Market Research Report
Sonar Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||788424|
|Published||Content info||124 Pages
Delivery time: 1-2 business days
|Sonar Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: February 11, 2019||Content info: 124 Pages||
The global sonar systems market was worth US$ 4.2 Billion in 2018. Sound navigation and ranging (SONAR) refers to a technique which employs sound waves for navigating, communicating, and detecting lost or hazardous objects. The sound waves are reflected from the objects and are detected by sonar systems which analyze the information contained in them. Sonar systems are generally divided into passive and active sonar. Active sonar systems emit acoustic waves into the water and listen to their echoes underwater, whereas, passive sonars do not generate their own signals and listen to the sounds produced by other vessels. Nowadays, sonar systems are widely used for fishing, hydrography, oil exploration, marine observation and nautical charting activities.
On account of the rising number of terrorist attacks, governments across the globe are increasing their defense budgets for building warships and deploying nuclear submarines as a part of their military strategies. Moreover, the growing applications of sonar systems in preventive defense processes and anti-submarine warfare (ASW) have boosted their demand across the globe. In line with this, advanced systems are being developed, such as synthetic aperture sonar (SAS) which produces higher resolution images. In addition, consistent enhancements in the arena of autonomous underwater vehicles and rising demand for unmanned underwater vehicles (UUVs) for commercial exploration of oil and gas are also anticipated to bolster the growth of the market. Looking forward, the market value is projected to reach US$ 5.3 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.
Based on the mode of operation, the market has been segmented into commercial active, military dual mode and military passive.
Based on the product type, the market has been segmented into general-purpose hull mounted sonar, seabed imaging and information sonar, stern mounted sonar, dipping sonar and others.
Based on the installation, the market has been segmented into vessel mounted, towed, hand-held and pole mounted, airborne, UUV and others.
Based on the operating frequency, the market has been segmented into high, medium and low.
Based on the application, the market has been segmented into hydrographic charting, offshore oil and gas, port and harbour management and coastal engineering. Hydrographic charting currently represents the biggest application.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the biggest market, accounting for the majority of the global sales.
The competitive landscape of the market has also been examined with some of the key players being Raytheon, Lockheed Martin, Thales, Kongsberg Gruppen, Ultra Electronics, L3 Technologies, Teledyne, Sonardyne, Atlas Elektronik, Furuno, Navico and JRC.