Market Research Report
Sonar System - Global Market Outlook (2017-2026)
|Sonar System - Global Market Outlook (2017-2026)|
Published: March 1, 2019
Stratistics Market Research Consulting
Content info: 134 Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Sonar System Market is accounted for $2.38 billion in 2017 and is expected to reach $5.22 billion by 2026 growing at a CAGR of 9.1% during the forecast period. Growing demand for high-resolution imaging for seabed mapping, increasing requirement of ship-owners to obey with the maritime safety norms, and rising number of conflicts, the naval forces use sonar systems to improve anti-submarine warfare capabilities are of the factors fuelling the market growth. However, severe impacts of sonar sound pulse on marine mammals are hindering the market.
Sonar is an acronym for Sound Navigation Ranging. Sonar system is a generally used system in the marine circles for communication, object detection, and navigation purposes. It is helpful in the exploration and mapping of the ocean as it uses sound as the medium to propagate inside the water and communicate. Globally, the systems are used in a wide range of applications ranging from commercial to military applications.
On the basis of solution, Hardware segment holds the major growth during the forecast period due to high demand for different hardware components and rising requirement for assuring safety, reliability and real-time connectivity.
Based on geography, Asia Pacific holds the significant market share during the forecast period owing to growing government expenses for obtaining advance equipment and rise in maritime border disputes in India, China, and South Korea.
Some of the key players profiled in the Sonar System Market include Ultra Electronics, Japan Radio (JRC) Co., Ltd., Navico, Furuno, L3 Technologies, Northrop Grumman, Thales, Lockheed Martin, Raytheon, Kongsberg Gruppen, Atlas Elektronik, Teledyne Reson, Sonardyne, and Aselsan.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.