Sonar systems Market Size Valued at USD 7.1 Billion, market Grow at a CAGR Of 2% by 2020 -2030
The Sonar system is synonymous with navigation, tactical defence and warfare. But in modern terms, it has been enhanced to feed the aquaculture and commercial shipping businesses. Sound navigation and ranging refer to detecting lost objects and materials through sound waves. The sonar market must have experienced a decline at the pandemic’s beginning. While it is noteworthy that 3D printing technology for developing sophisticated sonar equipment is on the rise.
These high-resolution, wide-range and 3D multi-beam sonars make it possible to take multiple high-definition pictures of the seabed. They are lightweight and cost-effective; hence the market for sonar systems is experiencing an increase in production value.
Sonar System Market Size
The sonar system market is estimated to peak at $6.5 billion by the year 2026. This astounding figure was projected based on the year 2021 growth rate of $5.9 billion. The CAGR is expected to reach 1.8 % during this time period. The other factors determining the market size are commercial shipping use projected to rise from $ 2686.5 million in 2021 to $ 2939.0 million in 2026 with an average CAGR rate of 1.8%. The tactical defense use of the sonar system has been estimated from $ 1495.2 million from 2021 to $ 1650.2 million in 2026 with the growth of CAGR towards 2%.
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Sonar System Market Share
Keeping in mind the geopolitics of war, the sonar systems market has experienced exponential growth in the Asia-Pacific region. The nations around the South China Sea have always conflicted. Many of these developing nations invest in naval resources to defend their maritime boundaries. China was one such competitor to Russia; it was the acquisition of ASW (anti underwater warships). On the other hand, a country such as India has increased its naval defence budget to acquire new warships equipped with a modern sonar system.
The market has different segmented groups concerning sonar equipment; single beam and multi-beam sonar systems and full-circle scanning systems. From the tactical perspective, submarine enemy detection, torpedo and missile tracking/detection. You have shallow water detection and offshore exploration from a commercial fishing point. Major market players include General Dynamics Corporation, Aselsan AS, Thales Group and Thyssenkrupp AG.
Sonar System Market Growth
Defence operations have gained prominence with naval fleets deploying sonobuoys to detach wave height, water temperature, and underwater activity through a radio transmitter. Sonar system is also being used for fish monitoring by aquaculture farms. These sonar transmitters record the fish growth activity in the water, capture high-resolution images of the sea and enable night-time monitoring.
Sonar System Market Value
While looking at the market value, the sonar system is segmented into product types which means stern-mounted, hull-mounted, DDS and sonobuoys. Sonobuoys are efficient in submarine attacks, the hull-mounted sonars are used for forward-looking echo sounders, and the stern-mounted sonars are used for surveillance missions. An airborne sonar system detects enemy submarines and prevents attacks via sonobuoys.
The sonar technology is used commercially for fishing and navigation of passenger vessels in terms of application. Whereas for defence purposes, it is used tactically. While in terms of platform usage, this system is used ship type and airborne. It has become necessary for ship types with passenger cruise, research vessels, gas tankers, dry cargo, and aircraft carriers.
There is a steady increase in demand for petroleum exploration, hydrography, nautical mapping and marine activities by scientists and government agencies. Sonar systems will see an upward trend as governments deploy advanced systems for maritime defense and industrial exploration of oil and gas in the waters.
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