Global Market Insights, Inc. Add New 2018-2024 Sonar System Market Report to its research database presenting an informative study covering the market with detailed analysis. The Global sonar system market research report is a professional and in-depth study on the current state of global Industry.
Asia Pacific sonar system market is expected to upsurge at the highest stride in the stipulated time owing to the increase of border conflicts in the countries including China, Japan, South Korea, India, and Australia. Significant investments by China in commercial and naval shipbuilding is one of the key factors fueling the industry in the Asia Pacific region.
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North America sonar system market is anticipated to be the leader for vessel mount segment in the forecast period mostly owing to by big naval shipbuilding orders in the U.S. and Canada. Increase in defense expenditure for nautical shipbuilding and hydrographic gas & oil exploration in the Asia Pacific is expected to enhance the demand for the product.
Defense application is assessed to account for principal share of the sonar system market. This segment is expected to raise at a higher pace in the stipulated period. In defense, sonars are used mostly in the naval ships. Major demand for the navigation sonars is primarily from countries involved in shipbuilding.
The increasing consumption of oil and gas worldwide is accelerating oil and gas exploration activities. Since unmanned underwater vehicles (UUVs) are integrated with SONAR systems for seabed mapping and mining, the growth in offshore industries and the investment of oil companies in UUVs will propel the sonar system market growth during the forecast period.
Vessel mount installation accounted for the majority of share of the sonar system market. It is attributed to the upsurge in numerous defense and commercial shipbuilding events. The UUV segment is anticipated to rise at the highest stride. The increase in the use of UUVs in applications including seabed mapping, hydrographic survey, mine hunting and military surveillance has directed to the growth in demand for sonars in UUVs.
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Commercial applications for the sonar system market include the use of sonars in navigation, hydrographic surveys and fisheries. Increased usage in fish finding will boost the demand for it in the commercial segment. The fisheries application of the commercial industry segment is projected to grow at the maximum CAGR in the stipulated time frame.
The growth of innovative SONARS for defense arena has led to a substantial surge in the government funding. The main funding programs introduced by the government will drive factors for sonar system market growth. In March 2015, Kraken SONARs received USD 450,000 in subsidy from Industrial Research Assistance Program held by Canada’s National Research Council for the expansion of high-resolution sonars based on Kraken’s Interferometric Synthetic Aperture sonar system technology.
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Major players of the sonar system market include Atlas Elektronik, JRC, Furuno, L3, Kongsberg Gruppen, Navico, Lockheed Martin, Sonardyne, Raytheon, Thales, Ultra Electronics and Teledyne. Due to the high growth potential of this industry, the retailers and wholesalers are directing on developing innovative products to seizure more revenue share. Since the industry has nominal scope for product differentiation, vendors are investing significantly in R&D.