets as a result of technological advancements is predicted to fuel market growth in the near future.
Additionally, increased marine trade, oil and gas development, dredging, and fishing operations are some of the factors that are contributing to the expansion of the market for sonar systems. Nations that rely on basic fish finders are expected to significantly expand their demand for better sonar systems during the predicted period.
Use of sonar systems in platforms of defence vessels is a growing trend in the sonar system market. Sonar systems are also being used more frequently in defence vessels due to technological advancements including the introduction of hydrophones and better radio communication with less self-noise. Furthermore, sonar systems enable defence vessels to carry out efficient tracking, navigation, mine detection, and identification of potential threats, which makes it a critical component in the military sector.
Key Market Players
The major players in the global sonar system market report are Ultra Electronics Holdings plc., DSIT Solutions Ltd., ASELSAN A.Ş., L3Harris Technologies, Inc., and Thales Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.