“Global SONAR
System Market: Global Demand Analysis & Opportunity Outlook 2024”
The global SONAR system market is
segmented into application such as commercial, scientific and military. Among
these segments, military SONAR system segment is expected to occupy the top
position in global SONAR system market. Further, increasing spending on the
military strengthening by many developing nations is anticipated to drive the
growth of the military SONAR system market. Moreover, development of advanced
military SONAR systems is envisioned to bolster the growth of the market.
Global SONAR system market is
expected to flourish at a significant CAGR of 6.9% over the forecast period. Moreover,
the global SONAR system market was estimated at USD 2.8 Billion in 2016. Increasing
manufacturing of marines and ships, heavy usage in military applications and
technological innovations are some of the factors which are expected to
intensify the growth of the global SONAR system market. Moreover, government
initiatives to make military technologically advanced is believed to fuel the
growth of the global SONAR system market.
North America grabbed the highest
percentage share in overall SONAR system market in
2016. Further, North America is expected to continue its dominance over the
forecast period. Evolution in the SONAR system technology such as development
of advanced flank array is expected to intensify the growth of the SONAR system
market. Moreover, presence of major players in the region is anticipated to
positively impact the growth of the SONAR system market in North America. U.S.
is the major contributor to the growth of global SONAR system market. Asia
Pacific is also expected to showcase significant growth in the SONAR system
market. Rising expenditure on defense naval shipbuilding is expected to
escalate the demand for the SONAR system. Countries such as India, China, Japan
and South Korea are believed to witness the augmented demand for SONAR system.
Growth
in Naval Shipbuilding Market
Rise in the military defense
spending is anticipated to positively impact the growth of the global SONAR
system market. Moreover, increasing commercial usage of SONAR such as fisheries,
mine hunting, oil and gas resource exploration and other research activities is
increasing the demand for SONAR system across the globe.
Innovation
and Technological Developments
Increasing spending on the
development of advanced SONAR system is envisioned to bolster the growth of the
global SONAR system market. Additionally, government funding to develop
advanced SONAR technology is also anticipated to positively impact the growth
of the market.
However, factors such as
increasing complexity with the data management and high cost of advanced SONAR
system are expected to hamper the growth of the global SONAR system market.
The report titled “Global SONAR
System Market: Global Demand Analysis & Opportunity
Outlook 2024” delivers
detailed overview of the global SONAR system market in terms of market
segmentation by type, by frequency, by technology type, by application and by
region.
Further, for the in-depth
analysis, the report encompasses the industry growth drivers, restraints,
supply and demand risk, market attractiveness, BPS analysis and Porter’s five
force model.
This report also provides the
existing competitive scenario of some of the key players of the global SONAR
system market which includes company profiling of Lockheed Martin Corporation, Ultra
Electronics, Neptune SONAR Ltd, Kongsberg Maritime, Exelis, Inc., Thales
Underwater Systems Ltd., L-3 Klein Associates Inc., General Dynamics
Corporation, Teledyne Reson A/S and The Raytheon Company. The profiling enfolds
key information of the companies which encompasses business overview, products
and services, key financials and recent news and developments. On the whole,
the report depicts detailed overview of the Global SONAR system market
that will help industry consultants, equipment manufacturers, existing players
searching for expansion opportunities, new players searching possibilities and
other stakeholders to align their market centric strategies according to the
ongoing and expected trends in the future.
About Research
Nester
Research Nester is a leading service provider for
strategic market research and consulting. We aim to provide unbiased,
unparalleled market insights and industry analysis to help industries,
conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision so as to avoid future uncertainties.
Purchase this
Premium Report: https://www.researchnester.com/reports/sonar-system-market/544
Contact for more
Info:
Ajay
Daniel
U.S.
+1 646 586 9123
U.K.
+44 203 608 5919
No comments:
Post a Comment