Market Synopsis:
The global sonar systems market, according to Market Research Future (MRFR) is anticipated to mark a CAGR of 5.8% across the review period 2018 to 2023. Rising adoption of the systems by naval forces is expected to lead the growth of the market over the next couple of years. Increasing terrorist attacks and cross border conflicts has led to increasing budget allocations for naval armies on the global front. This, in turn, is likely to supplement the expansion of the sonar systems market in the years to come.
Increasing use of waterways for import and export is anticipated to increase commercial applications of the product. This, in turn, is projected to promote the growth pace of the sonar systems market over the next couple of years. It is projected to gain much popularity in the developing economies and is also expected to attract investments in these regions. Furthermore, technological advancements are anticipated to dominate the growth of the sonar systems market in the foreseeable future.
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Competitive Dashboard:
Atlas Elektronik (Germany), L3 (US), Kongsberg Gruppen (Norway), Lockheed Martin (US), Raytheon (US),Northrop Grumman (US), Sonardyne (UK), Thales Group (France), Teledyne (US),and Ultra systems market Electronics (UK) are some distinguished players participating in the competitive landscape of the global sonar systems market. These players are expected to invest massively in the development of advanced products for the gaining an edge over other competitors. In addition, investments in the expansion of global footprints is also expected to encourage the competitiveness in the global market place over the next couple of years. Some of the growth approaches to be witnessed in the sonar systems market by players to stay ahead of the curve are mergers & acquisitions, collaborations, partnerships, agreement.
Market Segmentation:
By type, the sonar systems market has been divided into active sonar and passive sonar. Among these, the active sonar segment is projected to account for a relatively larger share of the sonar systems market over the next couple of years. Increasing demand for these systems for navigation, fish finding purpose, and diver communication is likely to lead the growth of the segment in the years to come. Meanwhile, the passive sonar segment is prognosticated to register a higher CAGR across the review period.
Based on installation, the sonar systems market has been segmented into hand-held and pole mounted, vessel mounted, towed, UUV, and others. The vessel mounted segment is expected to lead the growth pattern f the market over the next couple of years. Increasing adoption of sonar systems for naval requirements is likely to influence the expansion of the segment greatly in the years to come. Meanwhile, the UUV segment s prognosticated to register a higher CAGR through the forecast period.
on the basis of application, the global sonar systems market has been divided into military and commercial. The commercial segment is likely to account for the maximum market share over the next couple of years. However, the military segment is anticipated to mark a higher CAGR across the assessment period.
Regional Analysis:
The geographical assessment f the market is covered on regional basis and has been narrowed down to country-level basis. The regional segments of the market study are – North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America. Asia Pacific is anticipated to dictate the growth of the market in the upcoming years. China and South Korea are estimated to exhibit exceptional growth of the sonar systems market over the next few years.
Table of Content:
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. List of Assumptions
2.2.4. Limitations
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
4. Market Dynamics
4.1. Introduction
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
Continued. . .
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