Research Nester has released a report titled “SONAR System Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
In defense sector large number of technological and industrial advancements have been introduced by various companies. These advancements include diver detection SONAR, SONAR systems which are not impaired by noise, acoustic processing systems and advanced sonobuoys. Global SONAR system accounted for a market value of USD 2,960.60 million in 2019 and is anticipated to grow up to USD 4,177.53 million by 2028, at a CAGR of 3.90% during the forecast period 2020-2028.
Regionally, the global SONAR system market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa region. In North America, quiet submarines are one of the most viable sources for the US military to gather intelligence. The advancements in defense operations have resulted in the increase of SONAR systems market across the region. The SONAR system market in the US is expected to witness a boost owing to massive military spending by the country, growing research applications, and a large number of contracts signed in the defense sector. Asia Pacific SONAR system market is expected to record a significant growth rate in the coming years. Its growth is attributed to the rise in maritime trade and increasing oil and gas exploration. Technological advancements have resulted in the procurement of advanced SONAR systems for the naval fleet which is expected to propel the SONAR system market growth across the region.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Based on installation, the global SONAR system market is segmented into hull mounted SONAR, stern mounted SONAR, airborne SONAR, dipping SONAR, and others. Hull mounted SONAR held the largest market share of 46.64% in 2019 and is expected to grow at a significant rate during the forecast period. The advantage of hull mounted SONAR is that they can be used in both shallow and deep water. Hull mounted SONAR occupies maximum share in the global SONAR market owing to its various applications among the end-users. The stern-mounted SONAR is further segmented into variable depth SONAR and towed array SONAR. These SONAR systems are installed in small ships and ROVs for scientific research.
Growing Defense Operation Across The World Along with Progress in Offshore Energy Sector to Drive the Market Growth
Large number of technological and industrial advancements have been introduced by several companies in defense sector. Nowadays, military ships are installed with hull-mounted and towed array SONARs; submarine platforms which have been deployed have intercept array, cylindrical array, and towed array SONARs; and mine hunting ships are installed with high-end systems. Moreover, SONAR system market is anticipated to grow owing to developments in offshore energy sector and fisheries. Anchovies are one of the important forage fish in the Pacific Ocean, which is a vital source of more than 50 species of marine wildlife. Their overfishing is harmful to marine life, so the advanced SONAR technology manages its count.
However, the increase in underwater surveillance systems such as submarines, SONARs, seismic air gun blasts, and others is disrupting the life of marine creatures. This acts as a key restraint factor in the growth of global SONAR system market.
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This report also provides the existing competitive scenario of some of the key players of the global SONAR system market, which includes company profiling of Ultra (Ultra Electronics) (LON: ULE), Thales Group (EPA: HO), Raytheon Technologies Corporation (NYSE: RTX), Neptune SONAR Ltd., Kongsberg Maritime, L3Harries Technologies Inc.(NYSE: LHX), Mind Technology Inc.(NASDAQ: MIND), General Dynamics Mission Systems Inc., Teledyne Technologies Incorporated (NYSE: TDY), Nisshinbo Holdings Inc. (TYO:3105), Lockheed Martin Corporation (NYSE: LMT), SONARDYNE, and others.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “SONAR System Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall SONAR system industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global SONAR system market in the near future.
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