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The global sound navigation and ranging system market share is expected to increase by USD 1.14 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.8%.
This global sound navigation and ranging system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers global sound navigation and ranging system market segmentations by application (defense and civil and commercial) and geography (APAC, North America, Europe, South America, and MEA). The global sound navigation and ranging system market report also offers information on several market vendors, including ASELSAN AS, Furuno Electric Co. Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Thales Group, thyssenkrupp AG, and Ultra Electronics Holdings Plc among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing preference for deploying integrated sonar system is notably driving the global sound navigation and ranging system market growth, although factors such as challenges associated with the growing complexities in data management may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the global sound navigation and ranging system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Global Sound Navigation and Ranging System Market Driver
The growing preference for deploying integrated sonar systems is notably driving the global sound navigation and ranging system market growth. Owing to the increased deployment of underwater manned/unmanned platforms, naval agencies focus on deploying integrated SONAR systems as an (anti-submarine warfare) ASW measure. To diminish the dominance of enemy submerged vehicles, many countries have been studying the scope of introducing new ASW technologies or enhancing their existing resources with advanced SONAR systems. Ultra Electronics Holdings Plc (Ultra Electronics)has been advancing the capabilities of its advanced sonobuoy and acoustic processing technologies to meet the growing requirement for advanced ASW strategies. The company has been offering integrated SONAR systems to various naval agencies to help them augment and transform their conventional ASW mechanism. In the integrated SONAR system approach, receivers and transmitters can operate as a single system despite being a geographically dispersed network. They also help in transmitting data from a hydrophone array or sonobuoy sensor directly to the graphical displays of naval control rooms.
Key Global Sound Navigation and Ranging System Market Trend
Growing focus on improving marine transportation safety is the key trend driving the global sound navigation and ranging system market growth. Offshoring activities are increasing worldwide due to globalization. The sea has become the major trade route for countries. Many countries are trying to improve safety standards for navigation because of the increase in international trade activities. Maritime transport is the largest means of transport in global trade. However, maritime security has become a concern for most countries across the world, as maritime crimes are increasing. Criminal groups exploit the open spaces of the high seas. As most water surface is beyond the territory of any country, criminal activity is not subjected to the jurisdiction of a single country. Hence, criminal groups exploit the freedom of navigation. This results in a rise in transnational maritime crimes, which are expected to increase during the forecast period if not addressed properly.
Key Global Sound Navigation and Ranging System Market Challenge
The major challenge impeding the global sound navigation and ranging system market growth market growth is the challenges associated with the growing complexities in data management. Owing to the growing tensions among nations about conflicts on sea borders, activities related to artificial island building, territorial disputes, and illegal entry into countries via the sea route drive the need for highly advanced surveillance airborne platforms such as maritime patrol aircraft and maritime patrol rotorcraft. The change in defense strategies to defend a nation's peace and prosperity elevates the need for multi-mission patrol aircraft (MMA), which are equipped with data links, sonobuoys, SONAR transmitter/receivers, and radars. These radars dispense large sets of data every second, leading to complexities in data management. An aircraft that is integrated with advanced sensors may generate over 10 GB of data per second. This needs to be transmitted to the cloud-based server through a high-bandwidth network. Hence, it is paramount for defense authorities to adopt a superior connectivity platform and network services.
This global sound navigation and ranging system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global sound navigation and ranging (SONAR) system market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the global sound navigation and ranging system market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the global sound navigation and ranging system market encompasses successful business strategies deployed by the key vendors. The global sound navigation and ranging system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The global sound navigation and ranging system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the global sound navigation and ranging system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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40% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the global sound navigation and ranging system market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing unrest in the maritime borders and increasing defense budgets in several countries of the region will facilitate the global sound navigation and ranging system market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 is expected to affect the growth of the SONAR system market in APAC during the forecast period. Several countries in the region, such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines, are under partial or full lockdown, owing to the outbreak of COVID-19, which has limited the construction, transportation, and other activities. Also, the governments of various countries in the region tend to limit expenditure on the defense sector and invest in other essential sectors to overcome the economic crisis caused by COVID-19. This factor can negatively influence the growth of the regional market in focus during the forecast period.
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The global sound navigation and ranging system market share growth by the passive SONAR segment will be significant during the forecast period. Passive SONAR can significantly detect and track submarines even at a considerable range of low frequencies. The increase in technological advances is also one of the major factors that propel the market growth during the forecast period. Passive SONAR provides a significant advantage for military vessels. It does not emit its own signal, thus preventing hostile groups from detecting vessels or submarines that release passive SONAR.
This report provides an accurate prediction of the contribution of all the segments to the growth of the global sound navigation and ranging system market size and actionable market insights on post COVID-19 impact on each segment.
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Global Sound Navigation and Ranging System Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.8% |
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Market growth 2021-2025 |
$ 1.14 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
6.36 |
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Regional analysis |
APAC, North America, Europe, South America, MEA, APAC, North America, Europe, South America, and MEA |
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Performing market contribution |
APAC at 40% |
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Key consumer countries |
US, China, Russian Federation, Japan, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
ASELSAN AS, Furuno Electric Co. Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Thales Group, thyssenkrupp AG, and Ultra Electronics Holdings Plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Type
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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