Sonar System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Sonar System Market
The sonar system market size was valued at USD 2.09 billion in 2021, and the market is now projected to grow from USD 2.20 billion in 2022 to USD 3.76 billion by 2029, exhibiting a CAGR of 7.96% during the forecast period of 2022-2029.
Russian and Ukrainian ports are the major export hubs of crude oil, wheat, and corn. The present war condition has closed down the cargo import and export through the sea, subsequent in slow growth in the aquatic sector. Based on our investigation, the worldwide market showed a drop in 2020 as compared to 2019.
The SONAR system for fish observing employs a deep neural network. For the development of fish resources, demand for fish observing is projected to develop in aquaculture farms. A high-precision imaging SONAR and a subaquatic optical camera make up the deep neural network SONAR. The device permits for night-time monitoring and supports in developing more effective fish farming. As a result, augmented demand for the system in aquaculture farms boosts the sonar system market growth.
Key organizations' augmented usage of 3D printing technology to build a 3D printed SONAR system is a prominent movement in the market. The manufacturing method offers a system that is both light and economical. The 3D system is a state-of-the-art audio imaging gadget. Its key function is to deliver wide-area, high-resolution images of the seafloor.
Comprehensive Analysis of Sonar System Market
The market can be segmented in various ways, depending on the focus of analysis such as by product type, by application, by platform and by solution. Based on product type, the market is segmented into hull-mounted, stern-mounted, sonobuoy, and DDS. By application, the market is divided into commercial and defense. Based on platform, this market is classified into ship type and airborne. Based on solution, the market is segmented into hardware and software. By end-user, the market is divided into line fit and retrofit.
Asia Pacific region is dominating the sonar system market share due to augmented spending in the naval sector and an upsurge in domestic ship production.
The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include ASELSAN A.Ş. (Turkey), ATLAS ELEKTRONIK INDIA Pvt. Ltd. (India), DSIT Solutions Ltd. (Israel), EdgeTech (U.S.), FURUNO ELECTRIC CO., LTD. (Japan), Japan Radio Co. (Japan), KONGSBERG (Norway), Lockheed Martin Corporation (U.S.), L3Harris Technologies, Inc. (U.S.), NAVICO (Norway), Raytheon Technologies Corporation (U.S.), SONARDYNE (U.K.), Teledyne Technologies Incorporated. (U.S.), Thales Group (France), Ultra (U.K.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In February 2022, ELAC SONAR was presented a agreement worth USD 58 million by Leonardo SpA to provide SONAR systems for two new submarines supplied by Fincantieri for the Italian Navy.
Segmentation Table
ATTRIBUTE DETAILS
Study Period2018-2029
Base Year2021
Estimated Year2022
Forecast Period2022-2029
Historical Period2018-2020
UnitValue (USD Billion)
SegmentationBy Product Type
Hull-Mounted
Stern-Mounted
Sonobuoy
DDS
By Application
Commercial
Defense
By Platform
Ship Type
Airborne
By Solution
Hardware
Transmitter
Receiver
Control Units
Displays
Sensors
Ultrasonic Diffuse Proximity Sensors
Ultrasonic Retro-Reflective Sensors
Ultrasonic Through-Beam Sensors
VME-ADC
Others
Others
Software
By End-User
Line fit
Retrofit
By Geography
North America (By Product Type, Solution, Platform, Application, End-User, and Country)
U.S. (By Product Type, Solution, Platform, Application, End-User)
Canada (By Product Type, Solution, Platform, Application, End-User)
Europe (By Product Type, Solution, Platform, Application, End-User, and Country)
U.K. (By Product Type, Solution, Platform, Application, End-User)
Germany (By Product Type, Solution, Platform, Application, End-User)
France (By Product Type, Solution, Platform, Application, End-User)
Russia (By Product Type, Solution, Platform, Application, End-User)
Italy (By Product Type, Solution, Platform, Application, End-User)
Rest of Europe (By Product Type, Solution, Platform, Application, End-User)
Asia Pacific (By Product Type, Solution, Platform, Application, End-User, and Country)
China (By Product Type, Solution, Platform, Application, End-User)
India (By Product Type, Solution, Platform, Application, End-User)
Japan (By Product Type, Solution, Platform, Application, End-User)
South Korea (By Product Type, Solution, Platform, Application, End-User)
Rest of Asia Pacific (By Product Type, Solution, Platform, Application, End-User)
Rest of the World (By Product Type, Solution, Platform, Application, End-User, and Sub-Region)
Middle East & Africa (By Product Type, Solution, Platform, Application, End-User)
Latin America (By Product Type, Solution, Platform, Application, End-User)
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