Global Sonobuoy Market Outlook and Growth Forecast for the Period 2016-2024

Posted on 2018-05-28 by Mark Hub in Industrial, Technology // 0 Comments

Albany, USA, 2018-May-28 — /EPR Network/ —The market for Sonobuoy Market growing with the expansion of this Industry Sector Worldwide. Market Research Report Search Engine (MRRSE) has added a new report titled “Global Market Study on Sonobuoy: Passive Sonobuoy Segment to Retain Its Dominance Through 2024”which offer details about the current trends as well as scope for the near future. This research study also covers information about the production and market share based on different active regions. Furthermore, an anticipated growth at a double-digit CAGR for the concerned Sonobuoy Market is highlighted in the report which indicates a prosperous future.

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Sonobuoys are acoustic sensors built on the principle of Sound Navigation and Ranging (SONAR) system, for detecting the presence of submarines, sunken ships, oil and gas deposits, etc. They are carried in a Sonobuoy Launch Container (SLC) in ships and aircraft for pneumatic or free-fall launch. They are built with hydrophones or transducers for converting sound signal to an electrical signal and transmitting it to the patrolling aircraft or ship. On the basis of operation, they are classified into passive and active sonobuoys. Sonobuoys are manufactured in sizes A and B. Size A sonobuoys have dimensions of 4.75” x 36”, whereas size B sonobuoys have dimensions of 6.875” x 60”.

Revenue generated by the global sonobuoy market is estimated to reach US$ 518.4 Mn by 2016, witnessing an increase of 5.8% over 2015. Passive sonobuoy segment is estimated to hold the largest share among the type of sonobuoys available, accounting for US$ 362.6 Mn by 2016, up from US$ 342.4 Mn in 2015. The global sonobuoy market is forecasted to register 6.3% CAGR during the period 2016-2024, and reach US$ 844.9 Mn in revenues by 2024 end.

Market dynamics

Sonobuoys are acoustic sensing systems, released in the ocean from an aircraft or ship, for detecting sound signals underwater. These anti-submarine warfare systems consist of hydrophones, which are used for listening and recording acoustic signals emitted from other submarines. These signals are sent back to the aircraft or ship using radio transmitters in the sonobuoys. Early detection of enemy submarines can help prevent potential attacks and loss of resources. These factors are driving naval forces around the world to deploy sonobuoys, and hence driving the growth of the global sonobuoy market.

Some sonobuoys are used for echo sounding, to measure the depth of a water body. Sonobuoy transmits a sound wave that gets reflected back from the seafloor. The time it takes for the wave to travel back to the ship is recorded and used for calculating depth and thickness of the seabed, identifying composition of the layers in the seabed, and detecting salt domes and seeps. Overtime, salt accumulates to form a dome from where oil and gas can be extracted. As oil and gas are valuable resources, various governments are making major investments for installation of sonobuoys to locate sand domes and seeps, thereby driving the growth of the global sonobuoys market.

Sonobuoys detect presence of enemy submarines, and transmit the signal back to aircraft or ship. For locating accurate position of the submarine, sonobuoys are launched in a particular pattern. Hence, each sonobuoy is required to be assigned a different radio frequency for transmitting signals. These sonobuoys can only be launched by ships and aircrafts that have sonobuoy launchers. Technicians on these aircrafts and ships need to continuously monitor these received signals to prevent potential threats. Monitoring and analysis of acoustic signals transmitted by these sonobuoys needs employment of skilled technicians. Thus, various additional costs are associated with sonobuoys, apart from initial purchase costs. Most governments of underdeveloped economies are unable to afford such expenses, which adversely affects deployment of sonobuoys.

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Governments of various countries have laid down certain regulations for deployment of sonobuoys. These regulations are set to limit the use of sonobuoys in areas where marine life exists and this is expected to act as a restraint for the global sonobuoy market.

Segment analysis

Among all the types of sonobuoys, passive sonobuoy segment is estimated to account for maximum market revenue share by 2024, owing to the fact that passive sonobuoys can perform detection without revealing their presence to the target. Active sonobuoys segment is estimated to account for the second largest market revenue share by 2024, owing to the fact that active sonobuoys are used for localization and tracking of targets.

In the application segment, detection and tracking segment is estimated to increase at the highest growth rate in the forecast period, followed by safety and security segment. Detection and tracking the presence of adversary submarines is a major factor expected to drive demand for this application segment.

Regional analysis

The sonobuoy market in North America region is expected to be the largest revenue generator by 2024, and is expected to account for a revenue share of 70.4% by 2024, owing to the presence of established sonobuoy manufacturers and increased defense spending by respective governments. The market in Europe is estimated to be the second largest in the global sonobuoy market with market revenues expected to be worth US$ 103.4 Mn by 2024.

Key market players

Some key vendors such as ERAPSCO, Radixon, and Thales Group focus on collaborating with naval forces to provide enhanced product offerings specifically suited for defense applications, to consolidate their position in the market. ERAPSCO is a joint venture between Sparton Corporation and Ultra Electronics USSI, focused on manufacturing sonobuoys and related products for antisubmarine operations.

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