This study intends to unfurl the multiple facets of global SONAR system market. The insights offered in the report aid in market growth examination during the forecast period.
Growth in Delivery of Military Vessels to Complement Momentous Growth of SONAR System Market
Stable expansion rate of military vessel delivery continues to remain instrumental in driving the growth of the SONAR system market. The demand for advanced SONAR systems from military vessels to achieve high level precision has been increasing considerably. This is mainly to ensure safety and accurate tracking, classifying, and detecting underwater threats such as torpedoes. They are also used in other applications such as mine detection, anti-submarine warfare (ASW), seabed terrain investigation, port security and diver detection among others. Furthermore, depending on vessel type, different SONAR systems are available and used to carry out operations. For instance, passive SONAR system is used by submarines to navigate in enemy water without getting detected, whereas multi-static SONAR system is used by corvettes and frigates for detection of enemy vessels. That said, growth in existing navy fleets and military vessels is expected to influence the SONAR system market in the coming years.
Use of SONAR in Aquaculture to Influence SONAR System Market Growth
The use of SONAR system in fish monitoring has been gaining steam. The need for fish monitoring to expand fish resources is projected to increase significantly in aquaculture farms. Advanced SONAR system offers nocturnal monitoring and supports efficient fish farming. Backed by growing fish consumption, it has become essential to maintain fish resources and contribute towards reducing food supply concerns worldwide by adopting effective fish farming. That said, rising use of SONAR is aquaculture farms is expected to bode well for the growth of the SONAR system market.
Hull Mounted Systems to Gain High Traction, Contributing Towards Revenue Growth of the SONAR System Market
Demand for hull mounted SONAR system is expected to witness a surge in the coming years. This can be attributed towards its increasing adoption in defence vessels for various applications. Hull mounted SONAR such as forward-looking SONAR, Omni-directional SONAR and echo sounders have witnessed increased adoption to carry out monitoring of seabed, anti-submarine warfare and diver detection. In addition, this SONAR system is used to manage vessel traffic thus increasing the efficiency of ships. That said, rising demand for hull mounted systems is expected to largely contribute towards the value growth of the SONAR system market.
Asia Pacific Likely to Emerge as a Hotspot in Global SONAR system Market
Asia Pacific has become a hotbed for armed standoffs and unprecedented skirmishes owing to its geopolitical condition particularly around the South China Sea. This has resulted in the procurement of novel naval assets by countries along with the upgradation and modernization of existing naval fleets. For instance, the People’s Liberation Army Navy (PLAN) of China has been undergoing significant expansion of naval fleets. This resulted in China surpassing Russia with regards to having the largest navy comprising submarines, and frigates. In addition, the country is emphasizing enhancing its anti-submarine warfare capability from coastal to blue water operations, which in turn is likely to accelerate SONAR system market.
Other Asian countries are also focusing on improving their naval strength and investing in anti-submarine warfare equipment such as SONAR systems to gain visibility and situational awareness in the ocean. Furthermore, developing economies in Asia Pacific region are also increasing their investments in the naval space to buy new equipment integrated with advanced technologies. For instance, Government of India, in its 2022 defence budget, announced that the capital budget for navy to purchase advanced equipment and new platforms has been increased by around 45%. A major percentage of the capital outlay is embarked for enhancing the navy that covers submarines, ships, and associated equipment. This factor is poised to drive the integration of SONAR system in procured vessels across the region. in this backdrop, the SONAR system market in Asia Pacific reflects an optimistic scenario and companies can expect a volley of opportunities in the forthcoming years.
On the other side of the spectrum, developed economies in North America are projected to showcase high attractiveness in the SONAR system market. This can be attributed towards favourable initiatives apropos to shipbuilding and fleet expansions coupled with rising technological advancements in the naval space. For instance, in 2020, Government of the United States initiated a shipbuilding plan which will cover inclusion of 82 new vessels amounting to US$ 147 billion. This addition would take place and conclude in the time frame of 2022-2026, which is likely to influence the SONAR system market in the region. Other factors such as strong economic growth and robust naval infrastructure is expected to further strengthen existing navy assets, thus driving the growth of the SONAR system market in North America.
SONAR System Market: Competitive Scenario
The SONAR system market is a fragmented one with SONAR manufacturers offering different types of SONAR systems such as multi-beam, single-beam, and full circle scanning SONAR systems. Prominent players are investing in product innovations to gain massive contracts from end users, to gain competitive edge in the SONAR system market. For instance, in 2021, Leonardo SpA gave a contract ELAC SONAR for providing SONAR systems for two submarines offered to the Italian Navy. This contract was valued at approximately US$ 58 million. In February 2022, a contract worth around US$10 Mn was awarded to SyQwest by Naval Surface Warfare Centre. Under this contract, SyQwest will build a TR-343 SONAR transducer stack assembly for the United States Navy Submarine Acoustic Systems Program.
A few of the major players in the global SONAR system market include Thales Group, Thyssenkrupp AG, General Dynamics Corporation, Aselsan AS, Kongsberg Gruppen ASA, EdgeTech, NAVICO, Teledyne Technologies Inc., and Atlas Elektronik India Pvt. Ltd.
The Global SONAR System Market is Segmented as Below:
By Product Type
By End User
Key Elements Included In The Study: Global SONAR System Market
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