Global Sonar System Market to Climb to USD 3.72 Bn by 2022, Expects M&M in Its Insightful Research Report Available at MarketPublishers.com
10 Nov 2017 • by Natalie Aster
LONDON – Driven by a scope of factors such as soaring demand for sonar systems in tactical defense operations and from the fishing industry, rising adoption of sonars for anti-submarine warfare (ASW) techniques, amid others, the sonar system market is anticipated to gain momentum by 2022, growing from about USD 3.49 billion in 2016 to USD 3.72 billion in 2022, posting a healthy 4.33% CAGR during 2017-2022. Moreover, the booming demand for unmanned underwater vehicles in the commercial exploration of oil and gas as well as technological advancements in the field of autonomous underwater vehicles also stimulate growth in the global sonar systems market.
Still, the market growth can be significantly restrained by radiations emitted from sonars at high frequencies that have a bad effect on the marine life and water vegetation.
Basing on sonar system types, the seabed imaging and information sonar segment is expected to show uptake at the highest CAGR through 2022.
On the basis of installation, the vessel mount segment leads the total market, this is primarily attributed to remarkable uptake in different commercial and defense shipbuilding activities.
In the year 2016, the world’s market for sonar system was reigned by North America. The North American sonar system market is likely to maintain its leadership in the coming years, witnessing high growth rates due to several favourable factors like rise in R&D activities, continued technological progress and introduction of advanced sonar systems and their increasing adoption in improved naval defense systems for the security of the country.
Companies dominating the sonar system marketplace include Kongsberg Gruppen ASA, ATLAS ELEKTRONIK GmbH, Furuno Electric Co, Navico, Lockheed Martin Corporation, and Thales Group.
Insightful research report “Sonar System Market by Product Type, Installation, Mode of Operation, Operating Frequency, Application, and Region - Global Forecast to 2022” prepared by M&M comprises a holistic analysis of the market situation on a global and regional scale. The publication provides a detailed market segmentation overview (based on product type, installation, mode of operation, application, operating frequency, regions). Profound insights into the market dynamics with a special emphasis on the key market growth drivers, challenges, restraints, ongoing and future industry and technology trends and emerging opportunities are provided here. Trustworthy info on the market performance (during 2015-2022), including data on the market size, volumes, values, shares and growth rates, is offered here as well. Besides, the report covers the market competitive landscape and includes 12 detailed profiles of the leading market players. A future market outlook up till 2022 is also at hand in this research study.
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