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12.02.2019 03:05
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The sonar system market is projected to grow from USD 2.6 billion in 2018 to USD 3.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.98% during the forecast period from 2018 to 2023

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NEW YORK, Feb. 11, 2019 /PRNewswire/ -- Growing global seaborne trade activities are leading to the growth of the sonar system market.

Read the full report: https://www.reportlinker.com/p05143340

The sonar system market is projected to grow from USD 2.6 billion in 2018 to USD 3.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.98% during the forecast period from 2018 to 2023. The major factors driving the growth of the market are the increasing global seaborne trade activities, growing requirement of shipowners to comply with the maritime safety norms, and flourishing maritime tourism sector. The vulnerability of ships to cyber threats due to their digitalization and shortage of qualified professionals in the maritime industry serve as restraints for the growth of the sonar system market.

Based on mode of operation, the active segment is estimated to account for the largest share of the sonar system market in 2018.
Based on mode of operation, the active segment is estimated to account for the largest share of the sonar system market in 2018.Increased demand for active sonar systems such as echosunders used in commercial ships, and towed arrays, variable depth sonars, and hull mounted sonars in military ships is leading to the growth of this segment of the market.

Companies such as Kongsberg Gruppen, Raytheon, and Lockheed Martin are the leading manufacturers of active sonar systems.

Increasing demand for various hardware components of sonar systems is leading to the growth of the hardware segment of the sonar systems market.

Based on solution, the sonar system market has been segmented into hardware and software. Increasing requirement for ensuring reliability, safety, and real-time connectivity of ships is expected to drive the growth of the hardware segment of the sonar system market during the forecast period.

The Asia Pacific region is estimated to account for the largest share of the sonar system market in 2018.
The Asia Pacific region is estimated to account for the largest share of the sonar system market in 2018. Increasing demand for commercial ships from countries such as India, China, and Japan and growing investments to carry out the modernization of existing ships is expected to drive the growth of the sonar system market in the region.

Break-up of profiles of primary participants in the sonar system market
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
• By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, and Rest of the World (RoW) –5%

Key players in the sonar system market are Raytheon (US), Lockheed Martin (US), Thales (France), Kongsberg Gruppen (Norway), Ultra Electronics (UK), L3 (US), Teledyne (US), Sonardyne (UK), Atlas Elektronik (Germany), Furuno (Japan), Navico (Norway), Japan Radio (JRC) Co. Ltd. (Japan), DSIT (Israel), EdgeTech (US), and Aselsan (Turkey), among others.

Research Coverage:
The market study covers the sonar system market across different regions.It aims at estimating the size and the growth potential of this market based on mode of operation, product type, installation, solution, application, platform, end user, and region.

The study also includes an in-depth competitive analysis of the key players in the market, along with their profiles, product portfolios, recent developments undertaken by them, and key growth strategies adopted by them.

Reasons to Buy This Report:
This report is expected to help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall sonar system market, its segments, and subsegments.This report is also expected to help the stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.

The report also aims at enabling stakeholders to understand the pulse of the market and provides them with information on drivers, restraints, challenges, and opportunities influencing the growth of the market.

Read the full report: https://www.reportlinker.com/p05143340

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ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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Cision View original content:http://www.prnewswire.com/news-releases/the-sonar-system-market-is-projected-to-grow-from-usd-2-6-billion-in-2018-to-usd-3-7-billion-by-2023--at-a-compound-annual-growth-rate-cagr-of-6-98-during-the-forecast-period-from-2018-to-2023--300793275.html

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