Sonar System Market Current Scenario and Growth Prospects to 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "Sonar System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global sonar systems market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the sonar systems market?

The global sonar systems market size reached US$ 4.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.3 Billion by 2028, exhibiting a growth rate (CAGR) of 1.65% during 2023-2028.

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What is Sonar System?

Sound navigation and ranging (SONAR) systems refer to devices that generally comprise a transducer, display, receiver and transmitter. They utilize acoustic noise waves that help in exploring and mapping the ocean. They function by sending an impulse sound from the transmitter, upon which an echo is generated that returns to the transducer, usually amplified by the receiver and the data are reflected over the display. As a result, it is widely adopted for marine and defense applications to create nautical charts, detect and determine the direction and distance of submerged objects and locate underwater hazards.

What are the growth prospects and trends in the Sonar System industry?

The global market is primarily driven by significant growth in the defense sector. Along with this, the rising incidences of border threats and geopolitical conflicts among various countries are providing a boost to the demand for sonar systems. Since sound waves travel farther than radar and light, there has been a considerable rise in the utilization of sonar systems for exploration and communication purposes across the globe. Moreover, the increasing utilization of sonar systems for research and development (R&D) activities conducted by key players for seabed mapping are creating a positive market outlook. Additionally, continual technological advancements, such as the introduction of synthetic aperture sonar systems that provide high-quality image resolution, are further strengthening the market. Other factors, including the rising expenditure to upgrade the overall defense infrastructure, continuous product innovations and the increasing demand for unmanned underwater vehicles (UUVs) for commercial oil and gas exploration activities, are also contributing to the market.

Sonar System Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the sonar systems market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Raytheon
Lockheed Martin
Thales
Kongsberg Gruppen
Ultra Electronics
L3 Technologies
Teledyne
Sonardyne
Atlas Elektronik
Furuno
Navico 
JRC

Key Market Segmentation:

The report has segmented the sonar systems market on the basis of mode of operation, product type, installation, type, application, material and region.

Breakup by Mode of Operation:

Active
Passive
Active cum Passive

Breakup by Product Type:

Hull Mounted Sonar
Towed Array Sonar
Sonobuoys
Dipping Sonar
Driver Detection Sonar

Breakup by Installation:

Vessel Mounted
Airborne
Towed
UUV
Hand-Held and Pole Mounted
Others

Breakup by Type:

Multi Beam
Side Scan
Single Beam
Synthetic Aperture

Breakup by Application:

Military
Hydrographic Charting
Offshore Oil and Gas
Port and Harbour Management
Coastal Engineering
Others

Breakup by Material:

Piezoelectric Ceramics
Piezoelectric Single Crystals
Magnetostrictive Materials
Others

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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This release was published on openPR.