Increase in defence expenditures of nations, rising border tensions and increase in number of military and naval exercises is driving the Global Sonar Systems Market.
According to TechSci Research report, “Sonar Systems Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2030”.
Global Sonar Systems market is growing because the threat to nations with maritime borders has escalated due to the increasing number of submarines throughout the world and the development and use of unmanned underwater vehicles (UUVs) for military purposes. Due to the ongoing political unrest in the South China Sea, Pacific Ocean, and Atlantic Ocean, the nation’s bordering these bodies of water are quickly enhancing their anti-submarine warfare capabilities. Different companies are involved in the production of sonar systems, such as diver detection, towed, hull mounted, dunking sonars, and coastal surveillance for navies, to capitalize on the rising need for anti-submarine capabilities and sonar systems. All these factors are influencing the growth dynamics and are expected to provide new opportunities for growth during the forecast period.
During COVID-19 pandemic, governments have resorted to lockdowns and closed manufacturing facilities. The impact of the pandemic has not been consistent, even though no manufacturing company has escaped unharmed. The government defense expenses also decreased, and the military and naval exercises were hampered. Moreover, fishing activities were also stopped, and all this has affected the sonar systems market globally, although the current situation has turned pre pandemic levels and the requirement for military vessel detection is growing as navies' fleets is expanding quickly. Owing to this, when compared to the commercial sector of the industry, there is a significantly greater need for new and sophisticated sonar systems, such as 3D multibeam scanning sonars. The aforementioned factors are driving the development of the sonar systems market's defense segment and are expected to cause the market to grow at an impressive CAGR during the forecast period.
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The Global Sonar Systems Market is segmented on the basis of product type, installation, platform, application, region, by company. Based on product type, the market is further divided into hull-mounted sonar, stern-mounted sonar, dipping sonar, sonobuoy. Based on installation, the market is further bifurcated into fixed and deployable. Based on platform, the market is split into commercial vessels, defense vessels, unmanned underwater vehicles (UUVs), aircrafts, and port. On the basis of application, the market is further segmented into anti-submarine warfare, port security, mine detection & countermeasure systems, search & rescue, navigation, diver detection, and others.
Some of the major companies operating in the Global Sonar Systems Market include:
- Sonardyne International Ltd
- Aselsan AS
- Ultra-Electronics Holdings
- Northrop Grumman Corporation
- ThyssenKrupp AG
- Western Marine Electronics Inc.
- Lockheed Martin Corporation
- Kongsberg Gruppen ASA
- Thales Group
- GeoSpectrum Technologies Inc
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments and are also partnering with different defense research bodies to stay competitive in the market.
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“Asia Pacific and North America captures major of the market share and in the forecast period these regions are expected to witness higher growth and increase in market penetration and the ongoing border tensions is also a factor that may drive the growth in the Global Sonar Systems Market” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Sonar Systems Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F, Segmented By Product (Hull-mounted Sonar, Stern-mounted Sonar, Dipping Sonar, Sonobuoy), By Installation (Fixed, Deployable), By Platform (Commercial Vessels, Defense Vessels, Unmanned Underwater Vehicles (UUVs), Aircrafts, Ports), By Application (Anti-submarine Warfare, Port Security, Mine Detection & Countermeasure Systems, Search & Rescue, Navigation, Diver Detection, Others), and By Region” has evaluated the future growth potential of Global Sonar Systems Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Sonar Systems Market.
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