Overview and Scope
The sonar systems refer to systems based on the SONAR (Sound Navigation and Ranging) technology. Sonar is a technique in which sound waves are propagated at a certain frequency for mapping distances and objects, especially in marine navigation, since sound waves can travel a longer distance in the water than radar and light waves. Sound waves emitted or reflected by an object are detected by sonar apparatus and analyzed by software to develop nautical charts, locate underwater hazards, map objects on the seafloor such as shipwrecks, and map the seafloor itself.
Sizing and Forecast
The sonar systems market size has grown strongly in recent years. It will grow from $3.97 billion in 2023 to $4.33 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to naval defense investments, underwater resource exploration, autonomous underwater vehicles (auvs), commercial fishing industry, environmental monitoring..
The sonar systems market size is expected to see strong growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing number of solar power projects, increasing popularity of off-grid solar tracker for power generation, rising demand for energy, growing awareness about the environmental benefits of solar power, favorable government policies and initiatives.. Major trends in the forecast period include artificial intelligence (ai) and machine learning (ml), 3d sonar imaging and mapping, counter-submarine warfare (asw), sensor fusion and data integration, smart inverters..
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Segmentation & Regional Insights
The sonar systems market covered in this report is segmented –
1) By Product: Hull-Mounted Sonar, Stern-Mounted Sonar, Dipping Sonar, Sonobuoy
2) By Installation: Fixed, Deployable
3) By Acoustic Frequency: Ultrasonic, Infrasonic
4) By Application: Anti-Submarine Warfare, Port Security, Mine Detection and Countermeasure Systems, Search and Rescue, Navigation, Diver Detection, Seabed Terrain Investigation, Scientific
North America was the largest region in the sonar systems market in 2023. <b>Asia Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the sonar systems market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising number of terrorist attacks is significantly contributing to the growth of the sonar systems market. Terrorism is defined as violence in an asymmetrical conflict that is designed to induce terror and psychic fear. Sonar systems can be used to find and tackle terror plans such as bombing, underground bomb fixing, unknown submarines in oceans, and others. For instance, in March 2023, according to Global Terrorism Index (GTI) 2023, the number of deaths more than doubled, albeit from a low base from nine deaths in 2021 to 19 in 2022, with 11 of these occurring in the US during terrorist attacks. Therefore, the rising number of terrorist attacks is driving the market for sonar systems.
Key Industry Players
Major companies operating in the sonar systems market include Ultra Electronics Holdings plc, Thales Group, Navico Holding AS, L3Harris Technologies Inc., Atlas Elektronik GmbH, Kongsberg Gruppen ASA, Lockheed Martin Corporation, Teledyne Technologies Incorporated, Sonardyne International Ltd, Aselsan Elektronik Sanayi ve Ticaret A.S., Furuno Electric Co. Ltd., Japan Radio Co. Ltd., DSIT Solutions Ltd., Northrop Grumman Corporation, General Dynamics Mission Systems Inc., Raytheon Technologies Corporation, Nautel Limited, Mistral Solutions Pvt. Ltd., thyssenkrupp AG, Western Marine Electronics Inc., Koç Bilgi ve Savunma Teknolojileri A.S., SonarTech Underwater Systems LLC, Meteksan Defense Industry Inc., GeoSpectrum Technologies Inc., Koc Bilgi ve Savunma Teknolojileri AS
The sonar systems market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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