Market Research Report
Global Sonar System Market - Analysis By Solution (Hardware, Software), End-User, Defence Application, Commercial Application, By Region, By Country (2020 Edition): Opportunities and Forecast (2019-2024)
|Global Sonar System Market - Analysis By Solution (Hardware, Software), End-User, Defence Application, Commercial Application, By Region, By Country (2020 Edition): Opportunities and Forecast (2019-2024)|
Published: January 31, 2020
Content info: 220 Pages
Delivery time: 2-3 business days
The Global Sonar System Market, valued at USD 2.71 billion in the year 2018 has been witnessing unprecedented growth in the last few years on the back of increasing expenditure on military or naval forces. Moreover, factors that are backing the growth of sonar system market are increasing global sea trade, growing maritime tourism, increasing demand of autonomous underwater vehicles as well as ongoing improvement in the marine navigational safety.
Among the Solutions segment in the sonar system market (Hardware, Software), Hardware Solution has been gaining popularity among various end-user segments and is expected to keep major market share in the forecast period on the back of higher underwater security measures from threats and conflicts. The Hardware solution segment includes components such as sensors, transducers, etc.
Based on End-User segment, Defence sector dominates the market share in year 2018 and is also expected to show dominance during the forecast period owing to rising initiatives by the regional government's on providing more and better security measures to ensure the safety of lives from underwater threats and terrorist attacks.
The Asia Pacific market is estimated to be the leading market for sonar system during the forecast period with China being the leading country in the region followed by Japan and India. Moreover, burgeoning demand for medical applications and rising demand for sonar system in strategic defence operations are some of the key factors fuelling the demand of sonar system in the region.