Sonar Systems and Technology Market
Sonar Systems and Technology Market Size Valued at USD 6.15 Billion, market Grow at a CAGR Of 2% by 2020 -2030.
The military forces are the backbone of the nation’s peace; hence the rise in global concern for the protection of military forces is propelling the growth of various markets related to the defense sectors. These markets are enhancing with tremendous growth due to its widespread demand among the military sectors across the world. The rise in demand for advanced military equipment and materials is emerging with huge opportunities. The Sonar Systems and Technology Market is noticing remarkable growth due to its growing demand in defense sectors, especially for the naval forces.
Sonar System refers to sound navigation and ranging technique that uses sound propagation for navigation and communication purposes. They are even used to detect underwater objects or obstacles. This technology has been effective for water travel services and transportation, as it helps ships and submarines detect objects that can be a risk factor for water transports. The sonar system has shown its crucial role for the naval militaries. It helps them travel through the water bodies efficiently by detecting threats and other risky objects. Due to these factors, the Market Growth is trending globally. The rise in the risk of terror attacks through the water bodies uplifts market demand. The defense sectors are highly demanding for sonar systems for the naval forces, which is propelling the Sonar Systems and Technology Market Size. The trading activities between the nations are even upgrading the market trends through the water bodies.
The defense entities and the government’s investments in the Market to procure advanced sonar systems in the naval operation or mission and run the trading services smoothly is bringing huge opportunities for the market. Due to these factors, the Sonar Systems and Technology Market to witness a strong CAGR of 6.88 % with a USD value of $4,214.4 Million by 2025 during the forecast period.
COVID-19 Analysis
The pandemic period has shown the worst impact on almost every market sector. The Sonar Systems and Technology Market also faced a moderate decline in the growth graph due to the lockdown effect. The rules and regulations of lockdown have shown a bad impact on different operational services. It restricted the manufacturing operations and production process and disrupted the supply chains related to shipping services. The trading activities were even halted, showing a worse impact on the Sonar Systems and Technology Market Value. The key players plan their strategies to regain the financial losses before reaching the forecast period.
Competitive Intensity Within the Industry
Sonar Systems and Technology Market Players Outlook are enhancing the market growth with their key strategies. They are responsible for emerging the Sonar Systems and Technology Market Value globally. Here is the list of prominent key players in the market.
• Raytheon Company (US)
• Lockheed Martin Corporation (US)
• Thales Group (France)
• L3Harris Technologies, Inc (US)
• Kongsberg Maritime (Norway)
• Aselsan AŞ (Turkey)
• Teledyne Technologies Incorporated (US)
• Ultra-Electronics (UK)
• Wärtsilä (Finland)
• FURUNO Electric Co., Ltd (Japan)
• Sonardyne (UK)
• Atlas Elektronik Group (Germany)
• Navico (Norway),
• Japan Radio Co. (Japan)
• DSIT Solutions Ltd (Israel)
• EdgeTech (US)
Market Segmentation
The Sonar Systems and Technology Market Size is segmented into product type, mode of operation, solution, application, and commercial segments.
• By Product Type
Based on the product type, the Sonar Systems and Technology Market is classified into various segments such as hull-mounted sonar, stern-mounted sonar, dipping sonar, and sonobuoy. Among these segments, the hull-mounted segment is considered the dominating segment of the product type.
• By Mode of Operation
In the mode of operation segment, the Sonar Systems and Technology Market is divided into active, passive, and dual. The active segment is leading the market with a high USD value. Hence it is expected to reach the highest CAGR during the review period.
• By Solution
The Sonar Systems and Technology Market is sub-segmented into hardware and software under the solution segment. Between these two, the hardware segment reaches the highest CAGR during the forecast period because of its wide usage.
• By Application
The application segment is categorized into defense and commercial segments. The defense segment is classified into anti-submarine warfare, port security, diver detection, mine detection, countermeasure system, search & rescue, and others. In contrast, the commercial segment is further classified into fisheries, hydrography, and navigation. The defense segment has noticed steady growth, and it is expected to reach the highest CAGR.
Chief Factors Existing in The Market
• Key Market Drivers
The key drivers of the Sonar Systems and Technology Market are enhancing the market's growth. The stable growth in delivering military vessels is one of the major driving factors of the market. The increase of trading activities through the water bodies boosts the Sonar Systems and Technology Market Growth.
• Market Challenges
There are challenging factors of the Sonar Systems and Technology Market that are creating, which is letting the market face a challenging situation. The shifting from 2D sonar processing to 3D sonar processing is a major challenge for the market.
• Market Opportunities
The Sonar Systems and Technology Market Trends is receiving huge opportunities across the globe. The increase in UUVs (Unmanned underwater vehicles) adoption for different marine activities such as seabed terrain investigation, mine detection, and other activities is bringing up new growth opportunities for the market.
• Market Restraints
The restraining factors of the Sonar Systems and Technology Market are hampering its growth rate. The presence of similar effective technologies is one of the major restraining factors of the Sonar Systems and Technology Market Value.
Cumulative Evaluation of The Market
The evaluated report shows the growth of the Sonar Systems and Technology Market Forecast in recent years. The role of market dynamics, such as the key drivers and opportunities, are boosting the Sonar Systems and Technology Market Growth. The challenging and restraining factors hinder the market’s growth rate, but the market is expected to overcome these factors to reach its estimated value during the forecast period.
Regional Analysis
According to the geographical status, the Sonar Systems And Technology Market Analysis has shown the market's development in various regions across the world, such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among the above geographical region, North America accounted for the largest market share of the Market Share. The presence of prominent players, especially in the region of the US, is driving the regional market of the North American Market. The European Market is accounted for the second-largest market share in the past years. The Asia Pacific market has noticed a significant share value of the Market Share, and it is divided into various developing regions such as India, China, Japan, Australia, and the rest of the Asia Pacific region. The Middle East & Africa observe considerable share value due to the adoption of sonar systems to protect oil and gas sites. The Latin American region is even showing steady growth due to the increased investment by the government authorities in maritime commercial activities.
Recent Market Development
• Kongsberg To Provide Sonar and Navigation Systems for Type 212CD Submarines. Active sonar suite and bottom navigation technology from Kongsberg Maritime (KONGSBERG) has been selected for installation on Type 212CD class submarines for both the Norwegian and German navies.
• According to the Taiwanese Naval Officials, IDS will be provided with MK-48 Mod 6 Advanced Technology heavyweight torpedoes, UGM-84L sub-launched Harpoon Block II missiles, and other combat and digital sonar systems provided by US suppliers Lockheed Martin and Raytheon.
Sonar Systems and Technology Market: Information by Product Type (Hull-Mounted Sonar, Stern-Mounted Sonar, Dipping Sonar, and Sonobuoy), Mode of Operation (Active, Passive and Dual), Solution (Hardware and Software), Application (Defense [Anti-Submarine Warfare, Port Security, Diver Detection, Mine Detection, and Countermeasure Systems, Search & Rescue and others] and Commercial [Fisheries, Hydrography, and Navigation]) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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