Sonar System Market 2019 Key Insights, Industry Global Revenue, Historical & Forecast Period 2019 – 2025
Asia Pacific Sonar System Market is expected to upsurge at the highest stride in the stipulated time owing to the increase of border conflicts in the countries including China, Japan, South Korea, India, and Australia.
Selbyville, United States – June 28, 2019 /MarketersMedia/ —
The latest Sonar System Market Research Report 2025 contains complete Industry outlook, market manufacturers and key statistics analysis. The industry sales & Share, trends are all discussed, explained and analyzed. It provides marketing strategy analysis, distributors/traders list, raw materials analysis, import and export analysis, key success factors and supply chain analysis.
Rise in Sonar System Market size can be attributed to growing demand of sonars in preemptive defense processes, augmented implementation of it for the anti-submarine warfare (ASW) methods, and rising need from fishing industry. Increasing demand for unmanned underwater vehicles in the commercial exploration of oil and gas and continuing technological improvements in the arena of autonomous underwater vehicles will create positive outlook for industry expansion.
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The increasing consumption of oil and gas worldwide is accelerating oil and gas exploration activities. Since unmanned underwater vehicles (UUVs) are integrated with SONAR systems for seabed mapping and mining, the growth in offshore industries and the investment of oil companies in UUVs will propel the industry growth during the forecast period.
The growth of innovative SONARS for defense arena has led to a substantial surge in the government funding. The main funding programs introduced by the government will drive factors for industry growth. In March 2015, Kraken SONARs received USD 450,000 in subsidy from Industrial Research Assistance Program held by Canada’s National Research Council for the expansion of high-resolution sonars based on Kraken’s Interferometric Synthetic Aperture sonar system technology.
Sonar System Market in defense application is assessed to account for principal share of the industry. This segment is expected to raise at a higher pace in the stipulated period. In defense, sonars are used mostly in the naval ships. Major demand for the navigation sonars is primarily from countries involved in shipbuilding.
Commercial applications for the industry include the use of sonars in navigation, hydrographic surveys and fisheries. Increased usage in fish finding will boost the demand for it in the commercial segment. The fisheries application of the commercial industry segment is projected to grow at the maximum CAGR in the stipulated time frame.
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North America Sonar System Market is anticipated to be the leader for vessel mount segment in the forecast period mostly owing to by big naval shipbuilding orders in the U.S. and Canada. Increase in defense expenditure for nautical shipbuilding and hydrographic gas & oil exploration in the Asia Pacific is expected to enhance the demand for the product.
Major players of the sonar system market include Atlas Elektronik, JRC, Furuno, L3, Kongsberg Gruppen, Navico, Lockheed Martin, Sonardyne, Raytheon, Thales, Ultra Electronics and Teledyne. Due to the high growth potential of this industry, the retailers and wholesalers are directing on developing innovative products to seizure more revenue share. Since the industry has nominal scope for product differentiation, vendors are investing significantly in R&D.
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