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Sonar System Market worth $6.5 billion by 2026, at CAGR of 1.8%

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Sonar System Market worth $6.5 billion by 2026, at CAGR of 1.8%

December 08
11:06 2021
Sonar System Market worth $6.5 billion by 2026, at CAGR of 1.8%
Sonar System Market
[274 Pages Report] The Sonar System Market is expected to reach USD 6.5 billion by 2026 from USD 5.9 billion in 2021, at a CAGR of 1.8% from 2021 to 2026.

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, & 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.

• Informational PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142612945

Browse 318 market data Tables and 64 Figures spread through 274 Pages and in-depth TOC on “Sonar Systems Market – Forecast to 2026″View detailed Table of Content herehttps://www.marketsandmarkets.com/Market-Reports/sonar-systems-technology-market-142612945.html

Sonar Systems Market

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, 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 & rescue boats, cruise ships, and port security, The sonar system market for commercial vessels is expected to grow from USD 450.8 million in 2021 to USD 494.5 million by 2026, at a CAGR of 1.9% during the forecast period.

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 & 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.

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