In a recent published report, Kenneth Research has updated the market report for Sonar System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Sonar System Market products.
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The Global Sonar System Market is estimated to be around USD 3 Billion in 2021 and is further likely to expand at a CAGR of ~6% between 2022 and 2030. Proliferating advancements in autonomous vehicle that is underwater and rapidly improving anti-submarine warfare strategies are contributing to sonar system market development.
Sonar, also referred to as noise navigation and ranging systems, is just a technology that can identify and locate things within the ocean using waves being acoustical. Extensive applicability for the item in nautical chart development, navigation and location of underwater hazards, mapping of objects such as shipwrecks regarding the seafloor in addition to seafloor mapping, among others is likely to improve market penetration.
The growth that is burgeoning deployment of advanced level marine defense technologies such as for instance nuclear submarines and unmanned underwater automobiles (UUVs) is a major trend characterizing sonar system market expansion throughout the forecast spell. UUVs have actually developed dramatically over the years and also have emerged as revolutionary tools for ASW (anti-submarine warfare), owing to their advanced sensing technologies.
UUVs include higher level sonar that is active, in order to facilitate maximum information collection in order to characterize and monitor the motion of adversary submarines at long ranges. For instance, used bodily Systems’ DARPA-sponsored SHARK (Submarine Hold in danger) UUV serves as an sonar that is active, that may efficiently determine and monitor the motions of stealth submarines. Different businesses get excited about the growth of higher level surveillance that is sonar-based, including hull-mounted, diver detection, sonobuoys, towed, dunking sonars yet others, to be able to accommodate the growing sonar systems market need into the years ahead.
Aside from its use in protection operations, the section that is commercial additionally prone to gain benefits from sonar systems industry penetration, offered its prospective in fisheries. Rising fish finding activities plus the robust usage of sonar systems in the commercial is anticipated to boost market development in the industry applications segment throughout the timeline that is predicted.
North America is placed to emerge being a income that is profitable for the sonar system market throughout the forecast duration. This is attributed primarily to your leading place associated with the region within the vessel mount industry, as well as major shipbuilding that is naval in Canada while the US.
Major players making up the sonar system share of the market include Lockheed Martin, Atlas Elektronik (ThyssenKrupp Marine Systems), Raytheon Technologies, JRC (Nisshinbo Holdings), L3Harris Technologies (formerly L3 Technologies), Furuno, Kongsberg Gruppen, Sonardyne Global (Sonardyne Group Ltd.) , Ultra Electronics, Thales, Navico (Altor Equity Partners) and Teledyne Technologies.
Many strategies and efforts are increasingly being employed by the industry players in order to keep a very good position on the market share that is global. As an example, Thales was opted for by the UK’s Royal Navy to equip the CASD (Continuous at Sea Deterrent) submarines with Combat System Mast, plus the Sonar 2076 system, which will be the absolute most sonar that is advanced in the world and is presently integrated within the Navy’s Astute Class and Trafalgar submarines.
Likewise, Northrop Grumman is placed to incorporate its µSAS sonar system in to the Iver4 Unmanned Undersea Vehicle (UUV) developed by onto L3Harris Technologies, for a test that is one-year as a part of the DIU (Defense Innovation Unit)’s Next Generation Small-Class UUV system.
The novel coronavirus disease has emerged as a serious worldwide crisis that has already established a considerable affect the economy that is global. The pandemic that is widespread not just been restricted to China, where it originated, but has sooner or later spread over the whole international commercial sphere, causing significant upheaval into the worldwide tourism, trade and delivery domains.
The maritime industry, especially, has had a considerable hit, with disruptions in transport, critical shipping, ship repair and shipbuilding operations amid various nationwide efforts to flatten the curve and contain the spread associated with the life-threatening virus. An italy-based naval shipbuilder power down its ship production for over 14 days in March 2020, in an attempt to adhere to different regulatory directives for social distancing and quarantining for instance, Fincantieri. The ripples of the impact on the maritime sector may also manifest in peripheral companies like the sonar system market, which might be affected as a result of the disruptions which can be unprecedented shipbuilding tasks.
Nonetheless, with numerous recovery initiatives being undertaken by authorities and businesses global, the situation may improve into the years ahead, as maritime tasks begin to normalize in the era that is post-pandemic.
Scope of the Report
• The report analyses the sonar System market at global, regional and country level.
• The report analyses the Sonar System Market by Solution (Hardware, Software).
• The report assesses the Sonar System market by its end-user industry (Commercial, Defence).
• The report assesses the Sonar System market by Defence Application (Anti-submarine warfare, Mine Detection & Countermeasure, Others).
• The report assesses the Sonar System market by Commercial Application (Navigation, Hydrography, Fishing).
• The Global Sonar System Market has been analysed by Region (North America, Europe, Asia Pacific, LAMEA) and by Country (United States, Canada, Russia, France, United Kingdom, China, Japan, India)
• The attractiveness of the market has been presented by region, solution, end-user industry, defence application and commercial application. Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, key developments in the market and new product development. The companies analysed in the report include Norbit, Raytheon, Northrop Grumman, Kongsberg Gruppen, Teledyne Technologies, Furuno, Thales, Ultra Electronics, Atlas Elektronik, Lockheed Martin.
• The report presents the analysis of Sonar system market for the historical period of 2014-2018 and the forecast period of 2019-2030
Key Target Audience
• Sonar System Manufacturers
• Consulting and Advisory Firms
• Government and Policy Makers
• Investment Banks and Equity Firms
• Regulatory Authorities
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