According to MarkNtel Advisors’ research report titled “Global Sonar System Market Analysis, 2020”, the market is anticipated to grow at a CAGR of approximately 10% during 2020-25. Few of the factors includes increasing demand for new vessels, upgradations in the existing naval vessels, proliferating sea-based trade activities, rising demand for sonars by ship-owners keeping in mind the safety perspective, growth in commercial seaborne trading, rising attacks, and geographical, political and social disputes among the nations.
Defense Establishments are Expected to Lead the Market in the Coming Years
Based on the application segmentation, the defense sector acquired the largest market size in 2019. However, the commercial application of sonar systems is anticipated to grow during the projected period on an account of increasing fishing activities, hydrography, and enhanced navigation requirements for the trading of commercial final products transported from one nation to the other. The ongoing upgradation in the military-related requirements, automation in the military ships and weapons, and increasing territorial conflicts is estimated to surge the demand for sonar systems from the defense sector.
North America is Anticipated to be the Largest Market for Sonar Systems
The Sonar System market is currently dominated by the North America region, followed by Europe. Among the overall North America region, the US has been the largest investor in the market. The rising investments by countries such as Brazil, Canada, the UK, Germany, Russia, Italy, and Spain regarding the development of submarines and naval ships, in addition to increasing demand for unmanned water vehicles and autonomous nuclear submarines are several key factors contributing to the overall market growth. However, during 2020-25, the Asia-Pacific region has been anticipated to achieve the highest growth rate.
According to MarkNtel Advisors in their report “Global Sonar System Market Analysis, 2020”, some the of key competitors operating in the global Sonar system market include Raytheon, Thales, Lockheed Martin, L3, Ultra Electronics, Kongsberg Gruppen, Teledyne, and Sonardyne, among others. The Sonar System market is highly competitive due to the presence of a large number of players manufacturing varied types of sonar catering to the varied and specific requirements in the commercial and defense sector.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Sonar System Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Sonar System Market?
4. Who are the key competitors or market players and how they perform in Global Sonar System Market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Sonar System Market study?