Global Sonar Systems And Technology Market Overview
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 nationās 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.Ā
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, theĀ Sonar Systems And Technology Market GrowthĀ 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 theĀ Sonar Systems And Technology Market Size. The trading activities between the nations are even upgrading the market trends through the water bodies.Ā
The defense entities and the governmentās investments in theĀ Sonar Systems And Technology MarketĀ 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, theĀ Sonar Systems And Technology MarketĀ to witness a strong CAGR of 6.88 % with a USD value of $4,214.4 Million by 2025 during the forecast period.Ā
COVID-19 Analysis
The pandemic period has shown the worst impact on almost every market sector. TheĀ Sonar Systems And Technology MarketĀ 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 theĀ Sonar Systems And Technology Market Value. The key players plan their strategies to regain the financial losses before reaching the forecast period.
Chief Factors Existing In The Market
The key drivers of theĀ Sonar Systems And Technology MarketĀ 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 theĀ Sonar Systems And Technology Market Growth.
There are challenging factors of theĀ Sonar Systems And Technology MarketĀ 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.
TheĀ Sonar Systems And Technology MarketĀ 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.
The restraining factors of theĀ Sonar Systems And Technology MarketĀ are hampering its growth rate. The presence of similar effective technologies is one of the major restraining factors of theĀ Sonar Systems And Technology Market Value.
Cumulative Evaluation Of The Market
The evaluated report shows the growth of theĀ Sonar Systems And Technology Market Forecast in recent years. The role of market dynamics, such as the key drivers and opportunities, are boosting theĀ Sonar Systems And Technology Market Growth. The challenging and restraining factors hinder the marketās growth rate, but the market is expected to overcome these factors to reach its estimated value during the forecast period.
Market Segmentation
TheĀ Sonar Systems And Technology Market SizeĀ is segmented into product type, mode of operation, solution, application, and commercial segments.
Based on the product type, theĀ Sonar Systems And Technology MarketĀ 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.
In the mode of operation segment, theĀ Sonar Systems And Technology MarketĀ 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.
TheĀ Sonar Systems And Technology MarketĀ 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.
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.
Regional Analysis
According to the geographical status, theĀ Sonar Systems And Technology Market AnalysisĀ 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 theĀ Sonar Systems And Technology 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 theĀ Sonar Systems And Technology Market Share,Ā andĀ 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.
Competitive Intensity Within The Industry
The key players of theĀ Sonar Systems And Technology MarketĀ Outlook are enhancing the market growth with their key strategies. They are responsible for emerging theĀ Sonar Systems And Technology Market ValueĀ 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 AÅ (Turkey)
- Teledyne Technologies Incorporated (US)
- Ultra Electronics (UK)
- WƤrtsilƤ (Finland)
- Ā FURUNO Electric Co., Ltd (Japan)Ā
- Sonardyne (UK)
- Atlas Elektronik Group (Germany)
- Navico (Norway),
- Japan Radio Co. (Japan)
- DSIT Solutions Ltd (Israel)
- EdgeTech (US)
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.
Report Overview
The overall report of theĀ Sonar Systems And Technology Market OutlookĀ states about the growth rate of the market till the present year. The progress of the market was stated in the report. The COVID analysis showed the revenue loss, which is to be restored in the future days. The chief existing factors such as the key drivers and opportunities role to propel the growth ofĀ Sonar Systems And Technology Market TrendsĀ was reviewed. The presence of prominent key players across the globe was noticed to upgrade the services of the market. The segmentation analysis reported the growth and share of each segment in the coming years.Ā
Key Industrial Segments
By Product TypeĀ
- Hull-Mounted Sonar
- Stern-Mounted Sonar
- Dipping Sonar
- Sonobuoy
By Mode of Operation
By Solution
By Application
- Defense (Anti-Submarine Warfare, Port Security, Diver Detection, Mine Detection, and Countermeasure Systems, Search & Rescue, and Others)Ā
- Commercial (Fisheries, Hydrography, and Navigation)
Report Scope:
Report Attribute/Metric |
Details |
Ā Ā Market Size |
Ā Ā USD 6.15 Billion (2030) |
Ā Ā CAGR |
Ā Ā 2% (2020-2030) |
Ā Ā Base Year |
Ā Ā 2020 |
Ā Ā Forecast Period |
Ā Ā 2030 |
Ā Ā Historical Data |
Ā Ā 2019 |
Ā Ā Forecast Units |
Ā Ā Value (USD Million) |
Ā Ā Report Coverage |
Ā Ā Revenue Forecast, Competitive Landscape, Growth Factors, and TrendsRevenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Ā Ā Segments Covered |
Ā Ā Product Type, Mode of Operation, Solution, Application |
Ā Ā Geographies Covered |
Ā Ā North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Ā Ā Key Vendors |
Ā Ā Raytheon Company (US), Lockheed Martin Corporation (US), Thales Group (France), L3Harris Technologies, Inc. (the US), Kongsberg Maritime (Norway), Aselsan AÅ (Turkey), Teledyne Technologies Incorporated (US), Ultra Electronics (UK), WƤrtsilƤ (Finland), FURUNO Electric Co., Ltd (Japan), Sonardyne (UK), Atlas Elektronik Group (Germany), Navico (Norway), Japan Radio Co. (Japan), DSIT Solutions Ltd (Israel), and EdgeTech (US). |
Ā Ā Key Market Opportunities |
Ā Ā Regional attractiveness and related growth opportunities |
Ā Ā Key Market Drivers |
Ā Ā Increasing Military Expenditure |
Sonar Systems Technology Market Highlights:
Frequently Asked Questions (FAQ) :
The North American region is anticipated to hold the largest share of the Sonar Systems and Technology Market Analysis.
The major key players of the Sonar Systems and Technology Market are Raytheon Company (US), Lockheed Martin Corporation (US), Thales Group (France), L3Harris Technologies, Inc. (the US), Kongsberg Maritime (Norway), Aselsan AÅ (Turkey), Teledyne Technologies Incorporated (US), Ultra Electronics (UK).
The Sonar Systems and Technology Market Forecast will Reach a USD value of USD 6.15 Billion by 2030 during the forecast period.