Feb 21, 2019   SOURCE: BusinessWire

Global Sonar System (Hull Mounted, Stern Mounted, Sonobuoy, DDS) Market 2019-2023 - ResearchAndMarkets.com

The "Sonar System Market by Product Type (Hull Mounted, Stern Mounted, Sonobuoy, DDS), Application (Commercial, Defense), Platform (Ship Type, Airborne), End User (Line Fit, Retrofit), Solution (Hardware, Software), Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

Growing global seaborne trade activities are leading to the growth of the sonar system market

The sonar system market is projected to grow from USD 2.6 billion in 2018 to USD 3.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.98% during the forecast period from 2018 to 2023.

The growth of this market can be attributed to the rise in maritime trade, developments in the offshore energy sector, and fisheries. The commercial sonar market in fisheries is experiencing high growth to locate fish breeding ocean waters as excessive fishing has resulted in lower catches. The hydrographic sonar industry is growing due to the increasing oil & gas exploration and dredging activities. The military sonar market is driven by new ship orders and upgradation.

Pacific is projected to be the leading market for sonar systems during the forecast period and is estimated to account for the highest share for 2018 and Europe is projected to be the second largest market. The rise in military orders and the growth of the fishing industry are the key drivers for the growth of the Asia Pacific market.

Market Dynamics

Drivers

  • Increase in the Number of Sonar Programs for Anti-Submarine Warfare (ASW) Techniques
  • Rising Demand for Sonobouy for Tactical Defense Operations
  • Growing Demand for Fisheries
  • Increasing Demand for High-Resolution Imaging for Seabed Mapping
  • Advancements in Active Sonar Technologies

Restraints

  • Side-Effects of Sonar on Marine Life

Opportunities

  • Growing Need for Cost-Effective Sonar Systems for Anti-Submarine Warfare
  • Increase in Defense Spending
  • Increase in Demand for Unmanned Underwater Vehicles

Challenges

  • Complex Training Involved in Building Anti-Submarine Warfare Capability

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Sonar System Market, By Application

8 Sonar System Market, By Installation

9 Sonar System Market, By Mode of Operation

10 Sonar System Market, By Product Type

11 Sonar System Market, By Solution

12 Sonar System Market, By End User

13 Sonar System Market, By Platform

14 Sonar System Market, By Region

15 Competitive Landscape

16 Company Profiles

Companies Mentioned

  • Aselsan
  • Atlas Elektronik
  • Dsit
  • Edgetech
  • Furuno
  • Japan Radio (JRC) Co., Ltd.
  • Kongsberg Gruppen
  • L3
  • Lockheed Martin
  • Navico
  • Raytheon
  • Sonardyne
  • Teledyne
  • Thales
  • Ultra Electronics

For more information about this report visit https://www.researchandmarkets.com/research/ctx222/global_sonar?w=4