Sonar Systems and Technology Market Trend
The sonar systems and technology market are expected to rise at 6.88% CAGR in the forecast period. MRFR reveals that the sonar system and technology market value can reach USD 4,214.4 Million by 2025.
The global sonar systems and technology market expansion can be attributed to increase in military expenditure and rapid rise in international seaborne trade. On the contrary, the adverse effect of sonar system and technology on marine life can restrain the market rise.
Competitive Analysis
Kongsberg Maritime (Norway), Raytheon Company (US), Thales Group (France), Lockheed Martin Corporation (US), L3Harris Technologies, Inc (US), Teledyne Technologies Incorporated (US), DSIT Solutions Ltd (Israel), Sonardyne (UK), EdgeTech (US), Navico (Norway), Atlas Elektronik Group (Germany), Aselsan AŞ (Turkey), Wärtsilä (Finland), Ultra Electronics (UK), FURUNO Electric Co., Ltd (Japan), and Japan Radio Co. (Japan) are some reputed players in the sonar systems and technology market that are listed by MRFR. Mergers and acquisitions among enterprises can support the market rise. Moreover, the awareness about key strategies adopted by this enterprise can provide an edge to investors over their competitors.
Segmental Analysis
The segment assessment of the global sonar systems and technology market is done by Mode of Operation, product Type, Solution, and Application.
The solution-based segments of the Sonar Systems and Technology Market are hardware and software. The hardware segment can register the highest CAGR in the review period.
The product type-based segment of the global sonar systems and technology market are stern-mounted sonar, hull-mounted sonar, sonobuoy, and dipping sonar. The hull-mounted sonar segment can acquire about USD 1,106.3 on the conclusion of the study period, at 5.69% CAGR.
The mode of operation-based segments of the sonar systems market are passive, active, and dual. The active segment can earn revenue of about USD 1,670.0 Million by 2025. The segment can rise at 7.27% CAGR in the study period.
The application-based segment of the global sonar systems and technology market are commercial and defense. The defense sub-segments are port security, anti-submarine warfare, mine detection, diver detection, search & rescue, and countermeasure systems, among others. The commercial sub-segments are hydrography, fisheries, and navigation. The defense segment can rise at highest CAGR across the forecast period.
Regional Analysis
The sonar systems market in the North America region can value USD 2,071.8 Million by 2025, suggests MRFR regional assessment. The US and Canada are the country-level markets in North America. The regional market can rise at 5.47% CAGR across the forecast period. The increase in military expenditure by governments and surveillance bodies in the region can promote the sonar system and technology market through the review period. Technological advancements and the existence of prominent players are other factors they can drive the regional market.
In Europe, the sonar system market can value at USD 1,460.7 Million by 2025. Europe market can thrive at 8.02% CAGR across the analysis period. Kongsberg Maritime, Thales Group, and Ultra Electronics are some renowned companies that are present in the sonar system market that can contribute to EU sonar systems and technology market expansion.
In Asia Pacific, the market can rise at 9.43% CAGR to value at USD 354.9 Million by 2025. In MEA, the sonar system and technology market can expand at 9.13% CAGR to generate USD 257.9 Million by 2025. Latin America sonar systems and technology market is expected to expand at 8.26% CAGR in the review period to earn revenue of about USD 69.1 Million by 2025.
Sonar Systems and Technology Market: Information by Product Type (Hull-Mounted Sonar, Stern-Mounted Sonar, Dipping Sonar, and Sonobuoy), Mode of Operation (Active, Passive and Dual), Solution (Hardware and Software), Application (Defense [Anti-Submarine Warfare, Port Security, Diver Detection, Mine Detection, and Countermeasure Systems, Search & Rescue and others] and Commercial [Fisheries, Hydrography, and Navigation]) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) – Forecast till 2027 @https://www.marketresearchfuture.com/reports/sonar-systems-technology-market-8723
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