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Report
Sonar Systems Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 130 Pages I Mordor Intelligence
The sonar systems market was valued at USD 1,680.59 million in 2021 and is expected to register a CAGR of over 8% during the forecast period 2022-2027.
The COVID-19 pandemic has had a moderately low impact on the market studied. In the commercial sector, although the pandemic affected the maritime trade in 2020 and for some months in 2021, trade levels recovered for the full year 2021, which is expected to drive the procurement of new cargo ships. On the other hand, the demand for new naval vessels remained largely unaffected due to the pandemic, which helped the recovery of the naval shipbuilding and sonar manufacturing industries affected by supply chain issues in 2020.
Since ships and other naval vessels are required to tread over a vast stretch, sonar systems are used to navigate or detect underwater obstacles to avoid shipwrecking. The growing naval fleet of the armed forces in line with the procurement of new ships and submarines and the upgradation programs for existing naval vessels are driving the growth of the sonar systems market. However, concerns related to the impact of sonar systems on marine animals have emerged as a major restraint for the market.
Sonar Systems Market Trends
Defense Application Segment to Dominate the Market
Sonar systems are extensively used in naval warfare as they are effective against mines and help in anti-submarine warfare. Most countries are modernizing their naval fleet to enhance their maritime capabilities. For instance, the geopolitical rift in the South China Sea has led both China and Japan to induct new naval vessels to safeguard their territories against a possible hostile invasion. On this note, in April 2021, China revealed its new Type-100 Class nuclear-powered submarine that can be armed with 48 Submarine Launched Ballistic Missiles (SLBMs). To cater to the increasing demand for anti-submarine capabilities and sonar systems, various companies are engaged in the manufacturing of sophisticated sonar systems, such as diver detection, towed, hull-mounted, dunking sonars, sonobuoys, and other sonar-based surveillance systems for the global naval forces. Additionally, unmanned underwater vehicles (UUVs) are evolving into viable tools capable of revolutionizing and transforming anti-submarine warfare (ASW) through their advanced sensing capabilities. These systems feature active sonar systems that are highly beneficial for collecting data to detect, characterize, and track adversary/enemy submarines at long ranges. Moreover, several nations have realized the potential security vulnerabilities exposed by operating foreign UUVs in their waters, encouraging them to develop low-frequency sonars to accurately detect the presence of UUVs with lower acoustic signature levels. Thus, the rapid growth in the global naval fleet is expected to create a parallel demand for new and advanced sonar systems, like 3D multibeam scanning sonars, whose potential for growth is much higher in the defense sector than in the commercial sector.
Asia-Pacific to Witness the Highest Growth During the Forecast Period
The geopolitical scenario of the Asia-Pacific region has made it a hotspot for unprecedented skirmishes and armed standoffs, especially between the countries around the South China Sea. This has encouraged several countries to procure new naval assets while also promoting the capability upgradation of existing vessels. For instance, the PLAN is undergoing a huge naval fleet expansion, which has helped China surpass Russia as the largest Navy globally in terms of frigates and submarines. China is also emphasizing increasing its anti-submarine warfare (ASW) capabilities, from coastal defense to blue-water operations. Other countries are also increasing their investments in ASW equipment, like sonar systems, to enhance their situational awareness in the sea. On the other hand, in February 2022, India announced its defense budget for 2022, in which the capital budget of the Navy intended for buying new platforms and equipment had increased by nearly 45%. The allocation for ships and equipment alone is USD 4.7 billion (INR 35,452 crore) for 2022-23, which means about 75% of the capital outlay has been earmarked for the Navy's fleet, which includes ships, submarines, and other equipment. This is expected to drive the demand for sonar systems for the procured vessels, thereby driving the market during the forecast period.
Sonar Systems Market Competitor Analysis
The sonar systems market is highly fragmented, with a wide range of players providing various types of sonar systems, like single-beam sonar systems, multi-beam sonar systems, and full-circle scanning systems, for applications like fishing, deep-sea exploration, shallow water detection, and enemy detection, along with tracking and detecting attacking torpedoes and missiles. Companies such as General Dynamics Corporation, Thyssenkrupp AG, Kongsberg Gruppen ASA, Aselsan AS, and Thales Group are some of the prominent players in the market studied. Local companies, supported by defense budgets and government funding, are also developing indigenous systems to reduce dependency on foreign contractors and add mission-specific operational profiles for onboard sonar systems as per the requirement of end users. Product innovations by various global and regional companies have increased the competition in the market, and smaller players are expected to strengthen their presence through innovations during the forecast period.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
1.3 Currency Conversion Rates for USD
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Size and Forecast, Global, 2018 - 2027
3.2 Market Share by Application, 2021
3.3 Market Share by Geography, 2021
3.4 Structure of the Market and Key Participants
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - 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 (Market Size and Forecast by Value - USD million, 2018 - 2027)
5.1 Application
5.1.1 Defense
5.1.2 Commercial
5.2 Geography
5.2.1 North America
5.2.1.1 US
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 UK
5.2.2.2 France
5.2.2.3 Germany
5.2.2.4 Russia
5.2.2.5 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Mexico
5.2.4.2 Brazil
5.2.4.3 Rest of Latin America
5.2.5 Middle-East
5.2.5.1 UAE
5.2.5.2 Saudi Arabia
5.2.5.3 Egypt
5.2.5.4 Turkey
5.2.5.5 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Nautel
6.2.2 Mistral Solutions Pvt. Ltd
6.2.3 Sonardyne International Ltd
6.2.4 Northrop Grumman Corporation
6.2.5 Thales Group
6.2.6 Ultra Electronics Holdings
6.2.7 ThyssenKrupp AG
6.2.8 Western Marine Electronics Inc.
6.2.9 GeoSpectrum Technologies Inc.
6.2.10 Aselsan AS
6.2.11 Lockheed Martin Corporation
6.2.12 Kongsberg Gruppen ASA
6.2.13 Koc Bilgi ve Savunma Teknolojileri AS
6.2.14 SonarTech Underwater Systems LLC
6.2.15 Meteksan Defense Industry Inc.
6.2.16 General Dynamics Corporation
6.2.17 Raytheon Technologies Corporation
6.2.18 L3Harris Technologies Inc.
6.2.19 Teledyne Technologies Incorporated
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