Global SONAR System Market 2016-2020
Overview of the global SONAR systems market
Technavio’s market research analyst predicts the global SONAR system market to grow at an impressive CAGR of more than 7% during the forecast period. The increasing adoption of SONAR systems in oil and gas exploration has been a key growth driver for this market. Echo sounding is a simple type of seismic reflection method used to explore oil and gas deposits below the seafloor. Echosounding involves the use of high-frequency echo sounders integrated into the SONAR systems. These high-frequency sounders emit sound pulses which travel to the seafloor and the time taken to return to the ship determines the distance and thickness of the layer on the seafloor. The increasing consumption of oil and gas worldwide is accelerating oil and gas exploration activities. Since unmanned underwater vehicles (UUVs) are integrated with SONAR systems for seabed mapping and mining, the growth in offshore industries and the investment of oil companies in UUVs will propel the market for SONAR systems during the forecast period.
The development of advanced SONAR systems for defense application has led to a considerable increase in government funding. The major funding programs initiated by the government will propel factors for market growth by 2020. For instance, in March 2015, Kraken SONAR Systems received USD 450,000 in funding from Canada's National Research Council-Industrial Research Assistance Program for the development of high-resolution sonar systems based on Kraken’s Interferometric Synthetic Aperture SONAR technology. Similarly, the US Navy awarded USD 13,864,676 in funding to Lockheed Martin for the development of an Acoustic Rapid Commercial-off-the-Shelf Insertion SONAR system. Such growing funding will drive the global SONAR systems market until the end of 2020.
Geographical segmentation and analysis of the SONAR system market
During 2015, the Americas dominated the market, accounting for more than 37% of the market share in terms of shipment. Factors like growing investments in UUVs and anti-submarine warfare (ASW) systems and increasing focus on improving the safety of marine transportation, will contribute to a high demand for SONAR systems in the region.
Competitive landscape and key vendors
The global SONAR system market is highly competitive with few dominating vendors. Due to the high growth potential of this market, the vendors are focusing on developing innovative products to capture more market share. Since the SONAR industry has minimal scope for product differentiation, vendors are investing substantially in R&D. Also, some vendors are adopting strategies such as mergers and acquisitions for technical expertise and resources to develop innovative products. The leading vendors in the market are -
- ATLAS ELEKTRONIK
- Kraken SONAR
- Kongsberg MaritimeHaier
- Ultra Electronics
- Teledyne Reson
Other prominent vendors analyzed in this industry report are Harris, Northrop Grumman, R2Sonic, Sound Metrics, Neptune SONAR, Garmin, Furuno Electronic, Johnson Outdoors, Navico, and FLIR Systems.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global SONAR system market?
- What are the key market trends impacting the growth of the global SONAR system market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global SONAR system market?
- What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the global SONAR system market?
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