Sonar System Current Market Trend, Survey, Analysis and Forecast to 2022

Sonar system market is projected to grow from USD 3.49 billion in 2016 to USD 3.72 billion by 2022, at a CAGR of 4.33% from 2017 to 2022.

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The key players in the Sonar System Market include – Kongsberg Gruppen ASA (Norway), Lockheed Martin Corporation (US), ATLAS ELEKTRONIK GmbH (Germany), Furuno Electric Co, Ltd. (Japan), Navico (Norway), and Thales Group (France), among others.

North America led the sonar system market in 2016. The North America sonar system market has been studied for the US and Canada. The US is leading the sonar system market in North America. Factors responsible for the growth of the North America sonar system market are procurement of advanced sonar systems to incorporate in improved naval defense systems for the security of the country and increase in R&D for technological advancements of sonar systems by major players in the region.

Target Audience:

• Sonar Equipment Suppliers
• Sonar Equipment Manufacturers
• Sonar Training Bodies
• Technology support providers
• Regulatory Bodies
• Shipping Companies
• Software/Hardware/Service and Solution Providers
• Hydrographic Survey Companies
• Original Equipment Manufacturers (OEMs)

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The growth in the sonar system market can be attributed to the increasing demand for unmanned underwater vehicles in the commercial exploration of oil & gas and ongoing technological advancements in the field of autonomous underwater vehicles.

Based on installation, the vessel mount segment accounted for the largest share of the sonar system market in 2016. This can be attributed to the increase in various commercial and defense shipbuilding activities. These sonars are installed in ships in their hull. North America is expected to lead the vessel mount segment during the forecast period mainly due to by large naval shipbuilding orders in the US and Canada.

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The study segments the sonar system market on the basis of mode of operation (commercial active, military dual mode, and military passive), product type (general-purpose hull mounted sonar, seabed imaging and information sonar, stern mounted sonar, dipping sonar, and others), installation (vessel mounted, towed, hand-held and pole mounted, airborne, UUV, others), frequency of operation (high, medium, low), application (defense and commercial), and region (North America, Europe, Asia Pacific and Rest of the World).The report provides in-depth market intelligence regarding market dynamics and major factors that influence the growth of the sonar system market (drivers, restraints, opportunities, and industry-specific challenges), along with analyzing micro markets with respect to individual growth trends, prospects, and their contribution to the sonar system market.

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