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Discover the sonar system market growth at 4.33% CAGR from 2017 to 2022

Discover the sonar system market growth at 4.33% CAGR from 2017 to 2022

Sonar System Market growth is attributed to the rising demand for sonar systems in tactical defense operations, Anti-Submarine Warfare (ASW) techniques, and growing demand for sonar systems from the fishing industry. The Sonar System Market Report is an analytical guide providing information about the key company profiles, industry insights, and market forecast.

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Complete report is now available on Sonar System Market by Product Type, Installation (Vessel Mount, Towed, Hand-Held & Pole Mounted, Airborne, UUV), Mode of Operation, Operating Frequency (High, Medium, Low), Application (Defense, Commercial), and Region - Global Forecast to 2022 at www.rnrmarketresearch.com/sonar-sy…rket-report.html

Based on product type, the seabed imaging and information sonar segment is expected to grow at the highest CAGR during the forecast period. The growth in the sonar system market can be attributed to the increasing demand for unmanned underwater vehicles in the commercial exploration of oil & gas and ongoing technological advancements in the field of autonomous underwater vehicles.

The sonar system market is projected to grow from USD 3.49 billion in 2016 to USD 3.72 billion by 2022, at a CAGR of 4.33% from 2017 to 2022. The growth in this market can be attributed to the rising demand for sonar systems in tactical defense operations, increased adoption of sonars for Anti-Submarine Warfare (ASW) techniques, and growing demand for sonar systems from the fishing industry.

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However, factors including radiations emitted from sonars at high frequencies that affect the marine life and water vegetation can restrain the growth of the sonar system market in the future.

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Based on installation, the vessel mount segment accounted for the largest share of the sonar system market in 2016. This can be attributed to the increase in various commercial and defense shipbuilding activities.

These sonars are installed in ships in their hull. North America is expected to lead the vessel mount segment during the forecast period mainly due to by large naval shipbuilding orders in the US and Canada.

North America led the sonar system market in 2016. The North America sonar system market has been studied for the US and Canada.

The US is leading the sonar system market in North America. Factors responsible for the growth of the North America sonar system market are procurement of advanced sonar systems to incorporate in improved naval defense systems for the security of the country and increase in R&D for technological advancements of sonar systems by major players in the region.

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Break of primary participants in Sonar System Market was as mentioned below:

By Company Type: Tier 1 – 35%, Tier 2 – 45%, Tier 3 – 20%

By Designation: C level – 35%, Director level – 25%, Others – 40%

By Region: North America–50%, Europe– 30%, Asia Pacific – 15%, Rest of the World– 5%

Major players of Sonar System Market Report are:

Major players in the sonar system market are Kongsberg Gruppen ASA (Norway), Lockheed Martin Corporation (US), ATLAS ELEKTRONIK GmbH (Germany), Furuno Electric Co, Ltd. (Japan), Navico (Norway), and Thales Group (France), among others.

Key Benefits of Sonar System Market Report

This report covers the following aspects that will benefit the client:

Market segmentation on the basis of type, application, and region

Market dynamics including drivers, restraints, and opportunities

Porter’s Five Forces analysis

Profile of key players in the global Sonar System market

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