Sonar Systems and Technology Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.03 Billion |
| Market Size (2029) | USD 6.23 Billion |
| CAGR (2024 - 2029) | 4.38 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sonar Systems and Technology Market Analysis
The Sonar Systems Market size is estimated at USD 5.03 billion in 2024, and is expected to reach USD 6.23 billion by 2029, growing at a CAGR of 4.38% during the forecast period (2024-2029).
The sonar systems market is driven by the adoption of active sonar systems by the naval forces to enhance anti-submarine warfare capabilities as well as the growth in the usage of sonobuoys in tactical defense programs is anticipated to bolster the growth of the market during the forecast period.
Furthermore, growth for high-resolution imaging for mapping of the seabed coupled with procurement of new ships and submarines equipped with advanced sonar technology as well as the upgradation of existing vessels with next-generation sonar capabilities will also lead to driving the market growth in the future.
On the other hand, factors such as expensive installation as well as maintenance costs of new sonar technologies might subdue the growth of the market.
Furthermore, the growing usage of 3D printing technology to build a 3D-printed sonar system will open up new opportunities for the market players as this would enable rapid prototyping and manufacturing of sophisticated sonar systems within a shorter timeframe.
Sonar Systems and Technology Market Trends
The Defense Segment to Witness Highest Growth During the Forecast Period
The growing defense expenditure worldwide to acquire new and advanced sonar systems to increase the capabilities of naval vessels coupled with growing military procurement programs to acquire new ships and submarines are some of the factors that will drive the market growth during the forecast period.
The growth in military expenditure globally has led to various defense personnel worldwide retrofitting naval vessels with a new generation of sonar systems to increase their capabilities and gain a competitive edge during modern warfare operations. As per the Stockholm International Peace Research Institute (SIPRI), in 2022, the US defense expenditure of USD 877 billion accounted for nearly 40% of the global defense expenditure (USD 2.2 trillion).
On the other hand, there has been significant development in terms of procurement programs by the global defense industry to acquire new ships and submarines that have been equipped with advanced sonar systems. For instance, in September 2023, Taiwan announced that they had launched their first home-developed submarine prototype known as Hai Kun, as part of their multibillion Indigenous Defense Submarine (IDS) program. Furthermore, the newly launched submarine is expected to be priced at USD 1.54 billion and will be delivered to the Taiwan navy by the end of 2024. The submarine is expected to be armed with new generation of sonar systems developed by the US.
Asia-Pacific to Dominate the Market During the Forecast Period
The geo-political scenario of the Asia-Pacific region has made it a hotspot for unprecedented skirmishes and armed standoffs, and this has led to various countries within the region witnessing growth in terms of defense spending as well as the significant development in terms of acquisition of advanced sonar technologies to increase the defense capabilities of the naval forces.
For instance, in June 2023, Kraken Robotics announced that they are in the process of supplying their high-resolution seabed mapping sonar equipment called Katfish together with sustainment options such as training, spares, and operational support to an undisclosed defense naval force based in the Asia-Pacific region under a contract valued at USD 9.5 million. Moreover, the delivery of the equipment will also include towed synthetic aperture sonar and autonomous launch and recovery systems and is expected to be completed by 2023. Furthermore, the KATFISH sonar system will be integrated onboard the vessel, as decided upon by the undisclosed defense naval force.
On the other hand, there has been significant development in terms of new sonar technologies by various countries in the Asia-Pacific region. For instance, in March 2023, China announced that they have developed a new tile shaped device which can analyze the sonar frequency of the enemy and can generate opposing sound waves which leads to the enemy sonar operator mistaking the submarine sound for water sounds thereby hampering the ability of the enemy submarine operators to detect and locate submarines belonging to opposing troops.
Sonar Systems and Technology Industry Overview
The sonar systems and technology market is fragmented with various players dominating the market. Some of the major players in the sonar systems and technology market are Northrop Grumman Corporation, THALES, ThyssenKrupp AG, Lockheed Martin Corporation, and General Dynamics Corporation amongst others.
Various players in the market are investing significantly in research and development of advanced sonar technologies which will help to enhance the capabilities of naval vessels. Furthermore, various players are also collaborating with defense forces worldwide to understand the military requirements and develop cutting-edge technologies such as retractable sonar systems for vessels operating in shallow waters while also working towards business expansion. In addition, the growing global presence of international companies coupled with increasing investments in new technologies by such companies as compared to their regional counterparts is anticipated to lead to the international companies increasing their market share significantly in the years to come within the global market.
