Sonar System Market is Forecasted to Reach US$ 7.9 Billion in 2028, Says Stratview Research

The global sonar system market is projected to witness a growth rate of 2.7% annually from 2022 to 2028, with an anticipated size of US$ 7.9 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global sonar system market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 7.9 billion
Growth (CAGR): 2.7% during 2022-2028
Forecast Period: 2022-2028
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Sonar System Market:

The global sonar system market is segmented based on application type, platform type, and region.

Based on application type - The market is segmented into anti-submarine warfare, port security, mine detection & countermeasure systems, search & rescue, navigation, diver detection, seabed terrain investigation, scientific, and others.

Based on platform type - The market is segmented into commercial vessels, defence vessels, unmanned underwater vehicles (UUVS), aircrafts, and ports. One of the most popular types of sonar is hull-mounted sonar. Sonars affixed to the ship's hull are fastened there. Sonar installed on the ship's hull is utilized for various operations, including diver identification, fish detection, anti-submarine warfare, and seabed monitoring. Further divisions of hull-mounted sonar include echosounders, omnidirectional sonar, and forward-looking sonar.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/2964/sonar-system-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is likely to maintain its supremacy in the global sonar system market throughout the forecast period. This growth outlook is majorly attributed to the following-

• The U.S. made significant efforts to create technologically advanced weapon stations, which allowed North America to lead the market in 2021.
• In contrast, Europe's market is expected to grow more quickly in the future because of the ongoing focus on weaponry upgrades.
• In defence and maritime applications, sonar systems are utilized for a variety of operations including surveillance, navigation, tracking, etc.
• Sonar is used in a variety of defence and business applications, such as port security, anti-submarine warfare, fishing, mine detection, and seabed terrain monitoring.
• Asia Pacific is expected to witness the fastest growth in the global market during the forecast period. The growth can be attributed to the increasing investments by China, India, and Japan in the defense industry. Globally China's defense budget stands second after the US.

Sonar System Market Drivers:

Some of the key drivers listed in the report are given below.
• Consistent expansion in the deliveries of military vessels.
• Sonar systems are employed on military ships for various purposes, including diver detection, mine detection, seabed topography exploration, anti-submarine warfare, and port security.

Top Companies in the Sonar System Market:

Stratview Research has identified the following companies as the top market players.
• DSIT (Israel)
• Ultra Electronics (UK)
• ATLAS ELEKTRONIK GmbH (Germany)
• Aselsan (Turkey)
• Raytheon Company (US)
• Furuno (Japan)
• Kongsberg Gruppen ASA (Norway)
• Teledyne Technologies Inc. (US)
• Sonardyne (UK)
• Japan Radio Company (Japan)
• Navico (Norway)
• FLIR Systems (US)
• Thales (France)
• EdgeTech (US)
• Lockheed Martin (US)
• L-3 Technologies Inc. (US)

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Sonar System Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.