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Global Naval Sonar Market, Forecast to 2029 - A $2.9 Billion Opportunity, Driven by the Increased Focus on Induction of Technologically Advanced Submarines Equipped with ISS
DUBLIN, Jan. 14, 2020 /PRNewswire/ -- The "The Global Naval Sonar Market 2019-2029" report has been added to ResearchAndMarkets.com's offering.
The global naval sonar market is valued at US$2.2 billion in 2019, and is anticipated to reach US$2.9 billion by 2029, growing at a CAGR of 2.76% over the forecast period.
This report provides the market size forecast and the projected CAGR for the next ten years. The report covers the industry analysis including the key market drivers, emerging technology trends, and major challenges faced by industry participants. It also offers insights regarding several factors and government programs that are expected to influence the demand for naval sonars over the forecast period.
In particular, the report provides an in-depth analysis of the following:
- Market size and drivers: detailed analysis during 2019-2029, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world
- Recent developments and industry challenges: insights into technological developments and a detailed analysis of the changing preferences of sonar segments around the world. It also provides trends of the changing industry structure and the challenges faced by industry participants
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand
- Major programs: details of the key programs in each segment, which are expected to be executed during 2019-2029
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global naval sonar market. It provides an overview of key players, strategic initiatives, and financial analysis
Companies Mentioned: Raytheon, Atlas Elektronik, Thales, L3Harris Technologies, Leonardo, Ultra Electronics, Northrop Grumman, Lockheed Martin, Bharat Electronics Limited, Kongsberg Gruppen, ERAPSCO.
Market Insights
The cumulative global military spending on naval sonars is estimated to be US$29.1 billion from 2019 to 2029. The demand for naval sonar systems will be driven by the increasing focus on developing robust anti-submarine warfare (ASW) capability and fleet expansion initiatives by emerging economies such as India and Pakistan in the Asia-Pacific region.
Asia Pacific region is expected to dominate the naval sonar market over the forecast period with a market share of 37.3%. The rgion's naval sonar market is valued at US$846 million in 2019, and is anticipated to reach US$969 million by 2029, growing at a CAGR of 1.37% over the forecast period. The cumulative Asia Pacific military spending on naval sonars is estimated to be US$10.9 billion from 2019 to 2029. The growth is attributed to the increasing defense spending by countries such as India, China, Australia, Pakistan and South Korea on acquisition of new surface vessels and submarines equipped with advanced sonar systems.
North America is projected to emerge as the second largest market for naval sonar system between 2019 and 2029. The region is expected to account for 26.6% of the global spending on naval sonar systems over the forecast period. Cumulatively, North America is projected to spend US$7.7 billion on naval sonar systems over the forecast period. In 2019, the regional expenditure is valued at US$582 million in 2019. It is anticipated to increase to US$813 million by 2029, growing at a CAGR of 3.41%. Europe is expected to emerge as the third largest market for naval sonars systems over the forecast period. The cumulative global military spending on naval sonars is estimated to be US$7.6 billion from 2019 to 2029. The acquisition of sonar systems by NATO countries to counter the growing presence of Russian naval vessels is anticipated to drive the market growth.
The hull mounted sonar is expected to be the largest segment in the global naval sonar market during the forecast period. The hull mounted sonar segment is valued at US$1.1 billion in 2019, and is anticipated to reach US$1.5 billion by 2029, growing at a CAGR of 3.54% over the forecast period. The towed array segment accounts for 24.4% share in the global naval sonar market and is projected to emerge as the second largest segment over the forecast period. The towed array sonar market is valued at US$561 million in 2019, and is anticipated to reach US$717 million by 2029, growing at a CAGR of 2.49% over the forecast period. Sonobuoys segment accounts for 17.3% share in the global naval sonar market and is projected to emerge as the third largest segment over the forecast period.
The increased focus on induction of technologically advanced submarines equipped with Integrated Sonar Suite (ISS) is anticipated to be a major factor driving the global naval sonars market worldwide. The ISS consists of multiple passive and active sonars arrays installed in the bow, flank, chin, and sail of submarines to provide 360 degree detection of underwater and surface threats. It provides the submarine with multi-target detection, tracking, and classification capability in littoral or deep waters.
Key Highlights
- The global naval sonar market is expected to grow at a CAGR of 3.54% over the forecast period.
- The naval sonar market is classified into of five categories: Hull Mounted Sonar, Towed Sonar, Sonobuoys, Dipping Sonar, and Diver Detection Sonar.
- Asia Pacific region is expected to dominate the naval sonar market over the forecast period with a market share of 37.3%, followed by North America and Europe.
- The Hull Mounted Sonar segment is expected to dominate the naval sonar market over the forecast period.
Reasons to Buy the Report
- Determine prospective investment areas based on a detailed trend analysis of the global naval sonar market over the next ten years
- Gain in-depth understanding about the underlying factors driving demand for different sonar segments in the top spending countries across the world and identify the opportunities offered by each of them
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major channels that are driving the global naval sonar market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global naval sonar market
- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top naval sonar providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available
For more information about this report visit https://www.researchandmarkets.com/r/yit27x
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