DUBLIN, October 13, 2017 /PRNewswire/ --
The "Sonar System Market - Global Forecast to 2022" report has been added to Research and Markets' offering.
The sonar system market was valued at USD 3.49 Billion in 2016 and is projected to reach USD 3.72 Billion by 2022, at a CAGR of 4.33% from 2017 to 2022. Various factors such as growth in the defense spending of Asia Pacific and North American countries on naval platforms has led to a rise in the demand for sonar systems for defense in these regions. Moreover, growth in the usage of sonars for fish finding has led to the demand for commercial sonars.
Among applications, the defense segment is estimated to account for the largest share of the sonar system market in 2017. Anti-submarine warfare operations have the highest application of sonars in defense. Commercial application includes usage of sonars in hydrographic surveys, navigation, and fisheries. The demand for navigation sonar systems is mainly from shipbuilding countries.
Among product types, the general-purpose hull mounted sonar segment is estimated to account for the largest share of the sonar system market in 2017. These sonars are installed in ships' hull for navigation and threat detection. The seabed imaging and information sonar segment is expected to account for the second-largest market share in 2017. These sonars are used for hydrographic surveying and sub bottom profiling.
Based on installation, the vessel mount segment is projected to lead the sonar system market during the forecast period. The growth of this segment can be attributed to the increase in shipbuilding activities wherein these sonars are installed in a ship's hull. UUV is the fastest growing installation segment due to the increase in the utilization of Autonomous Undersea Vehicles (AUV) and Remotely Operated Vehicles (ROV). These vehicles are used for hydrographic surveys and underwater military surveillance.
The Asia Pacific sonar system market is projected to grow at the highest CAGR from 2017 to 2022. Countries in this region include China, Japan, South Korea, Australia, and India. Substantial investments by China in defense and investments by various Asia Pacific nations in shipbuilding capabilities are some of the factors driving the sonar system market in the Asia Pacific region.
However, adverse effects of sonar systems on the marine life are expected to act as a restraint for the market growth.
Companies Mentioned
- Atlas Elektronik
- Furuno
- JRC
- Kongsberg Gruppen
- L3
- Lockheed Martin
- Navico
- Raytheon
- Sonardyne
- Teledyne
- Thales
- Ultra Electronics
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Sonar System Market, By Product Type
8 Sonar System Market, By Installation
9 Sonar System Market, By Mode of Operation
10 Sonar System Market, By Application
11 Geographical Analysis
12 Company Profiles
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/research/5dpb8x/sonar_system
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