MARKET OVERVIEW
A SONAR system is a commonly used system in the marine circles for communication, object detection, and navigation purposes. A SONAR system is useful in the exploration and mapping of the ocean as it uses sound as the medium to propagate inside the water and communicate. The sound waves travel farther in the water as compared to light or RADAR waves, and hence this property of sound is utilized in a SONAR system. SONAR Systems being developed based on open, and interoperable architectures for allowing the future capabilities of these systems to be integrated on the same body is one of the rising trends being observed in the SONAR system market in the recent times.
MARKET SCOPE
The "Global SONAR System Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the SONAR system market with detailed market segmentation by frequency, type, application, and geography. The report provides key statistics on the market status of the leading SONAR system market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- ? Based on frequency, the global SONAR system market is segmented into infrasonic SONAR and ultrasonic SONAR.? On the basis of type, the market is segmented into hull-mounted, diver-detection SONAR, hand-held and portable, airborne, and UUV.? Based on application, the market is segmented into defense, commercial, and research and exploration.
MARKET DYNAMICS
Drivers:
- ?Enhancement in the anti-submarine warfare capabilities of various naval forces across the globe, and increased usage of these systems in the Research industry for seabed mapping purposes are touted to be the major factors driving the SONAR System market.?Increasing defense budgets in different countries would provide better opportunities for the market players to invest in the business and enable a prosperous development in the SONAR System market.
Restraints:
- ?The concern around the adverse impact on the marine life with the usage of SONAR systems is one of the factors that would hinder the growth of SONAR System market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The SONAR system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the SONAR system market in these regions.
IMPACT OF COVID-19 ON SONAR SYSTEM MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the SONAR system market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from SONAR system market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the SONAR system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ?Klein Marine Systems?Kongsberg Maritime?Lockheed Martin?Neptune SONAR Ltd.?Northrop Grumman?Raytheon Company?Saab AB?Teledyne Reson A/S?Thales Group?Ultra Electronics
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.