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Sonar Systems Market – Sales, Revenue, Market Share, Growth Rate, Demand and Country Level Segments 2019 to 2023

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Sonar Systems Market – Sales, Revenue, Market Share, Growth Rate, Demand and Country Level Segments 2019 to 2023

September 05
01:06 2019
Sonar Systems Market - Sales, Revenue, Market Share, Growth Rate, Demand and Country Level Segments 2019 to 2023

Sonar Systems Market
The Report Focuses on Sonar Systems Market in Asia Pacific Market, especially in China, Japan, Korea, Taiwan, Southeast Asia, India, Australia.

Segmentation:

MRFR’s take on the global sonar systems market has its roots in an adeptly- done segmentation based on type, installation, and application.

Based on the type, the global sonar systems market includes active sonar and passive sonar. The active sonar segment is expected to garner substantial fortune to lead the market over the review period. Its traction depends on its growing demand for navigation, diver communication and fish finding purpose. The passive sonar segment has the potential to gain the fastest CAGR during the review period. Its popularity depends mostly on its ability to detect & destroy enemy ships, submarines, and underwater mines.

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By installation, the sonar systems market can be segmented into hand-held & pole mounted, vessel mounted, UUV, towed, and others. The vessel mounted segment had the maximum market share, as per reports published in 2019. The UUV segment is to acknowledge high CAGR during the forecast period owing to its traction as hydrographic survey and surveillance.

By application, the sonar systems market includes military and commercial. The commercial segment has the lead; however, the military segment is deemed to record the fastest CAGR during the forecast period.

Overview:

Sonar systems are known for their ability to navigate, communicate with, or detect objects by using sound propagation or the acoustic frequencies. The study of the underwater demography using this technology has gained substantial mileage and is gaining quick acceptance in the defense sector. A technique first developed by Leonardo da Vinci, this one is now expected to go forward with 5.8% CAGR during the forecast period (2018-2023), as claimed by Market Research Future (MRFR).

Defense sectors, across the world, are expected to take the global sonar systems market ahead. This is to counter maritime territorial disputes, terror threats, and others. Among others, the fishery industry is expected to experience impressive growth due to the inclusion of this technology. However, its adverse impact on marine mammals can restrain the market growth.

Regional Analysis:

By region, the global sonar systems market has been segmented into North America, Europe, Asia-Pacific APAC), the Middle East & Africa (MEA), and Latin America. This sort of investigation is expected to come handy in understanding growth pockets.

North America, as of 2017, the region has the maximum market and the increasing demand sonar system from countries like the US, Canada, and others. The region is benefitting from high expenditure for defense sector by private and public investors. Superior technology is also helping the global market tremendous traction. At the same time, the demand to beat others in arms race is something pushing the US market ahead. The European market has similar issues as they share common features. The UK, Germany, France, Russia, and others are expected to take the regional market ahead.

The APAC market has the potential to achieve the highest CAGR during the forecast period. Maritime disputes between several countries like India, China, and South Korea are expected to take the regional market forward. Governments are also increasing their investment to ensure better growth prospects for the regional market. Inclusion of the first-rate equipment is expected to play significant role in taking delivering better service for the market.

Competitive Landscape:

Companies taking keen interest in the global sonar system 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). MRFR enlisted these companies and profiled them for a better predictive analysis. This study includes all the latest updates that they have made as a part of their strategic development with an intent to develop individually and take the global market ahead.

In June 2019, the US Navy gave a contract regarding sonar systems to Leidos Inc. This contract deals with the effective installation of fixed sonar system on the sea bed to track the movement of any submarine or unmanned underwater vehicles for better threat direction. 

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have a supreme objective to provide the optimum quality market research and intelligence services to our clients. 

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