iCrowdNewswire Jan 21, 2021 2:02 PM ET
Global Sonar Systems and Technology Market.
Global Sonar Systems and Technology Market is expected to reach USD 4,214.4 Million by 2025 at a CAGR of 6.88% during the forecast period.
The growth of the global sonar systems and technology market can be attributed to rising military expenditure and a surge in international seaborne trade. However, the high impact on marine life is expected to restrain the market growth during the forecast period.
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The geographic analysis of the Global Sonar Systems and Technology Market includes North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin Africa.
The market in North America was valued at USD 1,427.4 Million in 2018. The US and Canada are the country-level markets in North America. The market in the region is expected to reach USD 2,071.8 Million by 2025 at a 5.47% CAGR during the forecast period. This growth can be attributed to high military expenditure in the US and Canada. Furthermore, technological advancements and the presence of prominent players such as Raytheon Company, Lockheed Martin Corporation, and L3Harris Technologies, Inc. are factors driving the market growth.
Europe accounted for the second-largest share of the market in 2018. The European market includes the UK, Germany, France, Russia, and the rest of Europe. The presence of prominent players such as Thales Group, Kongsberg Maritime, and Ultra Electronics is propelling the growth of the regional market. The sonar systems and technology market in Europe is expected to reach USD 1,460.7 Million by 2025 at a CAGR of 8.02% during the forecast period.
Asia-Pacific constituted a large share of the global market in 2018. The market in the region has been divided into China, Japan, India, Australia, and the rest of Asia-Pacific. The regional market was valued at USD 188.9 Million in 2018 and is expected to reach USD 354.9 Million by 2025 at a CAGR of 9.43% during the forecast period. Rising territorial conflicts between China, South Korea, and North Korea are driving the sonar systems and technology market in the region.
The Middle East & Africa accounted for a considerable share of the global market in 2018. The market the region has been segregated into Saudi Arabia, the UAE, and the rest of the Middle East & Africa. The regional market was valued at USD 139.9 Million in 2018 and is expected to reach USD 257.9 Million by 2025 at a CAGR of 9.13% during the forecast period. The growing adoption of sonar systems to protect oil & gas sites is driving market growth in the Middle East and Africa.
In Latin America, the sonar systems and technology market is expected to reach USD 69.1 Million by 2025 at a CAGR of 8.26% during the review period. The market in the region has been divided into Brazil and the rest of Latin America. An increase in hostilities in the Caribbean Sea and a rise in maritime commerce are encouraging government authorities to invest in sonar systems.
The Global Sonar Systems and Technology Market has also been segmented by product Type, Mode Of Operation, Solution, and Application.
Based on product type, the global sonar systems and technology market has been divided into hull-mounted sonar, stern-mounted sonar, dipping sonar, and sonobuoy. The hull-mounted sonar segment dominated the global market. It was valued at USD 1,106.3 Million in 2018 and is anticipated to register a CAGR of 5.69% during the forecast period.
In terms of mode of operation, the market has been classified as active, passive, and dual. The active segment led the market with a value of USD 1,670.0 Million in 2018 and is projected to exhibit the highest CAGR of 7.27% during the forecast period.
On the basis of solution, the global sonar systems and technology market has been categorized as hardware and software. The hardware segment is anticipated to register the higher CAGR during the forecast period.
In terms of application, the global sonar systems and technology market has been bifurcated into defense and commercial. The defense segment has been divided into anti-submarine warfare, port security, diver detection, mine detection and countermeasure systems, search & rescue, and others. The commercial segment has been further classified as fisheries, hydrography, and navigation. The defense segment is anticipated to exhibit the higher CAGR during the forecast period.
The Prominent Players in the Global Sonar Systems and Technology Market include Raytheon Company (US), Lockheed Martin Corporation (US), Thales Group (France), L3Harris Technologies, Inc (US), Kongsberg Maritime (Norway), Aselsan A? (Turkey), Teledyne Technologies Incorporated (US), Ultra Electronics (UK), Wärtsilä (Finland), and FURUNO Electric Co., Ltd (Japan).
The other companies profiled in the report are Sonardyne (UK), Atlas Elektronik Group (Germany), Navico (Norway), Japan Radio Co. (Japan), DSIT Solutions Ltd (Israel), and EdgeTech (US). Mergers, acquisitions, and collaborations are some of the key strategies adopted by these companies to gain an edge over their competitors.
- In June 2019, Lockheed Martin Corporation signed a contract worth USD 29.3 million with the US Navy to provide TB-37 towed-array sonar systems for surface warship anti-submarine warfare (ASW).
- In November 2018, Thales Group opened its Maritime Autonomy Center at Turnchapel Wharf, Plymouth, UK. The center would assist in research and development for the maritime industry.
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