Sonar System Market Worth $3.7 Billion by 2023 - Exclusive Report by MarketsandMarkets™

Sonar System Market Worth $3.7 Billion by 2023 - Exclusive Report by MarketsandMarkets™

PR Newswire

CHICAGO, Feb. 4, 2019

CHICAGO, Feb. 4, 2019 /PRNewswire/ -- According to the latest market research report "Sonar System Market by Product Type (Hull Mounted, Stern Mounted, Sonobuoy, DDS), Application (Commercial, Defense), Platform (Ship Type, Airborne), End User (Line Fit, Retrofit), Solution (Hardware, Software), Region - Global Forecast to 2023", published by MarketsandMarkets™, 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% 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.

MarketsandMarkets Logo

Ask for PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142612945

The defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment from 2018 to 2023.

Based on application, the defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment during the forecast period. The growth of this segment can be attributed to the increasing demand for military ships due to rising instances of territorial disputes and ongoing military ship upgradation activities.

Increased demand for commercial and military vessels across the globe is expected to fuel the growth of the line fit segment of the sonar system market.

Based on end user, the linefit segment is projected to lead the sonar system market from 2018 to 2023. The retrofit segment of the market is projected to grow at a higher CAGR than the line fit segment during the forecast period. The growth of this segment of the market can be attributed to the increased requirement of ship operators for upgrading and modernizing their ships. This, in turn, is leading to rise in retrofitting of ships, thereby fueling the growth of the retrofit segment of the market.

Browse in-depth TOC on "Sonar System Market"

68 – Tables

44 – Figures  

183 – Pages  

The Asia Pacific region is projected to emerge as a lucrative market for sonar systems during the forecast period.

The Asia Pacific region is expected to lead the sonar system market in 2018. The growth of the market in the region can be attributed to increase in the maritime trade activities in the region due to rapid economic development taking place in the region. This flourishing seaborne trade in the region has subsequently led to an increased demand for ships for transporting manufactured goods, worldwide. Thus, the rising number of ships in the Asia Pacific region has led to increased demand for sonar systems in the region.

Get 10% Free Customization on this Report:

https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=142612945

The major players in the sonar system market include 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. These key players have adopted the key strategies of contracts and new product developments to strengthen their position in the sonar system market.

Please Explore Relevant Reports:

Connected Ship Market by Application (Vessel Traffic Management, Fleet operations, Fleet Health Operations), Installation Type (Onboard, Onshore), Ship Type (Commercial, Defense), Fit (Linefit, Retrofit), Region - Global Forecast to 2023 

Integrated Marine Automation System Market by Ship Type (Commercial, and defense), Component, End User (OEM, Aftermarket), Solution (Vessel Management System, Power Management System, Process Control, Safety System), and Region - Global Forecast to 2023 

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/sonar-systems-technology-market.asp 

Visit Our Web Site: https://www.marketsandmarkets.com

Voltar noticias em Inglês