New Sound Navigation and Ranging (SONAR) System Market Research Highlights Recovery Path for Businesses from COVID-19 based on Types - Passive SONAR and Active SONAR| Technavio
The new Sound Navigation and Ranging (SONAR) System Market Research from Technavio indicates Negative and Inferior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Sound Navigation and Ranging (SONAR) System Market 2020-2024 (Graphic: Business Wire)
"One of the primary growth drivers for this market is the increased demand for technology transfer options," says a senior analyst at Technavio. The importance of undersea capabilities to national security is rising among countries. Additionally, it is important for countries to nurture partnerships and involve in collaborative efforts for the design and development of submarines and its associated components. Both developing and developed nations are in the process of establishing strategic partnerships with technology providers and OEMs for the procurement of enhanced submarines with abilities to respond to the changing nature of undersea warfare. Such partnerships play an essential role in ensuring enhanced platforms with superior weapon and combat systems onboard. For instance, the defense ministries of Japan and the UK signed an agreement for the transfer of defense equipment. This has resulted in the commencement of numerous defense projects, including force and platform protection and air defense systems. These increasing collaborative efforts will substantially help regional and domestic sonar technology providers in serving customers in different geographical locations, which, in turn, will propel the SONAR system market. As the markets recover Technavio expects the sound navigation and ranging (SONAR) system market size to grow by USD 1.01 billion during the period 2020-2024.
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Sound Navigation and Ranging (SONAR) System Segment Highlights for 2020
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