Sonobuoy Market: Global Markets & Advanced Technologies

In a new report titled “Sonobuoy Market: Global Industry Analysis and Forecast 2016 – 2024”, Persistence Market Research analyzes the performance of the global sonobuoy market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). The global sonobuoy market is anticipated to grow from US$ 518.4 Mn in 2016 to US$ 844.9 Mn by 2024, expanding at a CAGR of 6.3% in terms of revenue during the forecast period (2016-2024). In this report, the global sonobuoy market is tracked in terms of value and is calibrated to obtain market revenue estimates.

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”.

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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.

Download TOC: https://www.persistencemarketresearch.com/market-research/sonobuoy-market/toc

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 2016-2024. In 2015, 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 of 6.5% over the forecast period in the global sonobuoy market in terms of revenue, followed by the active sonobuoy segment.

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This release was published on openPR.