Press Release Description
Massive Investments in Defense Sectors Worldwide to Boost the Sonar System Market
According to MarkNtel Advisors, the Global Sonar System Market size was valued at around USD1.5 billion in 2022 & is projected to grow at a CAGR of about 6.9% during the forecast period, i.e., 2023-28. The market is envisioned to upscale owing to the increasing defense budgets by several countries for deploying nuclear submarines & building warships as precautionary measures due to the surging terrorist activities worldwide.
Moreover, with the mounting use of sonars in Anti-Submarine Warfare (ASW), the increasing developments in systems, such as Synthetic Aperture Sonar (SAS), which produces high-resolution images, is another prominent aspect boosting the global market.
Besides, the soaring requirements for UUVs (Unmanned Underwater Vehicles) for military operations and commercial oil & gas exploration activities, coupled with improvements in AUVs (Autonomous Underwater Vehicles), are other prominent aspects foreseen to create profitable prospects for the market through 2028, further states the research report, “Global Sonar System Market Analysis, 2023.”
Global Sonar System Market Segmentation Analysis
Hull-mounted Sonars to Witness the Maximum Demand in the Global Market Through 2028
Based on the product type the market is further bifurcated into Hull-mounted & Stern-mounted. Of them, Hull-mounted sonar systems are likely to be dominant in the Global Sonar System Market during 2023-28. This is primarily due to the mounting need for forward-looking sonars, coupled with the growing interest of global defense forces toward enhancing their respective ASW capabilities.
Moreover, the evolving underwater threats, which are more difficult to detect on account of advancing stealth technologies, are driving the need for enhanced sonar capabilities & multiple sensors. This, in turn, would further augment the demand for hull-mounted sonars, further aiding in enhancing the Global Sonar System Market size during the forecast period.
Asia-Pacific to Display Opportunities for the Leading Players Through 2028
With massive funding by several countries in their respective naval sectors & the rapidly increasing domestic ship production across China & South Korea, Asia-Pacific is expected to observe exponential growth prospects in the Sonar System Market during 2023-28. Moreover, on account of various armed standoffs, many countries across the region are procuring new naval vessels & upgrading the existing ones, hence contributing in upgrading the market growth.
In addition to this, China & many other nations are substantially investing in enhancing their ASW capabilities to improve their situational awareness in the sea. Therefore, these aspects indicate remarkable growth opportunities for the market in Asia-Pacific, eventually supporting in upscaling the revenue of the Sonar System Market during 2023-28.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Reytheon, Thales, Lockheed Martin, L3, Ultra Electronics, Kongsberg Gruppen, Teledyne, Sonardyne, Atlas Elektronik, and Furuno are looking forward to strengthening their market position.
Key Questions Answered in the Research Report:
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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