Jan 30, 2020   SOURCE: BusinessWire

Global Naval Sonar Market Expected to Grow with a CAGR of 2.76% Over the Forecast Period, 2019-2029 - ResearchAndMarkets.com

The "The Global Naval Sonar Market 2019-2029" report has been added to ResearchAndMarkets.com's offering.

The Global Naval Sonar Market 2019-2029

Summary

The global naval sonar market is valued at US$2.2 billion in 2019, and is anticipated to reach US$2.9 billion by 2029, growing at a CAGR of 2.76% over the forecast period.

The cumulative global military spending on naval sonars is estimated to be US$29.1 billion from 2019 to 2029. The demand for naval sonar systems will be driven by the increasing focus on developing robust anti-submarine warfare (ASW) capability and fleet expansion initiatives by emerging economies such as India and Pakistan in the Asia-Pacific region.

Asia-Pacific region is expected to dominate the naval sonar market over the forecast period with a market share of 37.3%. The region's naval sonar market is valued at US$846 million in 2019, and is anticipated to reach US$969 million by 2029, growing at a CAGR of 1.37% over the forecast period. The cumulative Asia-Pacific military spending on naval sonars is estimated to be US$10.9 billion from 2019 to 2029. The growth is attributed to the increasing defense spending by countries such as India, China, Australia, Pakistan and South Korea on acquisition of new surface vessels and submarines equipped with advanced sonar systems.

North America is projected to emerge as the second largest market for naval sonar system between 2019 and 2029. The region is expected to account for 26.6% of the global spending on naval sonar systems over the forecast period. Cumulatively, North America is projected to spend US$7.7 billion on naval sonar systems over the forecast period. In 2019, the regional expenditure is valued at US$582 million in 2019. It is anticipated to increase to US$813 million by 2029, growing at a CAGR of 3.41%. Europe is expected to emerge as the third largest market for naval sonars systems over the forecast period. The cumulative global military spending on naval sonars is estimated to be US$7.6 billion from 2019 to 2029. The acquisition of sonar systems by NATO countries to counter the growing presence of Russian naval vessels is anticipated to drive the market growth.

The hull mounted sonar is expected to be the largest segment in the global naval sonar market during the forecast period. The hull mounted sonar segment is valued at US$1.1 billion in 2019, and is anticipated to reach US$1.5 billion by 2029, growing at a CAGR of 3.54% over the forecast period. The towed array segment accounts for 24.4% share in the global naval sonar market and is projected to emerge as the second largest segment over the forecast period. The towed array sonar market is valued at US$561 million in 2019, and is anticipated to reach US$717 million by 2029, growing at a CAGR of 2.49% over the forecast period. Sonobuoys segment accounts for 17.3% share in the global naval sonar market and is projected to emerge as the third largest segment over the forecast period.

The increased focus on induction of technologically advanced submarines equipped with Integrated Sonar Suite (ISS) is anticipated to be a major factor driving the global naval sonars market worldwide. The ISS consists of multiple passive and active sonars arrays installed in the bow, flank, chin, and sail of submarines to provide 360 degree detection of underwater and surface threats. It provides the submarine with multi-target detection, tracking, and classification capability in littoral or deep waters.

In particular, the report The Global Naval Sonar Market 2019-2029 provides an in-depth analysis of the following -

  • Market size and drivers: detailed analysis during 2019-2029, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world
  • Recent developments and industry challenges: insights into technological developments and a detailed analysis of the changing preferences of sonar segments around the world. It also provides trends of the changing industry structure and the challenges faced by industry participants
  • Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand
  • Major programs: details of the key programs in each segment, which are expected to be executed during 2019-2029
  • Competitive landscape and strategic insights: analysis of the competitive landscape of the global naval sonar market. It provides an overview of key players, strategic initiatives, and financial analysis

Reasons to buy

  • Determine prospective investment areas based on a detailed trend analysis of the global naval sonar market over the next ten years
  • Gain in-depth understanding about the underlying factors driving demand for different sonar segments in the top spending countries across the world and identify the opportunities offered by each of them
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
  • Identify the major channels that are driving the global naval sonar market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global naval sonar market
  • Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top naval sonar providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available

Key Topics Covered:

  • Executive Summary
  • Global Naval Sonar Market - Overview
  • Global Naval Sonar Market By Region, 2019-2029
  • Global Naval Sonar Market By Segment, 2019-2029 Market Dynamics
  • Demand Drivers: Growing impetus to Anti-Submarine Warfare by navies across the globe to drive demand
  • Trends: Growing adoption of Integrated Sonar Suites (ISS) on surface ships and submarines
  • Technological Developments: Deployment of advanced sonar suites on unmanned and autonomous underwater vessels
  • Key Challenges: Increasing adoption of acoustic quieting technologies in submarines and surface ships Global Naval Sonar Market - Segment Analysis
  • Segment Analysis: Hull Mounted Sonar
  • Segment Analysis: Towed Sonar
  • Segment Analysis: Sonobuoys
  • Segment Analysis: Dipping Sonar
  • Segment Analysis: Diver Detection Sonar
  • Market size and CAGR growth analysis, 2019-2029
  • Change in market share, 2019-2029 Global Naval Sonar Market - Regional Analysis
  • Global Naval Sonar - Regional Overview, 2019 & 2029
  • Regional Analysis: Asia-Pacific
  • Regional Analysis: North America
  • Regional Analysis: Europe
  • Regional Analysis: Middle East
  • Regional Analysis: Africa
  • Regional Analysis: Latin America
  • Market size and CAGR growth analysis, 2019-2029
  • Change in market share, 2019-2029
  • Top Suppliers Global Naval Sonar Market - Trend Analysis
  • Global Naval Sonar - Country Overview, 2019 & 2029
  • Leading Segments in Key Countries
  • Country Analysis - 10 leading countries
  • Market size and CAGR growth analysis, 2019-2029
  • Change in market share, 2019-2029
  • Segmental Share (%), 2019-2029
  • Country Share (%), 2019 & 2029
  • Major Suppliers
  • Segmental Analysis
  • Key Programs Analysis
  • Description of key programs
  • Delivery period, units and total expenditure
  • Competitive Landscape Analysis
  • Competitive analysis - 10 leading companies
  • Major Products and Services
  • Financial Analysis covering Revenue, Operating Profit and Net Profit
  • Financial Deal and Contracts
  • Appendix

Companies Mentioned

  • Raytheon
  • Atlas Elektronik
  • Thales
  • L3Harris Technologies
  • Leonardo
  • Ultra Electronics
  • Northrop Grumman
  • Lockheed Martin
  • Bharat Electronics Limited
  • Kongsberg Gruppen
  • ERAPSCO

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