Sonar system market to grow to $3.7 billion by 2023, study says
NORTHBROOK, Ill. The sonar system market is projected to grow from $2.6 billion in 2018 to $3.7 billion by 2023, at a combined annual growth rate of 7 percent during that period, according to a recent study from MarketsandMarkets, "Sonar System Market by Product Type (Hull Mounted, Stern Mounted, Sonobuoy, DDS), Application (Commercial, Defense), Platform (Ship Type, Airborne), End User (Line Fit, Retrofit), Solution (Hardware, Software), Region - Global Forecast to 2023."
The major factors driving the growth of the market, according to the study, are an increase in global seaborne trade activities, the growing requirement for shipowners to comply with the maritime safety norms, and an uptick in the maritime tourism sector.
Based on ship-type platform, the study found that the defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment over the period studied; growth in this segment can be attributed to the increased demand for different types of ships by naval forces of different countries. The study also found that growth in the defense segment will also be driven by increasing demand for equipping naval ships with updated anti-submarine warfare (ASW) systems.
The study found that based on mode of operation, the active segment of the sonar market accounted for the largest share of the sonar system market in 2018 and predicted that increased demand for active sonar systems such as echo sounders used in commercial ships; plus towed arrays, variable depth sonars, and hull-mounted sonars in military ships will lead to the growth of the active segment of the market.
For additional information on this study, please visit the MarketsandMarkets website.