Report: SONAR Systems Market at $4.9 Bln by 2020
The SONAR systems and technology market is estimated to be at $3.41 billion in 2014 and is expected to register a CAGR of 6.22% to reach $4.90 billion by 2020, according to a report by ReportsnReports.
The research report provides in-depth insights with regards to the SONAR systems and technology market.
The report contains profiles of leading players involved in this market such as Ultra Electronics (GREENFORD, U.K.), Thales Underwater Systems Ltd. (U.K.), and Kongsberg Maritime (Norway). The report takes into account a wide range of factors and its influence on market dynamics. Increasing investments in R&D, coupled with an information flow for requirement analysis will help the market move at a steady pace. The report provides market analytics for more than 12 countries that are mapped in the report. One of the key strategies adopted by key players in this market is the technology innovation. This strategy helped them upgrade products, which helped them garner a competitive market share. Apart from this, detailed analysis of SONAR software and components has been conducted in order to provide better insights of the on-going trends in these sectors.
The major players in SONAR systems and technology market include Northrop Grumman, Raytheon, Thales Group, Kongsberg Mesotech, Exelis, Ultra Electronics, Lockheed Martin, L-3 Klein Associates, R-2 Sonic, Sound Metrics, Atlas Elecktronik, Teledyne Reson, Edge Tech and Neptune SONAR.
SONARs are used for variety of commercial, military, and scientific applications such as hydrography, fisheries, anti-submarine warfare, underwater mines and threat detection and torpedo defense systems but integrated SONAR system, countermeasures, airborne processing and sonobuoy are major defined offerings from the system providers. Enhancement in anti-submarine warfare techniques, advancement in active and passive SONAR technologies, and rising demand for sonobuoy in tactical defense operations are some important factors which are expected to drive the growth of this market in the forecast period.
The increasing underwater threat in major oceans across the world has led to increase in investment through technologies for the development of more efficient SONAR systems. Until recently, side scan and multi-beam SONARs have been the leading technology for detailed mapping and imaging of the seabed. However, the market for Synthetic Aperture Sonars (SAS) which provides ultra-high image resolution combined with very efficient area coverage rates is expected to show phenomenon growth in near future.