The sonar system market was valued at USD 3.49 Billion in 2016 and is projected to reach 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. 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.
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.
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.
- Atlas Elektronik
- Kongsberg Gruppen
- Lockheed Martin
- Ultra Electronics
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Sonar System Market, By Product Type
8 Sonar System Market, By Installation
9 Sonar System Market, By Mode of Operation
10 Sonar System Market, By Application
11 Geographical Analysis
12 Company Profiles
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