Global Sonar Systems Market – Competitive Landscape
The sonar systems market appears to be well-established and highly competitive with the presence of several well-established players. Mergers & acquisitions, brand reinforcement, and product launches remain the key trends of these players to drive their share in the market.
Players leading the global sonar systems market include Kongsberg Gruppen (Norway), Atlas Elektronik (Germany), L3 (US), Northrop Grumman (US), Lockheed Martin (US), Raytheon (US), Teledyne (US), Sonardyne (UK), Thales Group (France), and Ultra Electronics (UK), among others.
The global sonar systems market is making quite a stride over recent years, witnessing a const revenue increase. The market is primarily driven by the rise in demand for sonar systems by the naval forces in emerging economies and rising defense budgets. Defense authorities of countries across the world that are currently suffering massive losses due to territorial conflicts & disputes are focused on purchasing advanced sonar systems. This, as a result, is allowing the market to grow at a significant rate.
Besides, the increasing numbers of terrorist activities worldwide create a huge demand for sonar systems to enhance anti-submarine capabilities, accelerate market growth. According to Market Research Future (MRFR), the global sonar systems market is projected to grow at 5.8% CAGR during the review period (2018 – 2023).
Moreover, increasing usages of sonar systems in the fishery industry is another major tailwind driving the market growth. Increasing defense budgets offer market players lucrative opportunities for growth.
Additionally, complexities in surveillance, detect, track, and destroy enemy ships & submarines influence the growth of the market exponentially. Other factors that substantiate the market growth include increased demand for maritime surveillance and the growing uptake of unmanned vehicles for inspection & monitoring. On the other hand, serious impacts of sonar sound pulse on marine mammals are projected to obstruct the market growth during the analyzed period.
Global Sonar Systems Market – Segmentation
The market is segmented into four dynamics;
By Type : Active Sonar and Passive Sonar Systems.
By Installation : Vessel Mounted, Hand-Held & Pole Mounted, Towed, UUV, and others.
By Application : Military and Commercial.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Global Sonar Systems Industry – Regional Analysis
orth America dominates the global sonar systems market. The largest market growth attributes to the significant demand for new and advanced sonar systems in the US and Canada. Besides, factors such as the increasing demand for these systems for defense applications and high R&D investments foster the growth of the regional market. Also, growing product launches and growing awareness about the benefits of sonar systems push the growth of the regional market.
Moreover, advances in technologies and navigation & tracking approaches are positively impacting the market growth in the region. Furthermore, the presence of several major players and state-of-the-art development centers drive regional market growth. The North American sonar systems market is likely to retain its leading position in the global market throughout the assessment period.
Europe stands second in the global sonar systems market. The market is majorly driven by the presence of developed economies such as the UK, France, Russia, and Germany, with their huge investments. Also, the increasing government funding support for R&D required for the development of sonar systems & equipment and rising defense budgets propel the regional market growth. Moreover, factors such as increasing new product launches and the availability of advanced technologies act as major growth drivers for the regional market growth. The European sonar systems market is estimated to grow at a significant CAGR throughout the analysis period.
The sonar systems market in Asia Pacific region is growing briskly. The market growth is mainly driven by the increase in maritime border disputes in India, China, and South Korea. Moreover, the increasing government expenses for obtaining advanced military equipment are expected to drive market growth in the region. Additionally, large technological advances and rising awareness are influencing the growth of the regional market.
Huge developments in military technologies in emerging economies such as Japan, China, and India, act as major tailwinds for the regional market growth. Also, factors such as the rising military expenses and R&D investments to develop & improve solar systems in the region drive market growth. The APAC sonar systems market is expected to emerge as the fastest-growing regional market during the forecast period.
Industry/ Innovation/ Related News
April 30, 2020 —- ATLAS North America LLC., a leader in the imaging Sonar market, announced that its brand Marine Sonic Technology has released a low frequency deep tow Side Scan Sonar system – the ARC Hunter. The new system builds on the ARC Explorer & Scout family of products, providing high-resolution Adaptive Chirp Side Scan Sonar hailed by professional users as the most technologically advanced imaging sonar on the market today.