Market Research Report
Published: April 1, 2021
Global Industry Analysts, Inc.
Content info: 269 Pages
Delivery time: 1-2 business days
Global SONAR Systems Market to Reach $4.4 Billion by 2027
Amid the COVID-19 crisis, the global market for SONAR Systems estimated at US$3.6 Billion in the year 2020, is projected to reach a revised size of US$4.4 Billion by 2027, growing at aCAGR of 2.8% over the period 2020-2027. Defense, one of the segments analyzed in the report, is projected to record 3.1% CAGR and reach US$2.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial segment is readjusted to a revised 2.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $985.4 Million, While China is Forecast to Grow at 5.3% CAGR
The SONAR Systems market in the U.S. is estimated at US$985.4 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$902.8 Million by the year 2027 trailing a CAGR of 5.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.3% CAGR.
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