SONAR System Market Size
SONAR System Market is anticipated to exceed USD $6.5 billion by 2030 from USD $4.22 billion in 2019 at a CAGR of 4.00% throughout the forecast period, i.e., 2020-30.
SONAR is a navigation and range tool used in the identification and detection of obstacles by sound waves. This technique is commonly used in the marine area, where the sound waves are more complex than light and radar. It is beneficial to chat, discover and chart oceans. It also has different uses in the industrial and military domains. Based on the use, two different types of sonar systems are used: Active and Passive. They are commonly used for fishing, seafloor locating, mapping of the seabed, submarines, underwater navigation, etc.
Market Highlights
The SONAR System Market is expected to project a notable CAGR of 4.0% in 2030.
The SONAR System Market is anticipated to exceed USD $6.5 billion by 2030 from USD $4.22 billion in 2019 at a CAGR of 4.00% throughout the forecast period, i.e., 2020-30.. The global SONAR System market is estimated to grow on the back of the following reasons. With the rising use of UUVs for military use and the increased demand for successful sonar monitoring systems, the market for sonar systems is expected to be fueled up. Due to the increasing fleet of shipping companies, rising demand from the defense sector is likely to help the market expand. Oil and gas exploration activities are being increased globally as oil and gas demand rises. Some of the drivers anticipated to accelerate the market’s growth over the provision period are the rising development of the SONAR system for the increase in the range of sound waves and the increased use of the sound system in the fish finding industry.
Global SONAR System Market Opportunity Analysis
Source: Fatpos Global
Global SONAR System Market: Segments
The global SONAR System Market has been segmented based on application, and by ship type. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
By Component Type (in %), Global SONAR System Market, 2019
The beamforming processor segment is anticipated to register 4.00% of the volume share and is expected to grow at the highest CAGR
Based on the Component the market is bifurcated into beamforming processors, transmitters, receivers, hydrophones, and others. In 2019 the market is primarily driven by the beamforming processor, followed by the hydrophone, and in the forecasted period this segment is expected to dominate. Increased demand for the MSM and the growth of passive and active sonar and sensor technology are some of the major elements enhancing the SONAR system market opportunity for the prediction period.
By Ship Type (in %), Global SONAR System Market, 2019
The defense segment is anticipated to register XX% of the volume share
Based on the ship type the market is bifurcated into Commercial and Defense. The attribute to this growth can be explained by the rising demand by naval forces from various countries for various types of ships. Moreover, the growth of the market protection category is anticipated to drive the increased requirement for equipment of naval ships with modified anti-submarine warfare (ASW) systems.
Market Dynamics
Drivers
Oil and Gas exploration
Oil and gas exploration activities are being increased globally as oil and gas demand rises. Some of the drivers anticipated to accelerate the market’s growth over the provision period are the rising development of the SONAR system for the increase in the range of sound waves and the increased use of the sound system in the fish finding industry.
Application in the Defense sector
With the rising use of UUVs for military use and the increased demand for successful sonar monitoring systems, the market for sonar systems is expected to be fueled up.
Restraints
Harmful effects
Sonar-produced waves disturb marine life-impacting whales, dolphins, and tortoises. In turn, this can impact business growth.
Global SONAR System Market: Region
North America was the largest market accounting for XX% of the total market volume share in 2019
The global SONAR System market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world are classified as Middle-East and Africa.
Advancement in sensor and passive and active SONAR technology is one of the main drivers of the market in the US and North America for the SONAR system market. In the projected timeline Asia Pacific is projected to increase at a significant CAGR. In Asia-Pacific, China emerges as a promising market. - demand for medical applications in strategic defense operational activities and increasing demand for the SONAR system are among the important components in stimulating demand for both the SANAR system in China and the Asia Pacific. Raising the SONAR system usage is one of the major driver factors in different applications, such as fishing, weapons, medical research, and infrastructure.
Source: Fatpos Global
Competitive Landscape
Major players in the industry are focused on building new and increasing their market share in long-term strategic partnerships on new avenues. For instance: -
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Ocean Infinity has provided the Kongsberg Group the agreement for 5 autonomous Underwater vehicle systems by HUGIN. These standalone sub-water systems are equipped with Kongsberg Maritime's final-generation synthetic opening sonar HISAS 1032.
Global SONAR System Market: Impact of COVID- 19
The novel disease of coronavirus has been recognized as a dominant international epidemic with profound effects on the world economy. The global pandemic not only came to China but spread throughout the global industrial sphere and caused tremendous disruption in the world of tourism, commerce, and shipping. During the numerous national efforts to flatten the curve and control the spread of the fatal virus, the maritime sector, in particular, has been affected by disturbances in transport, vital shipping, repair of ships, and construction of ships.
The global SONAR System market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- UK, Germany, France, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia-Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- India, China, South Korea, Malaysia, Japan, Indonesia, Australia, New Zealand, and Rest of Asia-Pacific
- the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- North Africa, Israel, GCC, South Africa, and Rest of the Middle East and Africa
Key Players
- Raytheon (US)
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Thales (France)
- Atlas Elektronik (Germany)
- Ultra Electronics (UK)
- Aselsan (Turkey)
- Kongsberg Gruppen (Norway)
- Lockheed Martin (US)
- Navico (Norway)
- DSIT (Israel)
- Japan Radio (JRC) Co. Ltd. (Japan)
- Teledyne (US)
- Other prominent players
Global SONAR System Market Report also contains an analysis on:
SONAR System Market by segment:
- By Ship Type:
- Commercial
- Defense
- By COMPONENT:
- Beamforming processor
- Transmitter
- Receiver
- Hydrophone
- Others
- SONAR System Market Size
- SONAR System Market Dynamics
- Supply and Demand
- Current Issues/trends/challenges
- Competition and Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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