Sonar System Market Worth 3.72 Billion USD by 2022 - Erie News Now | WICU & WSEE in Erie, PA

Sonar System Market Worth 3.72 Billion USD by 2022

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SOURCE MarketsandMarkets

PUNE, India, October 6, 2017 /PRNewswire/ --

According to the new market research report "Sonar System Market by Product Type, Installation (Vessel Mount, Towed, Hand-Held & Pole Mounted, Airborne, UUV), Mode of Operation, Operating Frequency (High, Medium, Low), Application (Defense, Commercial), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 3.49 Billion in 2016 to USD 3.72 Billion by 2022, at a CAGR of 4.33% from 2017 to 2022. The growth of this market can be attributed to the rise in naval shipbuilding, which leads to increase in demand for sonar systems. In addition, the rise in demand for sonar systems for various UUVs is driving the sonar system market.

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The defense application segment is estimated to account for the largest share of the sonar system market in 2017, and this segment is projected to grow at a high CAGR during the forecast period. 

Based on application, the defense segment is estimated to account for the largest share of the sonar system market in 2017. This segment is projected to grow at a high CAGR during the forecast period. In defense, sonar systems are used mainly in the naval ships. North America is leading the defense application segment due to the increase in naval shipbuilding orders.

Based on installation, the Underwater Unmanned Vehicles (UUV) segment is projected to grow at the highest CAGR during the forecast period. 

Based on installation, the UUV segment is expected to grow at the highest CAGR during the forecast period. The rise in the usage of UUVs in applications such as hydrographic survey, seabed mapping, military surveillance, and mine hunting has led to the increase in demand for sonar systems in UUVs.

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The fisheries application segment of the commercial sonar system market is projected to grow at the highest CAGR during the forecast period 

Sonar systems, in recent years, have found increased usage in fish finding. These systems provide details about fish schools in the ocean. The fisheries application segment of the commercial sonar system market is projected to grow at the highest CAGR during the forecast period.

The Asia Pacific sonar system market is projected to witness the highest growth during the forecast period 

Increase in defense spending for naval shipbuilding and hydrographic oil & gas exploration in the Asia Pacific region is projected to fuel the demand for sonar systems. The Asia Pacific sonar system market is projected to grow at the highest CAGR from 2017 to 2022. Countries in this region include China, South Korea, Japan, Australia, and India. Substantial investments by China in naval and commercial shipbuilding is one of the factors driving the sonar system market in the Asia Pacific region.

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Major players in the sonar system market are Raytheon Company (US), Thales, ATLAS ELECTRONIK GmbH (Germany), Kongsberg Gruppen ASA (Norway), and Ultra Electronics Holdings PLC (UK), among others.

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