Sep 24, 2020 (The Expresswire) -- Final Report will add the Impact of COVID-19 Analysis on Sonar System Industry:
The global sonar system market is projected to gain impetus from the increasing usage of technologically advanced marine systems. This information is published in an upcoming report by Fortune Business Insights™ , titled, “ Sonar System Market Size, Share and Industry Analysis, By Product Type (DDS, Hull Mounted, Son buoy, Stern Mounted), By Component (Transmitter, Receiver, Hydrophone, Beam Forming Processor), By Platform (Airborne, Ship), By End-User (Retrofit, Line fit), By Application (Military Operations, Commercial) and Regional Forecast, 2019-2026 .” As per the report, modern mine countermeasure (MCM) vessels require sonar to capture depth in small objects. Hence, the rising demand for MCM systems from the marine sector is likely to boost the sonar system market growth during the forecast period. Additionally, increasing demand for unmanned underwater vehicles and autonomous underwater vehicles would also contribute to market growth.
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Highlights of the Report
Evaluation and reporting of the most recent industry developments, namely, new contracts, strategic collaborations, agreements, mergers and acquisitions, and new product launches.
Projected, current, and historical size of the market from the standpoint of volume and value.
Detailed information about the sonar system market trends, growth drivers, barriers, opportunities, and challenges.
Significant transformations in market dynamics.
Beamforming Processor Segment to Lead Fueled by Rising Technological Advancements
In terms of component, the market is fragmented into hydrophone, receiver, transmitter, beamforming processor, and others. Amongst these, at present, the beamforming processor segment is leading the market stoked by the ongoing technological advancement in passive and active sonar. Besides, the high demand for multibeam sonar systems worldwide is also driving the growth of this segment. It is a unique signal processing technique that is used for signal reception and signal transmission processes in the sensor array.
Upgradation of Old Naval Fleets to Propel Market in Asia Pacific
Geographically, the market is divided into South America, North America, the Middle East and Africa, Asia Pacific, and Europe. Out of these, North America is expected to dominate by gaining the maximum sonar system market revenue in the coming years. It is likely to occur owing to the early adoption of innovative technologies, such as increasing the range of sound waves. The U.S. is set to exhibit a remarkable growth backed by the rising number of submarines and naval vessels present in the country. Canada is also developing its self-Indigenous marine sector, which, in turn, would propel the market in this region.
Asia Pacific, on the other hand, is anticipated to showcase a considerable growth on account of the upsurging of the helicopter sonar system sector. The domestic naval vessel production in China is projected to affect the growth of the market in this region positively. Additionally, the country is increasing its maritime expenditure and domestic ship production. Apart from that, in India, aging naval fleets are being replaced with technologically advanced systems. It would also augment growth in this region.
Reputed Companies Focus on Strengthening Position by Gaining Orders
The market consists of numerous small, medium, and large enterprises. They are aiming to receive gigantic orders from other renowned private and government organizations. It would help them in gaining more sonar system market share and creating a robust position in the market. Below are two of the latest key industry developments:
November 2018 : Ocean Infinity, a seabed exploration company based in Houston, announced that it has placed three individual orders for 5 HUGIN autonomous underwater vehicle (AUV) systems from Kongsberg Maritime, a Norwegian technology enterprise. It would help the former in upsurging its inventory to 15. The AUVs are delivered with the next-generation HISAS 1032 synthetic aperture sonar. As per the officials of Kongsberg, this order would help in increasing the capabilities of the company’s marine robotics department.
May 2017 : Raytheon Company, a major U.S. defense contractor and industrial corporation declared that it was chosen by the U.S. Navy to deliver its latest variable depth sonar. It would be used in the Navy’s Littoral Combat Ship class. The total deal is worth USD 27.9 million. The contract consisted of a product assessment phase and an in-depth study period. In both phases, the solution met all the design and performance requirements that were provided by the Navy.
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Fortune Business Insights™ profiles some of the most prominent companies operating in the sonar system market.
They are as follows:
Atlas Elektronik (Germany)
Lockheed Martin (US)