Sonar Systems Market Research Report - Global Forecast to 2023
Sonar Systems Market Research Report - Global
Forecast to 2023
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Copyright Š 2017 Market Research Future.
Sonar Systems Market Research Report - Global Forecast to 2023
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Copyright © 2017 Market Research Future.
Sonar Systems Market Research Report - Global Forecast to 2023
Summary: Sonar Systems Market is Projected to Register a CAGR of Approximately 5.8% during the Forecast Period
Market Overview: Rising adoption of the systems by naval forces is expected to lead the growth of the market over the next couple of years. Increasing terrorist attacks and cross border conflicts has led to increasing budget allocations for naval armies on the global front. This, in turn, is likely to supplement the expansion of the sonar systems market in the years to come. Increasing use of waterways for import and export is anticipated to increase commercial applications of the product. This, in turn, is projected to promote the growth pace of the sonar systems market over the next couple of years. It is projected to gain much popularity in the developing economies and is also expected to attract investments in these regions. Furthermore, technological advancements are anticipated to dominate the growth of the sonar systems market in the foreseeable future.
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Copyright Š 2017 Market Research Future.
Sonar Systems Market Research Report - Global Forecast to 2023
Segmentation: By type, the sonar systems market has been divided into active sonar and passive sonar. Among these, the active sonar segment is projected to account for a relatively larger share of the sonar systems market over the next couple of years. Increasing demand for these systems for navigation, fish finding purpose, and diver communication is likely to lead the growth of the segment in the years to come. Meanwhile, the passive sonar segment is prognosticated to register a higher CAGR across the review period. Based on installation, the sonar systems market has been segmented into hand-held and pole mounted, vessel mounted, towed, UUV, and others. The vessel mounted segment is expected to lead the growth pattern f the market over the next couple of years. Increasing adoption of sonar systems for naval requirements is likely to influence the expansion of the segment greatly in the years to come. Meanwhile, the UUV segment s prognosticated to register a higher CAGR through the forecast period. on the basis of application, the global sonar systems market has been divided into military and commercial. The commercial segment is likely to account for the maximum market share over the next couple of years. However, the military segment is anticipated to mark a higher CAGR across the assessment period.
Regional Analysis: The global sonar systems market has been analyzed for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America held largest share of the global sonar systems market in 2017 due to significant increase in defence spending in the US and Canada. Likewise, ongoing improvement in sensor technologies of passive and active sonar in the US is also expected to drive the demand for sonar systems during the review period. Europe is one of the leading markets for sonar systems owing to rising demand in the UK, France, Russia, and Germany. The growth of the regional market can be attributed to the procurement of sonar to upgrade naval vessels. Asia-Pacific is projected to grow at the highest rate during the forecast period. The increasing demand for sonar system in tactical defense operations due to increase in border disputes is expected to drive the market growth in this region. In the Middle East & Africa, the demand for sonar systems is expected to increase due to the increase in terrorist attacks in this region and large military expenses in Israel, Saudi Arabia, South Africa and Iran.
Competitive Dashboard: Atlas Elektronik (Germany), L3 (US), Kongsberg Gruppen (Norway), Lockheed Martin (US), Raytheon (US),Northrop Grumman (US), Sonardyne (UK), Thales Group (France), Teledyne (US),and Ultra systems market Electronics (UK) are some distinguished players participating in the competitive landscape of the global sonar systems market.
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Copyright Š 2017 Market Research Future.
Sonar Systems Market Research Report - Global Forecast to 2023
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Copyright Š 2017 Market Research Future.