Key Market Dynamics in Sonar System Market

Northbrook, USA, 2021-Oct-04 — /EPR Network/ —

According to the latest market research report “Sonar System Market by Product Type (Hull Mounted, Stern Mounted, Sonobuoy, DDS), Application (Commercial, Defense), Platform (Ship Type, Airborne), End User (Line Fit, Retrofit), Solution (Hardware, Software), Region – Global Forecast to 2023″, The sonar system market is projected to grow from USD 2.6 billion in 2018 to USD 3.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.98% from 2018 to 2023. The major factors driving the growth of the market are the increasing global seaborne trade activities, growing requirement of shipowners to comply with the maritime safety norms, and flourishing maritime tourism sector.

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Based on ship type platform, the defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment during the forecast period

Based on ship type platform, the defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment from 2018 to 2023. The growth of this segment can be attributed to the increased demand for different types of ships by naval forces of different countries. Moreover, the increasing demand for equipping naval ships with updated Anti-submarine Warfare (ASW) systems is expected to drive the growth of the defense segment of the market.

Increasing demand for retrofitting existing commercial vessels from the European and Asia Pacific regions is expected to drive the growth of the retrofit segment of the sonar system market from 2018 to 2023.

Based on end user, the retrofit segment of the sonar system market is projected to grow at a higher CAGR than the line fit segment during the forecast period. The increase in the number of orders for retrofitting existing commercial ships is leading to the growth of the retrofit segment of the market.

The Asia Pacific region is projected to emerge as a lucrative market for sonar systems during the forecast period.

The Asia Pacific region is expected to lead the sonar system market in 2018. The growth of the market in the region can be attributed to increase in the maritime trade activities in the region due to rapid economic development taking place in the region. This flourishing seaborne trade in the region has subsequently led to an increased demand for ships for transporting manufactured goods, worldwide. Thus, the rising number of ships in the Asia Pacific region has led to increased demand for sonar systems in the region.

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The major players in the sonar system market include Raytheon (US), Lockheed Martin (US), Thales (France), Kongsberg Gruppen (Norway), Ultra Electronics (UK), L3 (US), Teledyne (US), Sonardyne (UK), Atlas Elektronik (Germany), Furuno (Japan), Navico (Norway), Japan Radio (JRC) Co. Ltd. (Japan), DSIT (Israel), EdgeTech (US), and Aselsan (Turkey), among others. These key players have adopted the key strategies of contracts and new product developments to strengthen their position in the sonar system market.

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