Luton, Bedfordshire, United Kingdom, March 01, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the SONAR System Market.
The SONAR system market size is estimated to be USD 5.79 billion in 2022 and is projected to reach USD 6.8 billion by 2029, at a CAGR of 1.8% from 2023 to 2029. SONAR (Sound Navigation and Ranging) systems are used to detect objects underwater using sound waves. The SONAR system market is expected to grow significantly in the coming years, driven by increasing demand for marine navigation and surveillance systems in both commercial and defense applications.
One of the major factors driving the growth of the SONAR system market is the increasing demand for underwater security and surveillance systems. SONAR systems are widely used in naval operations to detect and track submarines, as well as in the offshore oil and gas industry for underwater pipeline inspection and maintenance. Additionally, SONAR systems are also used in the fishing industry to locate schools of fish.
Another factor driving the growth of the SONAR system market is the increasing demand for marine navigation systems. With the growing popularity of recreational boating, the demand for SONAR-based navigation systems has increased significantly. These systems provide real-time information about water depth, underwater obstructions, and other navigational hazards, allowing boaters to navigate safely and effectively.
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Driving & Restraining Factors
Increasing Demand for Sonobuoy for Tactical Defense Operations Will Aid Growth
Naval ships deploy sonobuoys, which are advanced underwater acoustic research systems that utilize a specialized transducer and a radio transmitter to record and transmit underwater sounds. These buoys are also equipped to gather additional environmental data, such as water temperature and wave height. The market for sonobuoys is projected to expand as a result of their greater adoption in military vessels.
Growing Use of SONAR for Aquaculture Farms Drives Market Growth
A deep neural network is utilized in the SONAR system to monitor fish populations. With the aim of expanding fish resources, the demand for fish monitoring is projected to increase in aquaculture farms. The deep neural network SONAR system incorporates a high-precision imaging SONAR and an underwater optical camera, enabling efficient monitoring during nighttime hours and facilitating the development of more effective fish farming practices. This has resulted in an increased demand for the system in aquaculture farms, driving market growth.
However, traditional optical cameras are ineffective at night, making it difficult for humans to monitor fish populations. The market is expected to experience growth with the development of advanced underwater optical cameras that can capture images using SONAR technology. JW Fishers' SCAN-650 sector scanning SONAR is a widely-used device that provides detailed images of the underwater environment, regardless of water visibility. As a result, the market for this technology is expected to continue expanding.
COVID-19 Pandemic will Slow Down Trade Activities and Hamper Market Growth
The development of SONAR systems incurs significant costs that present a major obstacle to business expansion. The product comprises SONAR data recorders, electronics, an inertial navigation system, and a Doppler velocity log system. The high installation and maintenance costs associated with SONAR systems impede the market's growth.
The COVID-19 pandemic has had an immediate impact on the navy industry, resulting in a slowdown in the production of naval vessels due to decreased demand for maritime ships and reduced trade activities. As a result of the pandemic, there will be delays in the delivery of ship components, parts, and systems for navy vessels, which will stifle market growth
| Report Attribute | Details |
| SONAR System Market size value in 2022 | USD 5.79 billion |
| Revenue forecast in 2029 | USD 6.8 billion |
| Market Growth rate | CAGR of 1.8% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Product Type; Application; End User and By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; France; Italy; U.K.; China; India; Japan; Brazil; Saudi Arabia |
| Key companies profiled | Thales Group (France), Atlas Elektronik GmbH (Germany), Raytheon Company (US), Lockheed Martin (US), L-3 Technologies Inc. (US) and Ultra Electronics (UK). |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Companies Covered in SONAR System Market Report:
- Thales Group (France)
- Atlas Elektronik GmbH (Germany)
- Raytheon Company (US)
- Lockheed Martin (US)
- L-3 Technologies Inc. (US)
- Ultra-Electronics (UK)
Report Benefits
- Develop business strategies by understanding the trends shaping and driving the Market.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the SONAR System Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of SONAR System Market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
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Russia-Ukraine War Crisis Impact on Market
- Russian and Ukrainian ports are the largest export hubs of crude oil, wheat, and corn. The current war situation has shut down the cargo import and export through the sea, resulting in sluggish growth in the marine sector.
- On the contrary, several European countries have increased their defense budget in 2022 according to the NATO recommendations. NATO has recommended the countries increase their defense budgets to 2% of their GDP.
- For instance, Poland officials declared to increase the defense budget to 2% of GDP in 2022 and 3% of GDP in 2023. The increase in the defense budget is expected to increase the procurement of naval vessels, which will support the market growth.
- In March 2022, the Polish National Defense Minister announced that Warsaw would procure three new Mine Countermeasure Vessels (MCVs) to boost its naval capabilities in the Baltic Sea.
- In January 2022, Russia deployed 140 combat and supply ships while NATO deployed over 100 jets and 120 allied ships to the Mediterranean region.
- Moreover, new submarine procurement has also been initiated by the Indonesian and Israel’s Navy in 2022, which will facilitate the growth of this market.
- Thus, with growing funding on procurement of naval vessels and submarines and increased spending on the upgrade of naval vessels, the market will witness significant growth during the 2022 – 2025 period
Key Market Segments: Global Sonar System Market
By Product Type
- Hull-Mounted
- Stern-Mounted
- Sonobouy
By Application
- Commercial
- Defense
By End User
- Line Fit
- Retrofit
By Region
- Asia Pacific
- Europe
- North America
- South America
- Middle East And Africa
Frequently Asked Questions About This Report
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- What is the SONAR System Market growth?
- Which segment accounted for the largest SONAR System Market share?
- Who are the key players in the SONAR System Market?
- What are the factors driving the SONAR System Market?
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