Market Is Projected To Register A CAGR Of Approximately 5.8% During The Forecast Period.
Sonar system uses sound propagation to navigate, communicate with or detect objects under the surface of the water. The global sonar systems market has been segmented by type, system, application, and region.
Based on type, the market has been divided into active sonar and passive sonar. The passive sonar segment is expected to grow at the highest rate during the forecast period due to the large adoption of passive sonar for military applications globally. By installation, the market has been classified as vessel mounted, hand-held and pole mounted, towed, UUV, and others. On the basis of application, the market has been segmented into military and commercial.
The global sonar systems market has been analyzed for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America held largest share of the global sonar systems market in 2017 due to significant increase in defence spending in the US and Canada. Likewise, ongoing improvement in sensor technologies of passive and active sonar in the US is also expected to drive the demand for sonar systems during the review period.
Europe is one of the leading markets for sonar systems owing to rising demand in the UK, France, Russia, and Germany. The growth of the regional market can be attributed to the procurement of sonar to upgrade naval vessels.
Asia-Pacific is projected to grow at the highest rate during the forecast period. The increasing demand for sonar system in tactical defense operations due to increase in border disputes is expected to drive the market growth in this region. In the Middle East & Africa, the demand for sonar systems is expected to increase due to the increase in terrorist attacks in this region and large military expenses in Israel, Saudi Arabia, South Africa and Iran.
The key players in the global sonar systems market are Atlas Elektronik (Germany), Kongsberg Gruppen (Norway), L3 (US), Lockheed Martin (US), Northrop Grumman (US), Raytheon (US), Sonardyne (UK), Teledyne (US), Thales Group (France), and Ultra Electronics (UK).
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