Global SONAR System Market Expected to Reach XX Million by 2025
According to a new report published by Reports Monitor titled, “SONAR System Market By Installation & Application: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the SONAR system market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
In February 2018, French Defense Agency announces that Thales Underwater Systems Ltd. is going to design an advanced SONAR system for nuclear-powered ballistic missile submarine.
Growing demand for SONAR system to improve anti-submarine warfare capabilities of naval forces drives the major market of this system globally. Further, increase in use of SONAR system in civilian and scientific industry applications such as, fisheries, location detection, and wave measurement are anticipated to drive the market growth of SONAR system. Moreover, rising defense investments in such systems for early detecting enemy submarines is expected to generate opportunities for development in SONAR system. Also, evolution in unmanned underwater vehicles (UUV) that required SONAR system to detect obstacles owes to create opportunity for this market.
However, sound pulses (pings) that transmits and receive create adverse effect on marine life into the sea could hamper the SONAR system market.
This report presents a detailed evaluation of SONAR system, which incorporates current industry situations such as market size, growth and demands, market outlook, major players with their key strategies which include investment, mergers and acquisitions, value chain analysis and porter’s evaluation. It covers the marketplace canvas and the boom opportunities in the coming years. The report has been made with an in-depth analysis along with vital inputs from the various industry professionals. The research is accomplished with both extensive primary and secondary data resources supported with either bottom up or top down approach.
The major growth factors for SONAR system market in U.S. and Canada is due to high defense investments in naval ships building and aircraft production owing to lead the market by North American region. However, increasing boarder conflicts in some Asia-Pacific countries such as, China, India, Japan, South Korea fuels up the market growth of SONAR system in APAC region. Moreover, increasing medical emergency and surveying boost the market growth for this system in Middle East and African region.
Key Question Answered:
• What will be the market size in 2025 and at what rate it will grow?
• What trends, barriers, challenges are influencing its growth?
• Who are the major key players in global SONAR system market and what are their strategies?
• Which vertical industry is expected to show major growth?
• What segment and region will lead the market and why?
The major companies profiled in the report include: Ultra Electronics, Neptune SONAR, Kongsberg Maritime, Exelis, Thales Underwater Systems Ltd., Lockheed Martin, L-3 Klein Associates, General Dynamics Canada, Teledyne Reson, and Raytheon.
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