Press release
Global Sonar Systems Market: Driving Factors and Predicted Growth
Sonar Systems Market
What Is The Projected Market Size Of The Global Sonar Systems Market And Its Growth Rate?
The sonar systems market has demonstrated robust growth over the recent years.
• The market is expected to grow from $4.24 billion in 2024 to $4.61 billion in 2025 at a CAGR of 8.7%.
• The forecast period is expected to witness a significant rise in the market value as it is projected to grow to $5.99 billion in 2029 at a CAGR of 6.8%.
This growth in both the historic and forecast period can be attributed to factors like underwater resource exploration, navigation defence investments, commercial fishing industry, environmental monitoring, artificial intelligence (ai) and machine learning (ml), 3D sonar imaging and mapping, and the rise in solar power projects.
What Is Driving The Growth In The Sonar Systems Market?
The increasing number of terrorist attacks is significantly fuelling the growth of the sonar systems market. Terrorism, with its profound potential to induce terror and psychic fear, is driving the need for improvements in sonar systems to detect and counteract such threats underground bomb fixing, unknown submarines in oceans, and others. For example, the Global Terrorism Index (GTI) 2023 reported a two-fold increase in deaths, from nine in 2021 to 19 in 2022, with 11 of these occurring in the US during terrorist attacks. Consequently, the increasing number of terrorist attacks is propelling the market for sonar systems.
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Who Are the Key Players Driving Sonar Systems Market Growth?
Significant companies operating in the sonar systems market include:
• Ultra Electronics Holdings plc
• Thales Group
• Navico Holding AS
• L3Harris Technologies Inc.
• Atlas Elektronik GmbH
• Kongsberg Gruppen ASA
• Lockheed Martin Corporation
• Teledyne Technologies Incorporated
• Sonardyne International Ltd
• Aselsan Elektronik Sanayi ve Ticaret A.S.
• Furuno Electric Co. Ltd.
• Japan Radio Co. Ltd.
• DSIT Solutions Ltd.
• Northrop Grumman Corporation
• General Dynamics Mission Systems Inc.
What Are The Key Trends In The Sonar Systems Market?
Notable trends in the sonar systems market include:
• The incorporation of artificial intelligence (AI) and machine learning (ML)
• The use of 3D sonar imaging and mapping
• The application in counter-submarine warfare (ASW)
• The fusion of sensor data
• The utilization of smart inverters
What Are The Segments Of The Global Sonar Systems Market?
The sonar systems market is categorized into various segments:
• By Product: Hull-Mounted Sonar, Stern-Mounted Sonar, Dipping Sonar, Sonobuoy
• By Installation: Fixed, Deployable
• By Acoustic Frequency: Ultrasonic, Infrasonic
• By Application: Anti-Submarine Warfare, Port Security, Mine Detection and Countermeasure Systems, Search and Rescue, Navigation, Diver Detection, Seabed Terrain Investigation, Scientific
Which Region Leads The Sonar Systems Market?
In 2024, North America emerged as the largest region in the sonar systems market. However, the Asia-Pacific region is expected to record the fastest growth in the forecast period. The regions covered in the sonar systems market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Sonar Systems Market Global Market Report?
- Market Size Analysis: Analyze the Sonar Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Sonar Systems Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Sonar Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Sonar Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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