AMSTERDAM –Global demand for sonar technology will grow by 42.3 percent over the next four years, increasing from $2.6 billion in 2018 to $3.7 billion in 2023, predict analysts at market researcher ASD Media BV in Amsterdam.
This growth in the worldwide sonar market represents a compound annual growth rate of 6.98 percent, analysts say. Driving global demand for sonar are increasing global seaborne trade, growing requirement to comply with maritime safety standards, and flourishing maritime tourism.
The vulnerability of ships to cyber threats due to their digitization and shortage of qualified professionals in the maritime industry serve as restraints for the growth of the sonar system market.
Demand for active sonar -- that which transmits an audible sonar ping -- accounts for the largest share of the sonar system market in 2018. Increased demand for active sonar systems such as echo sounders on commercial ships, towed arrays, variable depth sonars, and military hull-mounted sonar are leading growth in this market segment, analysts say.
Increasing requirements for ensuring reliability, safety, and real-time connectivity of ships is driving growth in sonar hardware.
The Asia Pacific region represents the largest share of the sonar system market in 2018, driven by increasing demand for commercial ships from countries such as India, China, and Japan.
Key players in the sonar market are Raytheon, Lockheed Martin, L-3, Teledyne, and EdgeTech in the United States; Thales in France; Kongsberg Gruppen and Navico in Norway; Ultra Electronics and Sonardyne in the United Kingdom; Atlas Elektronik in Germany; Furuno and Japan Radio Co. Ltd. in Japan; DSIT in Israel; and Aselsan in Turkey.
For more information contact ASD Media BV online at www.asdreports.com.
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