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Sonar Systems and Technology Market Size,Share, Forecast, Analysis, Industry - 2025

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nita bombare
Sonar Systems and Technology Market Size,Share, Forecast, Analysis, Industry - 2025

Overview

Global Sonar Systems and Technology Market is expected to reach USD 4,214.4 Million by 2025 at a CAGR of 6.88% during the forecast period.

The growth of the global sonar systems and technology market can be attributed to rising military expenditure and a surge in international seaborne trade. However, the high impact on marine life is expected to restrain the market growth during the forecast period.

Regional Analysis

The geographic analysis of the Global Sonar Systems and Technology Market includes North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin Africa.

The market in North America was valued at USD 1,427.4 Million in 2018. The US and Canada are the country-level markets in North America. The market in the region is expected to reach USD 2,071.8 Million by 2025 at a 5.47% CAGR during the forecast period. This growth can be attributed to high military expenditure in the US and Canada. Furthermore, technological advancements and the presence of prominent players such as Raytheon Company, Lockheed Martin Corporation, and L3Harris Technologies, Inc. are factors driving the market growth.

Europe accounted for the second-largest share of the market in 2018. The European market includes the UK, Germany, France, Russia, and the rest of Europe. The presence of prominent players such as Thales Group, Kongsberg Maritime, and Ultra Electronics is propelling the growth of the regional market. The sonar systems and technology market in Europe is expected to reach USD 1,460.7 Million by 2025 at a CAGR of 8.02% during the forecast period.

Asia-Pacific constituted a large share of the global market in 2018. The market in the region has been divided into China, Japan, India, Australia, and the rest of Asia-Pacific. The regional market was valued at USD 188.9 Million in 2018 and is expected to reach USD 354.9 Million by 2025 at a CAGR of 9.43% during the forecast period. Rising territorial conflicts between China, South Korea, and North Korea are driving the sonar systems and technology market in the region.

The Middle East & Africa accounted for a considerable share of the global market in 2018. The market the region has been segregated into Saudi Arabia, the UAE, and the rest of the Middle East & Africa. The regional market was valued at USD 139.9 Million in 2018 and is expected to reach USD 257.9 Million by 2025 at a CAGR of 9.13% during the forecast period. The growing adoption of sonar systems to protect oil & gas sites is driving market growth in the Middle East and Africa.

In Latin America, the sonar systems and technology market is expected to reach USD 69.1 Million by 2025 at a CAGR of 8.26% during the review period. The market in the region has been divided into Brazil and the rest of Latin America. An increase in hostilities in the Caribbean Sea and a rise in maritime commerce are encouraging government authorities to invest in sonar systems.

Competitive Analysis

The Prominent Players in the Global Sonar Systems and Technology Market include Raytheon Company (US), Lockheed Martin Corporation (US), Thales Group (France), L3Harris Technologies, Inc (US), Kongsberg Maritime (Norway), Aselsan AŞ (Turkey), Teledyne Technologies Incorporated (US), Ultra Electronics (UK), Wärtsilä (Finland), and FURUNO Electric Co., Ltd (Japan).

The other companies profiled in the report are Sonardyne (UK), Atlas Elektronik Group (Germany), Navico (Norway), Japan Radio Co. (Japan), DSIT Solutions Ltd (Israel), and EdgeTech (US). Mergers, acquisitions, and collaborations are some of the key strategies adopted by these companies to gain an edge over their competitors.

Key Developments

  • In June 2019Lockheed Martin Corporation signed a contract worth USD 29.3 million with the US Navy to provide TB-37 towed-array sonar systems for surface warship anti-submarine warfare (ASW).
  • In November 2018, Thales Group opened its Maritime Autonomy Center at Turnchapel Wharf, Plymouth, UK. The center would assist in research and development for the maritime industry.
  • In May 2017Raytheon Company signed a contract with the US Navy for USD 28 million to provide variable depth sonar systems for the Navy’s Littoral Combat Ship class.

 

Browse Full Report Details @ https://www.marketresearchfuture.com/reports/sonar-systems-technology-market-8723



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