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Growth of SONAR System Market to grow by 2024 due to Increasing Spending on the Advancement of Underwater Warfare Capabilities by Developing Nations

Press Release   •   Jan 02, 2018 02:23 EST

The global SONAR system market is segmented into application such as commercial, scientific and military. Among these segments, military SONAR system segment is expected to occupy the top position in global SONAR system market. Further, increasing spending on the military strengthening by many developing nations is anticipated to drive the growth of the military SONAR system market. Moreover, development of advanced military SONAR systems is envisioned to bolster the growth of the market.

Global SONAR system market is expected to flourish at a significant CAGR of 6.9% over the forecast period. Moreover, the global SONAR system market was estimated at USD 2.8 Billion in 2016. Increasing manufacturing of marines and ships, heavy usage in military applications and technological innovations are some of the factors which are expected to intensify the growth of the global SONAR system market. Moreover, government initiatives to make military technologically advanced is believed to fuel the growth of the global SONAR system market.

North America grabbed the highest percentage share in overall SONAR system marketin 2016. Further, North America is expected to continue its dominance over the forecast period. Evolution in the SONAR system technology such as development of advanced flank array is expected to intensify the growth of the SONAR system market. Moreover, presence of major players in the region is anticipated to positively impact the growth of the SONAR system market in North America. U.S. is the major contributor to the growth of global SONAR system market. Asia Pacific is also expected to showcase significant growth in the SONAR system market. Rising expenditure on defense naval shipbuilding is expected to escalate the demand for the SONAR system. Countries such as India, China, Japan and South Korea are believed to witness the augmented demand for SONAR system.

Growth in Naval Shipbuilding Market

Rise in the military defense spending is anticipated to positively impact the growth of the global SONAR system market. Moreover, increasing commercial usage of SONAR such as fisheries, mine hunting, oil and gas resource exploration and other research activities is increasing the demand for SONAR system across the globe.

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Innovation and Technological Developments

Increasing spending on the development of advanced SONAR system is envisioned to bolster the growth of the global SONAR system market. Additionally, government funding to develop advanced SONAR technology is also anticipated to positively impact the growth of the market.

However, factors such as increasing complexity with the data management and high cost of advanced SONAR system are expected to hamper the growth of the global SONAR system market.

The report titled “Global SONAR System Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global SONAR system market in terms of market segmentation by type, by frequency, by technology type, by application and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global SONAR system market which includes company profiling of Lockheed Martin Corporation, Ultra Electronics, Neptune SONAR Ltd, Kongsberg Maritime, Exelis, Inc., Thales Underwater Systems Ltd., L-3 Klein Associates Inc., General Dynamics Corporation, Teledyne Reson A/S and The Raytheon Company. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global SONAR system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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