Market Research Report
Sonar Systems Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||854086|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Sonar Systems Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: November 1, 2019||Content info: 110 Pages||
The sonar systems market is estimated to grow at a CAGR of over 5% during the forecast period 2019-2024.
Sonar (sound navigation and ranging) is a technique which makes use of sound propagation (in order to navigate, communicate with or detect objects on or under the surface of the water, such as other vessels.
Sonar Systems for the Defense Sector is Projected to Grow at a Higher Pace
Currently, the defense sector has the highest share of all the segments. Various developments are ongoing in terms of sonar systems for the defense sector. Various companies are engaged in manufacturing of various sonar systems such as Diver detection, Towed, Hull mounted, Dunking SONARS, and Coastal Surveillance for the Navy. In 2019, Ultra Electronics Maritime Systems announced that they will be building and integrating the low frequency active and passive towed-array sonar system and the company's next-generation hull-mounted sonar aboard the future Canadian Surface Combatant (CSC) Vessels. Currently, the US Navy has reported that they shall be limiting the usage of the new sonar system which has been designed to detect enemy submarines from great distances in the ocean owing to the fact that the new sonar systems are causing problems for the marine life. On the other hand, Indian Navy, in 2018, announced that they shall be receiving six low-frequency Active Towed Array Sonar (ACTAS) systems from Germany which shall be installed on the new Kamorta-class corvettes. The system, which can detect enemy submarines, shall improve the anti-submarine warfare capabilities of the Indian Navy. Thus, upcoming developments shall increase the focus on this segment, and this shall be the reason for its expected high CAGR.
North America is Expected to Witness the Highest Growth During the Forecast Period
In the sonar systems market, North America shall experience the highest growth. Various developments in the North America region in terms of sonar systems shall lead to its high growth. Currently, the United States is focused on the development of advanced sonar systems for locating submarines or ships at longer distances. In 2018, BAE Systems plc announced that they have been commissioned by The Defense Advanced Research Projects Agency (DARPA), a US Defense Technology Agency, for building new sonar systems. The system shall combine the advantages of active and passive sonar detection to give US submarines a comparative edge over increasingly capable Russian and Chinese vessels. Various ongoing developments in terms of sonar systems shall lead to its growth in North America in the near future.
Lockheed Martin Corporation, Thales Group, Northrop Grumman Corporation, Chelsea Technologies Group Ltd., and Kongsberg Maritime are some of the prominent players in the market. Various initiatives, as well as product innovations, which are being done by companies, have led them to strengthen their presence in the market. In 2016, Lockheed Martin Corporation announced that they are about to provide the US Navy with the latest advancements in terms of sonar system for guidance and control systems for the MK 48 Mod 7 torpedo under a contract worth USD 425 million.