[183 Pages Report] The sonar system market is projected to grow from USD 2.6 billion in 2018 to USD 3.7 billion by 2023, at a CAGR of 7.0% from 2018 to 2023. The major factors driving the growth of the market are the increasing global seaborne trade activities, growing requirement of shipowners to comply with the maritime safety norms, and flourishing maritime tourism sector.
Based on ship type platform, the defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment during the forecast period
Based on ship type platform, the defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment from 2018 to 2023. The growth of this segment can be attributed to the increased demand for different types of ships by naval forces of different countries. Moreover, the increasing demand for equipping naval ships with updated Anti-submarine Warfare (ASW) systems is expected to drive the growth of the defense segment of the market.
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Increasing demand for retrofitting existing commercial vessels from the European and Asia Pacific regions is expected to drive the growth of the retrofit segment of the sonar system market from 2018 to 2023.
Based on end user, the retrofit segment of the sonar system market is projected to grow at a higher CAGR than the line fit segment during the forecast period. The increase in the number of orders for retrofitting existing
commercial ships is leading to the growth of the retrofit segment of the market.
The Europe sonar system market is projected to grow at the highest CAGR from 2018 to 2023.
The Europe sonar system market is projected to grow at the highest CAGR during the forecast period. Although the shipbuilding industry in the region is currently going through a slump, the increased demand for autonomous ships and cruise ships in the European region is expected to fuel the growth of the sonar system market in this region from 2018 to 2023.
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Key market players
The major players in the sonar system market include Raytheon (US), Lockheed Martin (US), Thales (France), Kongsberg Gruppen (Norway), Ultra Electronics (UK), L3 (US), Teledyne (US), Sonardyne (UK), Atlas Elektronik (Germany), Furuno (Japan), Navico (Norway), Japan Radio (JRC) Co. Ltd. (Japan), DSIT (Israel), EdgeTech (US), and Aselsan (Turkey), among others. These players have adopted the key strategies of contracts and new product developments to strengthen their position in the sonar system market.
Kongsberg Gruppen, a Norway-based company, provides high-technology systems to its customers in the marine, oil & gas, and aerospace & defense industries. The company offers marine engine monitoring systems through its Kongsberg maritime business segment. In recent years, Kongsberg maritime has received several contracts from governments as well as shipyards of different countries across the globe. For instance, in 2018, Kongsberg Gruppen received a contract from the Ocean Infinity for supplying 5 HUGIN autonomous underwater vehicle systems. These autonomous underwater vehicle systems are fitted with the latest generation HISAS 1032 synthetic aperture sonars of Kongsberg maritime.
Raytheon is one of the largest defense contractors across the globe serving both, government and commercial clients. The company delivers solutions through 5 business segments, namely, missile systems; integrated defense systems; space and airborne systems; intelligence, information & services; and Forcepoint. For instance, in 2017, Raytheon received a contract worth USD 28.0 million from the US Navy to supply variable depth sonars for its littoral combat ship class.