The new Sound Navigation and Ranging (SONAR) System Market Research from Technavio indicates Negative and Inferior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Sound Navigation and Ranging (SONAR) System Market 2020-2024 (Graphic: Business Wire)
“One of the primary growth drivers for this market is the increased demand for technology transfer options,” says a senior analyst at Technavio. The importance of undersea capabilities to national security is rising among countries. Additionally, it is important for countries to nurture partnerships and involve in collaborative efforts for the design and development of submarines and its associated components. Both developing and developed nations are in the process of establishing strategic partnerships with technology providers and OEMs for the procurement of enhanced submarines with abilities to respond to the changing nature of undersea warfare. Such partnerships play an essential role in ensuring enhanced platforms with superior weapon and combat systems onboard. For instance, the defense ministries of Japan and the UK signed an agreement for the transfer of defense equipment. This has resulted in the commencement of numerous defense projects, including force and platform protection and air defense systems. These increasing collaborative efforts will substantially help regional and domestic sonar technology providers in serving customers in different geographical locations, which, in turn, will propel the SONAR system market. As the markets recover Technavio expects the sound navigation and ranging (SONAR) system market size to grow by USD 1.01 billion during the period 2020-2024.
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Sound Navigation and Ranging (SONAR) System Segment Highlights for 2020
- The sound navigation and ranging (SONAR) system market is expected to post a year-over-year growth rate of 4.21%.
- Passive SONAR dominated the market in 2019.
- It is primarily used for detecting noise from submarines, mines, ships, and other naval vessels. Through spectrum analysis, the passive SONAR technique processes the sound signal generated by the target. Unlike active SONAR, passive SONAR provides a significant advantage for military vessels, driving its adoption.
- Passive SONAR does not emit its own signal, thus preventing hostile groups from detecting vessels or submarines that release passive SONAR. The increase in technological advances is also one of the major factors that propel the market growth during the forecast period. Therefore, the sound navigation and ranging system market share growth by the passive sonar segment will be faster than the growth of the market by the active sonar segment.
- 40% of the growth will originate from the APAC region.
- Factors such as enhancement of undersea capabilities in countries, including China, India, Japan, South Korea, and Australia, will significantly drive sound navigation and ranging system market growth in this region over the forecast period.
- China, the Russian Federation, and Japan are the key markets for sound navigation and ranging systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The sound navigation and ranging (SONAR) system market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The sound navigation and ranging (SONAR) system market is segmented by type (passive SONAR and active SONAR), application (defense and civil and commercial), and geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ASELSAN AS, Furuno Electric Co. Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Thales Group, thyssenkrupp AG, and Ultra Electronics Holdings Plc.
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