Sonar System Market Projected to Reach USD 7.15 Billion by 2031, Fueled by Rising Demand for Enhanced Naval Capabilities

Sonar System Market Overview:

The Sonar System Market, estimated at USD 6.21 billion in 2023, is poised for steady growth according to a new report by SNS Insider. Projections indicate reaching USD 7.15 billion by 2031, showcasing a compound annual growth rate (CAGR) of 1.7% between 2024 and 2031.

Increasing adoption of sonar technology within naval forces seeking enhanced ASW capabilities leads the charge for market expansion. Additionally, the integration of sonobuoys into tactical defense programs and the necessity for high-resolution seabed imagery are fueling this growth.  These factors, among others, are transforming the global sonar system market. The expansion of the market is primarily driven by the escalating need for powerful anti-submarine warfare (ASW) capabilities within naval forces, the widespread integration of sonobuoy systems for tactical defense applications, and the increasing demand for high-resolution imaging systems used in seabed mapping.

Get a Sample Report of Sonar System Market @ https://www.snsinsider.com/sample-request/1165

Major Key Players Included are:

• Thales Group
• ATLAS ELEKTRONIK GmbH
• Raytheon Company
• Lockheed Martin
• L3Harris Technologies
• Ultra Electronics and Other Players.

Technological advancements further power this growth. Some of the latest trends include diver detection systems, advanced surveillance network SONARs, synthetic aperture SONAR, and twin inverted pulse SONAR.

Sound Navigation and Ranging (SONAR) technology has become pivotal in the maritime world. Its ability to navigate, communicate, and detect underwater objects is driving demand across a spectrum of applications. Naval forces are expanding their procurement and upgrading of ships, a trend that aligns with rising commercial ship deliveries. This increase in vessel operations significantly contributes to the growth of the SONAR system market.

Recent Developments by the key players in the SONAR System Market;

• February 2022: ELAC SONAR secured a USD 58 million contract with Leonardo SpA. This agreement covers the provision of SONAR systems to Fincantieri for two new submarines destined for the Italian Navy.
• January 2022: SyQwest was awarded a USD 10 million contract.  The contract, issued by the Naval Surface Warfare Center, involves the production of TR-343 SONAR transducer ceramic stack assemblies for the U.S. Navy Submarine Acoustic Systems Program.

Check Discount on Sonar System Market @ https://www.snsinsider.com/discount/1165

Segment Analysis

By Product: Hull-mounted SONARs, encompassing forward-looking SONAR, echo sounders, and Omni-directional SONAR, dominated the market in 2023. This is attributed to the crucial role of forward-looking SONAR within naval defense vessels and its application in vessel traffic management services.

By Platform: Commercial platforms are poised to hold the lion’s share of the market during the forecast period.  Naval sonars can engage in active or passive operations, the latter being vital for stealth operations and the detection of threats.

KEY MARKET SEGMENTATION

By Application

• Anti-submarine Warfare
• Port Security
• Mine Detection & Countermeasure Systems
• Search & Rescue
• Navigation
• Diver Detection
• Seabed Terrain Investigation
• Scientific
• Others

By Platform

• Commercial Vessels
• Defence Vessels
• Unmanned Underwater Vehicles (UUVs)
• Aircrafts
• Ports

By Product

• Hull-mounted Sonar
• Stern-mounted Sonar
• Dipping Sonar
• Sonobuoy

By Installation

• Fixed
• Deployable

Enquire about the Report @ https://www.snsinsider.com/enquiry/1165

Geopolitical Impact: The Russia-Ukraine War

The war between Russia and Ukraine continues to have ripple effects across various sectors, the maritime industry being no exception.  Disruptions within major export hubs have slowed the movement of cargo, leading to a period of sluggish growth in the marine sector. Counterbalancing this is the increased focus on defense spending by European nations, largely driven by NATO recommendations stipulating defense budgets to reach 2% of GDP. In 2022, Poland declared a significant increase in its defense budget, while its Naval forces announced the procurement of three Mine Counter countermeasure vessels (MCVs).

Regional Analysis:

North America, largely due to increased naval shipbuilding in the U.S., maintained dominance in 2023.  Meanwhile, the Asia Pacific region demonstrates exceptional growth potential, fueled by rising naval spending and a boom in domestic ship production in countries like South Korea and China.

Key Takeaways for the Sonar System Market Study

• Sonar technology has become central to modern naval operations, with a focus on anti-submarine warfare and tactical defense capabilities.
• Advancements in sonar systems, like 3D printing and deep neural networks, are opening up new possibilities with increased efficiency and precision.
• The aquaculture industry represents a burgeoning sector for sonar technology, specifically in fish monitoring and management.
• The ongoing Russia-Ukraine war and economic shifts have a tangible impact on the sonar system market, demonstrating the importance of adaptability within the industry.

Buy Single User PDF of Sonar System Market Report @ https://www.snsinsider.com/checkout/1165

Table of Contents – Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
   • COVID-19 Impact Analysis
   • Impact of Ukraine- Russia war
   • Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Sonar Systems Market, By Application
9. Sonar Systems Market, By Platform
10. Sonar Systems Market, By Product
11. Sonar Systems Market, By Installation
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we’re proud to be recognized as one of the world’s top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.

Read Our Other Aerospace & Defense Related Reports