The sonar system market is projected to grow from USD 2.6 billion in 2018 to USD 3.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.98% from 2018 to 2023. The major factors driving the growth of the market are the increasing global seaborne trade activities, growing requirement of shipowners to comply with the maritime safety norms, and flourishing maritime tourism sector.
The defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment from 2018 to 2023.
Based on application, the defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment during the forecast period. The growth of this segment can be attributed to the increasing demand for military ships due to rising instances of territorial disputes and ongoing military ship upgradation activities.
Increased demand for commercial and military vessels across the globe is expected to fuel the growth of the line fit segment of the sonar system market.
Based on end user, the linefit segment is projected to lead the sonar system market from 2018 to 2023. The retrofit segment of the market is projected to grow at a higher CAGR than the line fit segment during the forecast period. The growth of this segment of the market can be attributed to the increased requirement of ship operators for upgrading and modernizing their ships. This, in turn, is leading to rise in retrofitting of ships, thereby fueling the growth of the retrofit segment of the market.
The Asia Pacific region is projected to emerge as a lucrative market for sonar systems during the forecast period.
The Asia Pacific region is expected to lead the sonar system market in 2018. The growth of the market in the region can be attributed to increase in the maritime trade activities in the region due to rapid economic development taking place in the region. This flourishing seaborne trade in the region has subsequently led to an increased demand for ships for transporting manufactured goods, worldwide. Thus, the rising number of ships in the Asia Pacific region has led to increased demand for sonar systems in the region.
The major players in the sonar system market include Raytheon (US), Lockheed Martin (US), Thales (France), Kongsberg Gruppen (Norway), Ultra Electronics (UK), L3 (US), Teledyne (US), Sonardyne (UK), Atlas Elektronik (Germany), Furuno (Japan), Navico (Norway), Japan Radio (JRC) Co. Ltd. (Japan), DSIT (Israel), EdgeTech (US), and Aselsan (Turkey), among others. These key players have adopted the key strategies of contracts and new product developments to strengthen their position in the sonar system market.
Source: ASDReports - Market Research
Date: Feb 8, 2019