In a recent published report, Kenneth Research has updated the market report for Sonar System Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Sonar System Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Sonar System market is estimated to reach $4.8 Billion by 2025; growing at a CAGR of 4.0% from 2017 to 2025. A Sonar system is used to send sound waves to locate objects under the surface of the water. SONAR stands for Sound Navigation and Ranging. It is helpful for exploring and mapping the ocean because sound waves travel farther in the water than do radar and light waves. The primary factors to drive the growth of the global sonar system market are increasing demand of sonar systems in advanced defense forces, growing adoption in the anti-submarine warfare methods, and rising application of these systems in the fishery industry. However, adverse effects of sonar system in marine life is the major restraint for the market. Moreover, augmented implementation of UAVs for military and commercial applications and rising demand for high-resolution imaging for seabed mapping is also expected to further boost the market creating immense opportunities for the global sonar system market.
The global sonar system market is classified on the basis of installation, mode of operation, product type, operating frequency, application, and geography. The installation segment is sub-segmented into vessel mounted, hand-held and pole mounted, towed, airborne, unmanned underwater vehicles (UUV), other installations. Commercial active, military passive, and military dual mode are the segregations of the mode of operation segment. On the basis of product type the segmentations includes general-purpose hull mounted sonar, stern mounted sonar, seabed imaging and information sonar, dipping sonar, and other sonars. High, medium, and low are the operating frequencies covered in the market. Furthermore, defense, and commercial are the segments of application.
On the basis of geography, global sonar system market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
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The key players operating in the market include General Dynamics Corporation, Raytheon Company, Neptune SONAR, Ultra Electronics, Kongsberg Maritime, Thales Underwater Systems Ltd., Lockheed Martin Corporation, Harris Corporation, L-3 Klein Associates, and Teledyne RESON among others
The key takeaways from the report:
The report will provide detailed analysis of Global Sonar System Market with respect to major segments such as installation, mode of operation, product type, operating frequency, application and geography
The report will include the qualitative and quantitative analysis with market estimation over 2016 – 2025 and compound annual growth rate (CAGR) between 2017 and 2025
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Sonar System Market has been included in the report
Profile of the key players in the Global Sonar System Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Sonar System Market:
Installation Segments
Vessel Mounted
Hand-Held and Pole Mounted
Towed
Airborne
Unmanned Underwater Vehicle (UUV)
Other Installations
Mode of Operation Segments
Commercial Active
Military Passive
Military Dual Mode
Product Type Segments
General-Purpose Hull Mounted Sonar
Stern Mounted Sonar
Seabed Imaging and Information Sonar
Dipping Sonar
Other Sonar
Operating Frequency Segments
High
Medium
Low
Application Segments
Defense
Commercial
Geographical Segments
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa
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Table of Contents
Chapter 1: Prefix
1.1. Market Scope
1.2. Report Description
1.3. Research Methodologyccc
1.3.1. Primary Research
1.3.2. Secondary Research
1.3.3. In-house Data Modeling
Chapter 2: Executive Summar
2.1. Global Sonar System Market Year-on-Year Growth, 2017-2025(%)
Chapter 3: Market Outline
3.1. Market Inclination, Trend, Outlook and Viewpoint
3.2. Market Share Analysis: Company’s Competitive Scenario
3.3. Market Dynamics
3.3.1. Drivers
3.3.1.1. Impact Analysis
3.3.2. Restraints
3.3.2.1. Impact Analysis
3.3.3. Opportunities
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