Press release
Sonobuoy Market is Anticipated to close to US$ 600 Mn by 2031 and Expanding at a CAGR of 6.3% in terms of revenue
Sonobuoy Market 2021-2031
The global sonobuoy market is anticipated to grow from a valuation of US$ 324.7 Mn in 2021 to close to US$ 600 Mn by 2031, expanding at a CAGR of 6.3% in terms of revenue. In this revised report, the global market is tracked in terms of value and is calibrated to obtain market revenue estimates.
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Sonobuoys are acoustic sensors built on the principle of Sound Navigation and Ranging (SONAR) system, for detecting the presence of submarines, sunken ships, oil and gas deposits, etc. They are carried in a Sonobuoy Launch Container (SLC) in ships and aircraft for pneumatic or free-fall launch.
They are built with hydrophones or transducers for converting sound signal to an electrical signal and transmitting it to the patrolling aircraft or ship. On the basis of operation, they are classified into passive and active sonobuoys. Sonobuoys are manufactured in sizes A and B. Size A sonobuoys have dimensions of 4.75” x 36”, whereas size B sonobuoys have dimensions of 6.875” x 60”.
Key Players:
The report has profiled some of the Important players prevalent in the global like – ERAPSCO (joint venture between Sparton Corporation and Ultra Electronics USSI), Radixon, Thales Group, Sealandaire Technologies, Inc., General Dynamics Corporation, Lockheed Martin Corporation and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Sonobuoy.
Market Dynamics
Increasing need amongst emerging economies to strengthen their anti-submarine operations and to monitor their natural resources are major factors driving the growth of the global sonobuoy market. Demand for sonobuoys is strongly associated with the growth of anti-submarine warfare market.
Moreover, demand for passive sonobuoys is expected to increase because of the fact that it performs detection and tracking without notifying the target object about its presence, and this is expected to reflect in the revenue forecast.
However, stringent regulations, high costs associated with deployment and monitoring of sonobuoys, technical limitations, etc. are major challenges expected to be faced by market players in the global sonobuoy market during the forecast period.
Market Forecast
To understand and assess the demand and opportunities in this market, the report is categorically split into four major sections, namely market analysis – by type, by application, by size, and by region.
The section – market analysis, by type, comprehensively analyzes the market on the basis of type and presents an in-depth analysis of the market in terms of value for 2021-2031. In 2020, the passive sonobuoy segment dominated the global sonobuoy market, followed by the active sonobuoy segment.
The passive sonobuoy segment is anticipated to expand at the fastest CAGR over the forecast period in the global sonobuoy market in terms of revenue, followed by the active sonobuoy segment. The section – market analysis by application, analyzes the global sonobuoy market on the basis of application and the data is provided in terms of value for 2021-2031.
In terms of market share, detection & tracking segment accounted for a major percentage of the revenue share of the overall market in 2020 and is expected to dominate the global sonobuoy market throughout the forecast years, followed by safety & security segment.
The section – market analysis by region, includes an in-depth country level analysis of all global regions namely, North America, Latin America, Europe, Asia Pacific, and Middle East & Africa by type, application, size, and countries; and provides market data in terms of value for 2021-2031.
In 2021, the market in North America region dominated the overall global sonobuoy market while holding 1/3 share, followed by the market in the Europe region. The sonobuoy market in North America region is projected to register the highest CAGR over the forecast period, followed by Asia Pacific and Latin America regions respectively.
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Major Highlights of the Sonobuoy Market Report:
The Sonobuoy Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
The report dives deeper into the market and explains the dynamic factors bolstering market growth.
The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
The report analyzes the Sonobuoy Market presence across major regions of the world.
It determines the production & consumption capacities and demand & supply dynamics of each regional market.
The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
It provides company overview and SWOT analysis of each of the market players.
Key Questions Answered in This Report.
What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?
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PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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