Sonar System Industry worth $6.5 billion by 2026 Search Reports VIEW FULL TABLE OF CONTENTS
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According to a research report "Sonar Systems Market by Application, Platform (Commercial vessels, Defence vessels, Unmanned Underwater Vehicles, Aircrafts, and Ports), Type, Material, and Region (North America, Europe, APAC, Middle East, and RoW) - Forecast to 2026" published by MarketsandMarkets, the sonar system market is estimated to be USD 5.9 billion in 2021 and is projected to reach USD 6.5 billion by 2026, at a CAGR of 1.8% from 2021 to 2026. Growth of this market can be attributed to the rise in maritime trade, developments in the offshore energy sector, and fisheries. The commercial sonar market in fisheries is experiencing high growth to locate fish breeding ocean waters as excessive fishing has resulted in lower catches. Browse 320 market data Tables and 65 Figures spread through 281 Pages and in-depth TOC on "Sonar Systems Market - Forecast to 2026" View detailed Table of Content here - https://www.marketsandmarkets.com/MarketReports/sonar-systems-technology-market-142612945.html Major players in the defense sonar system market include Thales Group (France), ATLAS ELEKTRONIK GmbH (Germany), Raytheon Company (US), Lockheed Martin (US), L-3 Technologies Inc. (US) and Ultra Electronics (UK). Major players in the hydrographic sonar market include Kongsberg Gruppen ASA (Norway), Teledyne Technologies Inc. (US), and Sonardyne (UK). Navigation and fisheries sonars are provided by Furuno Electric Co., Ltd. (Japan), Japan Radio Company (Japan), Navico (Norway), and FLIR Systems (US). The report covers various industry trends and new technological innovations in the sonar system market for the period, 2016-2023. Increase in the number of sonar programs for Anti-Submarine Warfare (ASW) techniques The rise in the number of sea attacks on vessels, submarines, and other warships, such as the attack on Egyptian Navy Ship in the Mediterranean Sea by intruders in July 2015, has led to the enhancement of Anti-Submarine Warfare (ASW) techniques for underwater warfare. The use of sonar in ASW techniques helps in detecting, tracking, and deterring enemy submarines, which has encouraged the implementation of sonar systems. Hence, there has been a continuous increase in sonar programs to enhance the ASW techniques to counter underwater attacks,
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which is driving the sonar systems market. Commercial Sonar system market is projected to witness a higher CAGR during the forecast period Sonar systems are mainly used on fishing ships, cargo vessels, and search and rescue boats,
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cruise ships, and port security, The sonar system market for commercial vessels is expected to growfrom USD 450.8 million in 2021 to USD 494.5 million by 2026, at a CAGR of 1.9% during REQUEST FREE SAMPLE REPORT Chat now the Call forecast period.Email
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The vessel-mounted segment is estimated to be the largest share in Sonar system market Vessel-mounted sonar systems are mounted on the hull of a ship and used for underwater port security and by search and rescue teams. These systems are also used for commercial applications in fishery boats and hydrographic surveys. In naval vessels, they are installed in a ship’s bow for detection of threats such as submarines and mines. The active mode segment is estimated to account for the largest share of the sonar system market during forecast period Active sonar systems work only in the active mode, that is, they emit sonar waves and detect objects under the surface of a water body. These systems are mainly used by fisheries, deep-sea mining companies, and in hydrographic surveys. The active mode segment is estimated to account for the largest share of 50% of the sonar system market in 2021. This segment is projected to grow from USD 3059.0 million in 2021 to USD 3344.5 million by 2026, at a CAGR of 1.8% from 2021 to 2026. Hull-mounted sonar sEGMENT projected to lead the sonar system market during the forecast period Hull-mounted sonars are installed on the hull of ships. These include omni-directional sonars, forward-looking sonars, and echosounders. Naval ships are equipped with hi-tech sonar systems capable of detecting submarines. Increased installation of these sonars has resulted in high demand for sonar systems. The general-purpose hull-mounted sonar segment has been further divided into forward-looking sonar or obstacle avoidance sonar and omni-directional sonar or sectoral scan sonars subsegments. Asia pacific region accounts for largest market share in Sonar systems market The sonar system market is projected to grow from USD 2,385.8 million in 2021 to USD 2536.3 million by 2026, at a CAGR of 1.2% from 2021 to 2026. The Asia Pacific region is estimated to account for the largest share of 39.0% of the market in 2021. Whereas, the market in Europe is projected to grow at the highest CAGR of 2.7% during the forecast period. Don’t miss out on business opportunities in Sonar Systems Market . Speak to our analyst and gain crucial industry insights that will help your business grow. About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive
collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441
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Report Code
AS 3041 PR Published ON
12/10/2021
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