The Anti-Submarine Warfare (ASW) technology used during the naval exercise will be responsible for driving the growth of the market,…
The Anti-Submarine Warfare (ASW) technology used during the naval exercise will be responsible for driving the growth of the market, due to a large number of maritime activities raised by the US, Russia, and China. The importance of SONAR systems in ASW exercises weighting on the naval forces to upgrade their SONAR systems and improve the intelligence, surveillance and recognition capabilities of naval vessels. Furthermore, technological advancement, such as improving the range of sound waves, will lead to boost the market worldwide during the forecast period. The global sonar system market is projected to gain impetus from the increasing usage of technologically advanced marine systems.
The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other Sonar System trends. The report is available for sale on the company website.
In terms of components, the market is fragmented into hydrophone, receiver, transmitter, beamforming processor, and others. Amongst these, at present, the beamforming processor segment is leading the market stoked by the ongoing technological advancement in passive and active sonar. Besides, the high demand for multibeam sonar systems worldwide is also driving the growth of this segment. It is a unique signal processing technique that is used for signal reception and signal transmission processes in the sensor array.
Geographically, the market is divided into South America, North America, the Middle East, and Africa, Asia Pacific, and Europe. Out of these, North America is expected to dominate by gaining the maximum sonar system market revenue in the coming years. It is likely to occur owing to the early adoption of innovative technologies, such as increasing the range of sound waves. The U.S. is set to exhibit a remarkable growth backed by the rising number of submarines and naval vessels present in the country. Canada is also developing its self-Indigenous marine sector, which, in turn, would propel the market in this region.
Asia Pacific, on the other hand, is anticipated to showcase a considerable growth on account of the upsurging of the helicopter sonar system sector. The domestic naval vessel production in China is projected to affect the growth of the market in this region positively. Additionally, the country is increasing its maritime expenditure and domestic ship production. Apart from that, in India, aging naval fleets are being replaced with technologically advanced systems. It would also augment growth in this region.
The market consists of numerous small, medium, and large enterprises. They are aiming to receive gigantic orders from other renowned private and government organizations. It would help them in gaining more sonar system market share and creating a robust position in the market. Below are two of the latest key industry developments:
Fortune Business Insights™ profiles some of the most prominent companies operating in the sonar system market. They are as follows:
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