Sonar Systems and Technology Market Leaders
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THALES
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ThyssenKrupp AG
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Lockheed Martin Corporation
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General Dynamics Corporation
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Northrop Grumman Corporation
*Disclaimer: Major Players sorted in no particular order
Sonar Systems and Technology Market News
In November 2023, LIG NEX1, a South Korean defense manufacturer, announced the completion of the technical tasks for the Conformal Array Sonar Technology Development Program for submarines.
In November 2022, the Indian Defense Research and Development Organization (DRDO) announced the launch of the hull module of the Submersible Platform for Acoustic Characterization & Evaluation (SPACE) facility at the Naval Physical & Oceanographic Laboratory (NPOL) based in Kochi. The state-of-the-art testing and evaluation facility has been developed for use by the Indian Navy for its various platforms which include ships, and submarines.
Sonar Systems and Technology Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Defense
5.1.2 Commercial
5.2 Technology
5.2.1 Active Sonar
5.2.2 Passive Sonar
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canda
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Northrop Grumman Corporation
6.2.2 THALES
6.2.3 thyssenkrupp AG
6.2.4 WESMAR MARINE ELECTRONICS Co.
6.2.5 GeoSpectrum Technologies Inc.
6.2.6 ASELSAN A.S.
6.2.7 Lockheed Martin Corporation
6.2.8 Kongsberg Gruppen ASA
6.2.9 Sonartech Underwater Systems LLC
6.2.10 General Dynamics Corporation
6.2.11 RTX Corporation
6.2.12 L3Harris Technologies, Inc.
6.2.13 Teledyne Technologies Incorporated
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sonar Systems and Technology Industry Segmentation
Sonar, which refers to sound navigation and ranging, is a device which helps to detect objects which are located underwater by making use of high-frequency sound waves. Moreover, the sound waves are transmitted from a transducer which after striking an object underwater echo back to the transducer.
The sonar systems and technology market are segmented by application, technology, and geography. By application, the market is segmented into defense and commercial. By technology, the market is segmented into active sonar and passive sonar. The report also covers the market sizes and forecasts for the sonar systems and technology market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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Sonar Systems and Technology Market Research FAQs
How big is the Sonar Systems Market?
The Sonar Systems Market size is expected to reach USD 5.03 billion in 2024 and grow at a CAGR of 4.38% to reach USD 6.23 billion by 2029.
What is the current Sonar Systems Market size?
In 2024, the Sonar Systems Market size is expected to reach USD 5.03 billion.
Who are the key players in Sonar Systems Market?
THALES, ThyssenKrupp AG, Lockheed Martin Corporation, General Dynamics Corporation and Northrop Grumman Corporation are the major companies operating in the Sonar Systems Market.
Which is the fastest growing region in Sonar Systems Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sonar Systems Market?
In 2024, the Asia-Pacific accounts for the largest market share in Sonar Systems Market.
What years does this Sonar Systems Market cover, and what was the market size in 2023?
In 2023, the Sonar Systems Market size was estimated at USD 4.81 billion. The report covers the Sonar Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sonar Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sonar Systems and Technology Industry Report
The Sonar Systems and Technology Market Report is segmented by application, technology, and geography. This comprehensive industry analysis includes a market forecast outlook and historical overview, providing valuable insights into market trends and industry information. The report offers detailed market segmentation, analyzing both defense and commercial applications, as well as active and passive sonar technologies. The geographical segmentation covers North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The market overview highlights the industry size and market value, presenting a thorough market review and market predictions. The market data and industry statistics are crucial for understanding the market growth and market outlook. The report also includes industry reports and research from leading research companies, offering a sample report PDF download for further industry research.
Key industry trends and market leaders are identified, providing a clear market analysis and industry outlook. The report example demonstrates the depth of industry sales and market growth, essential for stakeholders to make informed decisions. The market forecast and market segmentation are integral to understanding the market dynamics and potential growth rate.
This report is an indispensable resource for those seeking detailed market information, industry size, and market trends. The industry research and market data provide a solid foundation for understanding the sonar systems and technology market, ensuring an informed perspective on market value and future growth.
