Global SONAR System Market to Touch USD 4,177.53 Million by

2021-04-30

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New York, April 30, 2021 (GLOBE NEWSWIRE) -- With the outbreak of Coronavirus pandemic worldwide resulting in factory shutdowns, many supply chain problems surfaced on a massive level, further creating mayhem among manufacturers and retailers. COVID-19 has also affected the revenue of various key players in the market owing to which, it is estimated that there will be very few new entrants in the market. Despite not being prepared for this hit and the prevailing complexities related to supply chains, companies are embracing new technologies to ease the persisting burden of supply of raw material required for the manufacturing of SONAR systems. Moreover, during the crisis, some of the companies collaborated for new product developments in order to gain upper hand in the SONAR system market. Research Nester published a detailed report on ‘Global SONAR System Market’ which is segmented by type, acoustic frequency, installation, component, and by application. The research study offers distinct analytical insights that are adopted by prominent market players to perform better and gain a leading position in this competitive landscape. Our research analysts provide our readers a clear assessment on ongoing and forthcoming trends combined with the challenges associated with the growth of the market in the upcoming years. Over the past years, there has been huge demand for SONAR systems in defense sector across the world in an attempt to improve the range and accuracy of unmanned surface vehicles. On account of the increase in undersea competitions, military forces are significantly rethinking their approach in conducting underwater warfare. Recently, underwater surveillance has been employed with advanced unmanned solutions. The involvement of unmanned vehicles with a surveillance system helps replace low-level human activities, which allows the human operator to gain high-value information for security related course of action. In 2019, the global SONAR system market accounted for USD 2,960.60 Million and is further estimated to grow by a CAGR of 3.90% over the forecast period, i.e., 2020-2028. In 2028, the global market is anticipated to grow up to USD 4,177.53 million. The notable growth of the market can be attributed to numerous factors such as growing developments in digital signal processing to boost the underwater SONAR signal processing and communication, enhancements for strengthening the anti-submarine warfare capabilities, and growing demand for sonobuoys and sonobuoy processing systems for surveillance, allowing short and long range detection of submarines or surface ships among other unfavourable targets. However, the adverse effects of SONAR technology on marine ecosystem are estimated to act as barriers to the growth of the market as the seismic noise or use of this technology for underwater warfare and energy exploration negatively impacts the marine life and often results in injury or death of most marine animals. Get a sample copy of the report@ Geographically, the global SONAR system market is segmented into 5 major regions comprising North America, Latin America, Europe, Asia Pacific and Middle East & Africa, out of which, the North America SONAR system market is estimated to witness highest growth during the forecast period, where the United States is estimated to have the largest market for underwater surveillance systems as it is significantly involved in imports and exports of SONAR systems globally. Moreover, huge military expenditure and investment in defense is contributing to the growth of the market in the region. By growing at the highest CAGR of around 4%, the U.S. SONAR system market is estimated to witness notable growth throughout the forecast period. The growth in N.A. is closely trailed by the market in Asia Pacific which accounted for USD 826.25 Million in 2019. Moreover, the market in Europe is anticipated to grow at a robust pace in upcoming years owing to increasing demand for autonomous ships and cruise ships across the region by a CAGR of 5.18% during the forecast period. The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). Get a Sample PDF of SONAR System Market Report 2020 Based on acoustic frequency, the global SONAR system market is bifurcated into infrasonic SONAR and ultrasonic SONAR, out of which, the infrasonic SONAR segment accounted for a market value of USD 1131.99 million in 2020, whereas, the ultrasonic SONAR system segment held the leading share in the same year. The ultrasonic SONAR segment is projected to witness remarkable growth throughout the forecast period as these waves can pass through water and cover long distance owing to their high frequency as compared to infrasonic waves that cannot pass through water to such extended distance. The global SONAR system market is also segmented on the basis of type, installation, component, and application. Global SONAR System Market, Segmentation by Type Global SONAR System Market, Segmentation by Installation Global SONAR System Market, Segmentation by Component Global SONAR System Market, Segmentation by Application Do You Have Any Query Or Specific Requirement? Ask to Our Expert Some of the major industry leaders mentioned in our report that are associated with the global SONAR system market are Ultra, Thales Group, Raytheon Technologies Company, Neptune Sonar Ltd., Kongsberg, L3Harris Technologies, Inc., Mind Technology, Inc., General Dynamics Mission Systems, Inc., Teledyne Technologies Incorporated, Nisshinbo Holdings Inc., Lockheed Martin Corporation, SONARDYNE, and others. 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