The global SONAR system market size is expected to reach USD 3,642.4 million by 2028, exhibiting a CAGR of 8.25% during the forecast period. The increasing product applications across diverse industry verticals will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “SONAR System Market, 2021-2028,” the market was worth USD 2,180.1 million in 2020.
The coronavirus breakout has had a negative impact on large corporations all across the world. Several firms are experiencing severe supply problems, which will continue to have an impact on the naval sector. 90 percent of global trade is conducted outside of the United States. The coronavirus pandemic resulted in a 4.1 percent decline in world trade in 2020, according to the United Nations Conference on Trade and Development (UNCTAD) report 2020. In March 2020, it predicted a more than 20% drop in commodities prices and a 7.5 percent drop in oil prices.
Moreover, the delay in deliveries has further hampered the growth of the market. The coronavirus pandemic resulted in a 4.1 percent decline in world trade in 2020, according to the United Nations Conference on Trade and Development (UNCTAD) report 2020. In March 2020, it predicted a more than 20% drop in commodities prices and a 7.5 percent drop in oil prices.
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The Report Lists the Key companies profiled in this Market:
- ASELSAN A.Ş. (Turkey)
- ATLAS ELEKTRONIK INDIA Pvt. Ltd. (India)
- Dsit Solutions (Israel)
- Edgetech Air Systems Pvt. Ltd. (India)
- FURUNO ELECTRIC CO., LTD. (Japan)
- Japan Radio (JRC) Co., Ltd. (Japan)
- Kongsberg Gruppen (Norway)
- Lockheed Martin Corporation. (The U.S)
- L3Harris Technologies, Inc. (The U.S)
- Navico (Norway)
- Raytheon Technologies Corporation (The U.S)
- Sonardyne (The U.K.)
- Teledyne Technologies Incorporated. (The U.S)
- Thales Group (France)
- Ultra Electronics (The U.K.)
Based on product type, the market is classified into hull-mounted, stern-mounted, sonobuoy, and DDS. The hull-mounted segment consists of forward-looking sonar, echo sounders, and Omni-directional sonar. Based on application, the market is divided into commercial and defense. The commercial segment is expected to exhibit the fastest growth during the forecast period.
The report encompasses several factors that have contributed to the growth of the market in recent years. It highlights the ongoing trends and major industry developments of recent times and discusses their impact on the market.
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Surging Ship Building Activities to Incite Development
SONAR or sound navigation and ranging systems are products that are used to detect obstacles or specific objects underwater. It makes use of an ultrasonic wave that helps locate the exact location and the distance of the object from the focal point. The increasing number of commercial ship-building activities will add to the growing demand for SONAR systems across the world. The increasing use of these systems in military and defense as well as in transportation ships and carriers used in trading will favor the SONAR system market growth in the forthcoming years. Due to the increasing demand for these systems across the world, several large-scale companies are looking to invest heavily in the development of efficient products. The healthy market competition has encouraged companies to integrate the latest technologies, which will ultimately influence the growth of the overall market in the foreseeable future.
North America to Emerge as the Leading Region; Rising Naval Shipbuilding Activities to Aid Growth
The market in North America is likely to emerge dominant with the highest SONAR system market share. The increasing shipbuilding activities, specifically in the United States, have contributed to the growth of the regional market in recent years. The rising demand for the product and subsequently rising applications will aid the growth of the market in the coming years. Moreover, the presence of several large-scale companies in several countries across this region will aid the growth of the market. As of 2020, the market in North America was worth USD 693.6 million, and this value is projected to increase further in the forthcoming years. Whereas, the market in Asia Pacific will witness considerable growth in the years. The growth of this region is attributable to the increase in domestic ship production in countries such as China, Japan, and South Korea.
Companies are Participating in Mergers to Consolidate Position
Mergers and collaborations are a growing trend among major companies across the world. Due to huge product demand, major companies are looking to adopt strategies that will help them ward off the competition in the market. L-3 Communications announced that it had bagged a contract from the US Navy for the development of a passive SONAR system. The contract is said to be worth USD 238.2 million. Through this contract, L-3 Communications will be working on the development of an efficient SONAR system for applications that will cater to defense and military purposes. L-3 Communications’ latest contract with the US Navy will benefit the company and have a huge impact on the growth of the overall market in the coming years.
April 2021: Thales Group, a French multinational company bagged a contract worth USD 424.59 million from Royal Navy to equip the Continuous at Sea Deterrent (CASD) submarines with the advanced Sonar 2076 system and Combat System Mast. It is the most innovative sonar suite and is currently in service with the Navy’s Astute and Trafalgar Class submarines.
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