The SONAR system market size is predicted to reach USD 3.76 billion by 2029
The SONAR system market size is predicted to reach USD 3.76 billion by 2029 and exhibit a CAGR of 7.96% during the projected period. Fortune Business Insights has presented this information in its report titled, “SONAR System Market, 2023-2029”. The market stood at USD 2.09 billion in 2021 and USD 2.20 billion in 2023. Sound Navigation and Ranging (SONAR) is a sophisticated technique that uses sound propagation to navigate and communicate with underwater objects.
List of Key Market Players:
ASELSAN A.Ş. (Turkey)
ATLAS ELEKTRONIK INDIA Pvt. Ltd. (India)
DSIT Solutions Ltd. (Israel)
EdgeTech (U.S.)
FURUNO ELECTRIC CO., LTD. (Japan)
Japan Radio Co. (Japan)
KONGSBERG (Norway)
Lockheed Martin Corporation (U.S.)
L3Harris Technologies, Inc. (U.S.)
NAVICO (Norway)
Raytheon Technologies Corporation (U.S.)
SONARDYNE (U.K)
Teledyne Technologies Incorporated. (U.S.)
Thales Group (France)
Ultra (U.K)
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/sonar-system-market-101830
Russia–Ukraine War Impact
Russian and Ukrainian ports are the primary export destinations for crude oil, wheat, and corn. The current conflict has halted cargo import and export via the sea, resulting in sluggish growth in the marine sector. Several European countries, on the other hand, have increased their defense budgets in 2022 in response to NATO recommendations. NATO has advised countries to increase their defense budgets to 2% of their GDP. For example, officials in Poland have declared that the defense budget will be increased to 2% of its GDP in 2022 and 3% of GDP in 2023. The increased defense budget is expected to increase naval vessel procurement, supporting the market growth.
Segments-
On the basis of product type, the market is divided into sonobuoy, stern-mounted, hull-mounted, and DDS. On the basis of application, the market is split into defense and commercial. On the basis of platform, the market is divided into airborne and ship type. On the basis of solution, the market is divided into hardware (control units, transmitter and receiver, displays sensors, which is further divided into ultrasonic diffuse proximity sensors, VME-ADC, ultrasonic through-beam sensors, ultrasonic retro-reflective sensors, and others), and software. On the basis of end-user, the market is bifurcated into retrofit and line fit. Geographically, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.
Report Coverage-
The research report provides a thorough examination of the market. It focuses on key aspects such as leading companies, various platforms, product types, solutions, and SONAR system applications. Apart from that, the report provides insights into market trends and highlights important industry developments. In addition to the aforementioned factors, the report includes a number of factors that have contributed to the development of the developed market in recent years.
Drivers & Restraints-
Tactical Defense Operations Are Surging the Demand for Sonobuoys
A sonobuoy is a sophisticated underwater acoustic research system that naval ships drop or eject. Sonobuoys use a sophisticated transducer and a radio transmitter to record and transmit underwater sounds. Other environmental data, such as wave height and water temperature, are also provided by special-purpose buoys. The market is expected to expand as the use of sonobuoys in military vessels expands. However, the steep cost associated with SONAR development may impede the SONAR system market growth.
Regional Insights-
North America to be a Dominant Region of the Global Market
North America dominated the market in 2021, with market size of USD 665.5 million. North America's dominance is owing to the rise in naval shipbuilding in the U.S. 82 new ships costing up to USD 147 billion will be added in the U.S. between 2022 - 2026, according to a shipbuilding plan announced in 2020.
Asia Pacific will experience remarkable growth as a result of increased naval spending and an increase in domestic ship manufacturing in China and South Korea. Ship deliveries in Japan have grown and various South Korean shipbuilding players have integrated automation into ship systems to drive the market development.
As the SONAR system market share increases in Europe, this is largely driven by the introduction of a new generation of threat detection and identification capabilities in ships and the retrofitting of vessels with autonomous engineering systems. Increased investment in marine system upgrades is anticipated to fuel the market in the U.K.
Competitive Landscape-
The dominant factor responsible for these key market players' dominance is a diverse product portfolio combined with R&D activity. Impact Subsea will launch the ISS360 SONAR, the world's tiniest imaging SONAR, in March 2020. It has a capacity of up to 90 meters/295 feet and provides excellent image quality.
Key Industry Development-
February 2022: Leonardo SpA awarded ELAC SONAR a USD 58 million contract to supply SONAR systems for two new submarines supplied by Fincantieri for the Italian Navy.