Sonar Systems industry Scenario:

global sonar systems market  CAGR of 5.8% during the review period.

The Global Sonar Systems Market is expected to grow at a significant rate during the forecast period due to the increase in demand for sonar systems by the naval forces in emerging economies. Defense authorities across the world are focused on purchasing advanced sonar systems, especially in countries that are currently involved in conflicts and territorial disputes. Due to the increasing number of conflicts, the naval forces use sonar systems to enhance anti-submarine warfare capabilities, which is driving market growth.

Additionally, due to the increasing number of terrorist attacks, across the globe, governments have increased their defense budgets, which offers market players lucrative opportunities for growth. Moreover, large use of sonar systems in the fishery industry is another factor driving the market growth. However, serious impacts of sonar sound pulse on marine mammals is expected to restrain the growth of the market.

Based on application, the industry has been segmented into military and commercial. The commercial segment is expected to lead the market while the military segment is projected to register the highest CAGR during the review period. The growth of these segments can be attributed to the increasing demand for this sonar systems in tactical defense operations

The global sonar systems industry has been segmented, by region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest market share in 2017 due to significant demand for new and advanced sonar systems in the US and Canada. Europe is projected to be the second-largest market due to large demand for sonar systems in the region. The high demand for sonar systems in the UK, France, Russia, and Germany is expected to contribute greatly to market growth.

Sonar Systems Market Key Players:

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).

Sonar Systems industry Scope Of the Report:

This study provides an overview of the global sonar systems market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The report also provides a forecast, focusing on the market opportunities for the next five years in each region. The scope of the study segments the sonar systems market by type, installation, application, and region.

Global Sonar systems Market Report: Information by Type (Active Sonar and Passive Sonar), by installation (Vessel Mounted, Hand-Held and Pole Mounted, Towed, UUV, and Others), by Application (Military, and Commercial), & Region—Forecast till 2023 @ https://www.marketresearchfuture.com/reports/sonar-systems-market-6885