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SONAR System Market to Reach USD 3.76 Billion by 2029; Increasing Demand for Sonobuoy for Tactical Defense Operations will Aid the Market Growth

May 19, 2022 | Aerospace & Defense

The SONAR system market size is predicted to reach USD 3.76 billion by 2029 and exhibit a CAGR of 7.96% during the forecast period. Fortune Business InsightsTM in its report titled “SONAR System Market Size, Share and Industry Analysis, Product Type (Hull-Mounted, Stern-Mounted, Sonobuoy, and DDS), By Application (Commercial and Defense), By Platform (Ship Type and Airborne), By Solution (Hardware (Transmitter, Receiver, Control Units, Displays, Sensors (Ultrasonic Diffuse Proximity Sensors, Ultrasonic Retro-Reflective Sensors, Ultrasonic Through-Beam Sensors, VME-ADC, and Others), and Others), and Software), By End-User (Line Fit and Retrofit), and Regional Forecast, 2022-2029”, observes that the market size stood at USD 2.09 billion in 2021 and USD 2.20 billion in 2022.


Russia–Ukraine War Impact


The main export destinations for crude oil, wheat, and corn are Russian and Ukrainian ports. The current conflict has halted cargo import and export by sea, resulting in slow growth in the marine sector. In response to NATO recommendations, several European countries have increased their defense budgets in 2022. NATO has advised countries to increase their defense spending to 2% of GDP. Officials in Poland, for example, have stated that the defense budget will be enhanced to 2% of GDP in 2022 and 3% of GDP in 2023. The increased defense spending is expected to boost naval vessel procurement, which will help the market to grow.


Thales Group Signed a Contract worth USD 424.59 Million from Royal Navy


The Royal Navy awarded Thales Group a USD 424.59 million contract to equip the Continuous at Sea Deterrent (CASD) submarines with the advanced SONAR 2076 system and Combat System Mast. It is the most advanced SONAR suite, and it is currently in use on the Navy's Astute and Trafalgar Class submarines.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/sonar-system-market-101830


Aquaculture Farms are Increasing their Use of SONAR to Improve Productivity


A deep neural network is used in the SONAR system for fish monitoring. Demand for fish monitoring in aquaculture farms is expected to rise in response to the expansion of fish resources. The deep neural network SONAR is made up of a high-precision imaging SONAR and an underwater optical camera. The device enables nocturnal monitoring and contributes to the development of more efficient fish farming. As a result of the increased demand for the system in aquaculture farms, the SONAR system market growth will be evident.


Developing Advanced Technologies and Next-Generation SONAR is a Key Goal for Key Players


The SONAR system market share is fragmented as several companies are developing SONAR systems. Diver detection systems, dual-axis SONAR (DAS), surveillance network SONAR, and chirp technology are some of the most recent developments. The dominant factor responsible for these market players' dominance is a diverse product portfolio combined with R&D activity.


Notable Industry Development-



  • January 2022: The Naval Surface Warfare Center awarded SyQwest a USD 10 million contract to build TR-343 SONAR transducer ceramic stack assemblies for the U.S. Navy Submarine Acoustic Systems Program.


List of Key Market Players:



  • ASELSAN A.Ş. (Turkey)

  • ATLAS ELEKTRONIK INDIA Pvt. Ltd. (India)

  • DSIT Solutions Ltd. (Israel)

  • EdgeTech (U.S.)

  • FURUNO ELECTRIC CO., LTD. (Japan)

  • Japan Radio Co. (Japan)

  • KONGSBERG (Norway)

  • Lockheed Martin Corporation (U.S.)

  • L3Harris Technologies, Inc. (U.S.)

  • NAVICO (Norway)

  • Raytheon Technologies Corporation (U.S.)

  • SONARDYNE (U.K.)

  • Teledyne Technologies Incorporated. (U.S.)

  • Thales Group (France)

  • Ultra (U.K)


Further Report Findings-


North America was the market leader in 2021, with market size of USD 665.5 million. North America's dominance is due to an increase in naval shipbuilding in the U.S. In 2020, the U.S. government proposed a shipbuilding plan in which 82 new ships costing up to USD 147 billion will be added over a five-year period between 2022 and 2026.


Table of Segmentation





















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



By Product Type



  • Hull-Mounted

  • Stern-Mounted

  • Sonobuoy

  • DDS



By Application



  • Commercial

  • Defense



By Platform



  • Ship Type

  • Airborne



By Solution



  • Hardware

    • Transmitter

    • Receiver

    • Control Units

    • Displays

    • Sensors

      • Ultrasonic Diffuse Proximity Sensors

      • Ultrasonic Retro-Reflective Sensors

      • Ultrasonic Through-Beam Sensors

      • VME-ADC

      • Others



    • Others



  • Software



By End-User



  • Line fit

  • Retrofit



By Geography



  • North America (By Product Type, Solution, Platform, Application, End-User, and Country)

    • U.S. (By Product Type, Solution, Platform, Application, End-User)

    • Canada (By Product Type, Solution, Platform, Application, End-User)



  • Europe (By Product Type, Solution, Platform, Application, End-User, and Country)

    • U.K. (By Product Type, Solution, Platform, Application, End-User)

    • Germany (By Product Type, Solution, Platform, Application, End-User)

    • France (By Product Type, Solution, Platform, Application, End-User)

    • Russia (By Product Type, Solution, Platform, Application, End-User)

    • Italy (By Product Type, Solution, Platform, Application, End-User)

    • Rest of Europe (By Product Type, Solution, Platform, Application, End-User)



  • Asia Pacific (By Product Type, Solution, Platform, Application, End-User, and Country)

    • China (By Product Type, Solution, Platform, Application, End-User)

    • India (By Product Type, Solution, Platform, Application, End-User)

    • Japan (By Product Type, Solution, Platform, Application, End-User)

    • South Korea (By Product Type, Solution, Platform, Application, End-User)

    • Rest of Asia Pacific (By Product Type, Solution, Platform, Application, End-User)



  • Rest of the World (By Product Type, Solution, Platform, Application, End-User, and Sub-Region)

    • Middle East & Africa (By Product Type, Solution, Platform, Application, End-User)

    • Latin America (By Product Type, Solution, Platform, Application, End-User)




Global SONAR System Market
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  • 2021
  • 2018-2020
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