Global Sonar System Market is Estimated to Reach $5 Billion by 2024, Says Accurize Market Research


Global Sonar System Market is Estimated to Reach $5 Billion by 2024, Says Accurize Market Research

Global Sonar System Market report published by Accurize Market Research forecast that the global market is expected to reach $5 billion by 2024; growing at a CAGR of 4% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

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Growing demand in defense sector to drive the global sonar system market

High adoption in the anti-submarine warfare methods, growing demand of sonar systems in advanced defense forces and growth in application of these systems in the fishery industry are factors driving the global market. However, hostile effects of sonar system in marine life might act as a barrier for the global sonar system market growth. Moreover, increase in demand for high-resolution imaging for seabed mapping is likely to offer worthwhile opportunities for the market in the coming years.

Market Segmentation

Installation, mode of operation, product type, operating frequency, application, and geography are the classification of the global sonar system market. The installation segment is categorized into vessel mounted, hand-held and pole mounted towed, airborne, unmanned underwater vehicles (UUV), and other installations. Commercial active, military passive and military dual mode is the segmentation of mode of operation segment. Product type segment is sub-segmented into general-purpose hull mounted sonar, stern mounted sonar, seabed imaging and information sonar, dipping sonar, and other sonars. On the basis of operating frequency, the segmentation includes high, medium, and low. Application includes defense, and commercial.

North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.

"General-purpose hull mounted sonar accounted for the largest market share in the product type segment", says Accurize

On the basis of product type, general-purpose hull mounted sonar segment held the largest share of the Sonar system market in 2017.The growth of this segment is driven by the fact that these sonars are fixed in ship’s hull for navigation as well as threat detection. Also by installation, underwater unmanned vehicles (UUV)are predicted to achieve the fastest CAGR during the forecast period.

"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize

Asia-Pacific accounted the largest share of the market followed by Europe in the year 2017.Asia Pacific is the fastest growing region in the global market, driven by, improving healthcare sector, high rate of patients suffering from osteoporosis and rise in the level of health awareness.

Top players in the market

Major players operating in the market include Neptune SONAR, General Dynamics Corporation, Raytheon Company, Ultra Electronics, Kongsberg Maritime, Thales Underwater Systems Ltd., Lockheed Martin Corporation, Harris Corporation, Teledyne RESON, and L-3 Klein Associates, among others.

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