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The global SONAR system market size is projected to reach USD 3.60 billion by the end of 2027. The increasing investment in product R&D by major companies will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “SONAR System Market Size, Share and COVID-19 Impact; By Product Type (Hull -Mounted, Stern-Mounted, Sonobuoy, and DDS), By Application (Commercial, and Defense), By Platform (Ship Type, Airborne), By Solution (Hardware, and Software) By End-User (Line Fit, and Retrofit), and Regional Forecast, 2020-2027,” the market was worth USD 2.77 billion in 2019 and will exhibit a CAGR of 7.17% during the forecast period, 2020-2027.
These systems are widely used in underwater applications to detect and locate objects and obstacles. This technology involves the use of ultrasonic rays to detect the range of the object from the vehicle. The increasing use of sound navigation and ranging (SONAR) systems in applications across diverse industry verticals will aid the growth of the overall market in the coming years. These products are extensively used in research and survey methods associated with aquatic life. The high investment in the development of efficient SONAR systems, coupled with the presence of several large scale companies will bode well for the market in the forthcoming years. The increasing technological intervention and use of automated and precise concepts have fuelled the demand for the product across the world. Technological penetration has yielded products with high efficacy and operational capabilities, subsequently aiding the growth of the overall market in the coming years.
EdgeTech Delivers Multiphase SONAR System to the University of New Hampshire
The ability of a SONAR system to accurately detect and locate products under the water have led to an increase in research activities across the world. The massive demand for the product is attributable to the accuracy and efficacy that they are able to deliver. The rising adoption of the product in commercial applications has encouraged companies to focus on the R&D of the product. In July 2017, EdgeTech announced that it has delivered a new SONAR system to the University of New Hampshire. The company announced that it has delivered its latest ‘Multiphase Sonar’ system to the University’s centre. EdgeTech is a renowned manufacturer of SONAR and underwater technology. Its latest product will not just benefit the research purposes, but will lead to a wider application scope. EdgeTech’s latest product will have a huge impact on the growth of the overall market in the coming years.
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Covid-19 Pandemic to Have a Negative Impact on Market Growth
The coronavirus outbreak in 2019 is set to have a negative impact on the growth of the market in the coming years. Due to the adverse effect of the disease and its rapid spread across the world, strict measures have been taken to curb the spread of the disease. As a result, several manufacturing businesses are put on a hold. The hesitancy among people, coupled with the severity of the disease, will restrain the growth of the market in the coming years.
Applications of 3D SONAR in Seabed Imaging Will Aid Growth
The use of technologically advanced products, coupled with the emphasis on the research and development of efficient products will bode well for the market. The use of 3-dimensional SONAR system in applications such as seabed imaging and charting have caught the eyes of large scale investors across the world. Increasing applications and subsequently rising demand for these products will contribute to the growth of the overall market in the forthcoming years.
Major Companies are Focusing on R&D Activities
Accounting to the healthy market competition, major companies are shifting their focus on research and development activities. This is primarily done to develop products with higher efficacy and higher operational capabilities. Teledyne Technologies is among the leading companies to have focused on 2D and 3D SONAR sensors in recent times.
List of companies profiled in the report:
The global SONAR system market is segmented on the basis of:
Value (USD Billion)
By Product Type