Sonar System Market Worth 3.72 Billion USD by 2022
Friday, October 06, 2017
PUNE, India, October 6, 2017 /PRNewswire/ --
According to the new market research report "Sonar System Market by Product Type,
Installation (Vessel Mount, Towed, Hand-Held & Pole Mounted, Airborne, UUV), Mode of
Operation, Operating Frequency (High, Medium, Low), Application (Defense, Commercial), and
Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the market is
projected to grow from USD 3.49 Billion in 2016 to USD 3.72 Billion by 2022, at a CAGR of
4.33% from 2017 to 2022. The growth of this market can be attributed to the rise in naval
shipbuilding, which leads to increase in demand for sonar systems. In addition, the rise
in demand for sonar systems for various UUVs is driving the sonar system market.
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Browse 104 Market Data Tables and 38 Figures spread through 155 Pages and in-depth TOC
on "Sonar System Market - Global Forecast to 2022"
Early buyers will receive 10% customization on this report
The defense application segment is estimated to account for the largest share of the
sonar system market in 2017, and this segment is projected to grow at a high CAGR during
the forecast period.
Based on application, the defense segment is estimated to account for the largest
share of the sonar system market in 2017. This segment is projected to grow at a high CAGR
during the forecast period. In defense, sonar systems are used mainly in the naval ships.
North America is leading the defense application segment due to the increase in naval
Based on installation, the Underwater Unmanned Vehicles (UUV) segment is projected to
grow at the highest CAGR during the forecast period.
Based on installation, the UUV segment is expected to grow at the highest CAGR during
the forecast period. The rise in the usage of UUVs in applications such as hydrographic
survey, seabed mapping, military surveillance, and mine hunting has led to the increase in
demand for sonar systems in UUVs.
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The fisheries application segment of the commercial sonar system market is projected
to grow at the highest CAGR during the forecast period
Sonar systems, in recent years, have found increased usage in fish finding. These
systems provide details about fish schools in the ocean. The fisheries application segment
of the commercial sonar system market is projected to grow at the highest CAGR during the
The Asia Pacific sonar system market is projected to witness the highest growth during
the forecast period
Increase in defense spending for naval shipbuilding and hydrographic oil & gas
exploration in the Asia Pacific region is projected to fuel the demand for sonar systems.
The Asia Pacific sonar system market is projected to grow at the highest CAGR from 2017 to
2022. Countries in this region include China, South Korea, Japan, Australia, and India.
Substantial investments by China in naval and commercial shipbuilding is one of the
factors driving the sonar system market in the Asia Pacific region.
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Major players in the sonar system market are Raytheon Company (US), Thales, ATLAS
ELECTRONIK GmbH (Germany), Kongsberg Gruppen ASA (Norway), and Ultra Electronics Holdings
PLC (UK), among others.
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