Global Submarine Sensor Market: Snapshot
Submarine sensors have grown to be an integral part of the defense sector in the recent years. Submarine sensors have witnessed significant growth during last two decade owing to increased usage of submarines by naval agencies across the world to address their intelligence, surveillance, and reconnaissance, (ISR) and communication requirements. The advances in acoustic sensor technology have positively contributed to the growth of the submarine sensors market. Consequently, the adoption of submarine sensor is growing rapidly in applications ranging from marine environmental monitoring to underwater communication. Moreover, the paradigm shift towards the adoption of acoustic sensors and sonar sensors is anticipated to result in healthy growth of submarine sensor market around the globe.
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The global submarine sensor market is anticipated to expand at a compound annual growth rate of 3.6% during the forecast period 2017 to 2025, rising from a valuation of US$230.48 mn in 2016 to US$315.17 mn by 2025.
Acoustic Sensors to Account for Dominant Share in Market
Based on type of sensor, the global submarine sensor market has been segmented into sonar sensor, acoustic sensor, fiber optic sensor and electromagnetic sensor. Acoustic sensors garnered the maximum revenue in 2016, and are anticipated to expand at significant compound annual growth rate during the forecast period. The electromagnetic sensors are anticipated to witness sluggish growth during the forecast period. On the contrary, acoustic sensor help detect sound “pings” in order to determine the contours, speed and range of an enemy ship, submarine or approaching weapon.
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Acoustic sensors are used for anti-submarine warfare and mine countermeasures. The submarine force is making significant, rapid improvements in acoustic sensors and processing. For acoustic sensors, emerging technologies will help expand the possible location options for outboard sensors, while also improving the overall performance of these sensors even at higher submarine speeds, and reduce their cost and complexity.
Marine Environmental Monitoring and Detection of Oil Resources to Remain Lucrative Applications
Submarine sensor market, by submarine type has been classified into nuclear-powered attack submarine (SSN), ballistic missile submarines (SSBN) and diesel electric submarine (SSK). Nuclear-powered attack submarine (SSN) were the largest contributor to the market in 2016 and accounted for a substantial share of the global market. Diesel Electric Submarine (SSK) are estimated to record decent growth during the forecast period.
Based on application, the global submarine sensor market is segmented into marine environmental monitoring, underwater species protection, detection of oil resources, underwater communication and others. Underwater communication held a largest share of the market in 2016 and is estimated to expand at a healthy growth rate during the forecast period. Applications of submarine sensor in marine environmental monitoring and detection of oil resources industry is anticipated to register highest compound annual growth rate from 2017 to 2025.
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North America and Europe to Remain Most Profitable Markets
The submarine sensor market has been geographically classified into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America acquired the largest share of the market in 2016 and was followed by Europe. In 2016, North America and Europe collectively held approximately 49% of the global market. Asia Pacific is projected to be the fastest growing region for submarine sensor market during the forecast period. In Asia Pacific, the increased demand for submarines such as diesel electric submarine (SSK) is expected to be the key driver for economic growth of this region, which is anticipated to fuel the growth of submarine sensor market during the forecast period in this region.
Some of the major players in the global Submarine Sensor market are: ATLAS ELEKTRONIK, Harris, Lockheed Martin, Northrop Grumman, DRS Technologies, Ducommun, L3 KEO, Safran Electronics & Defense and Raytheon among others.
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