Towed Array Sonar Market is estimated to grow at a CAGR of 4.28% during the forecast period, i.e., 2020-2028.
The shutdowns and slowdown of companies associated with production of electronic components due to COVID-19 pandemic negatively affected the market growth. However, to attain business stability and growth during and post pandemic, companies are working toward analysing the impact and long-term solutions.
Research Nester published a report titled “Towed Array Sonar Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global towed array sonar market in terms of market segmentation by type, acoustic frequency, component, by end-use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
There are various types of towed array sonar systems that are used for numerous underwater operations such as finding distance, direction, speed, and other similar features which are required to detect enemy vessels. Based on these attributes, there is high demand for towed array sonar systems in ships and submarines, thereby creating notable growth opportunities related to the growth of global towed array sonar systems market. The global market accounted for USD 368 Millionin 2019 and is estimated to grow at a CAGR of 4.28% during the forecast period, i.e., 2020-2028.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The global towed array sonar market is segmented by type into active-, passive-, and dual towed array sonar. Among these segments, passive towed array sonar segment is estimated to grow with highest CAGR of around 4.5% and is estimated to be leading revenue generating segment during the forecast period. Geographically, the global towed array sonar market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, out of which, the market in North America held the leading market value of around USD 160 Millionin 2019 and is further estimated to hold this position throughout the forecast period. The growth in this region can be attributed to rising advancements for developing robust anti-submarine warfare (ASW) capability and expansion of naval fleet initiatives along with high military spending for research and development activities.
Growing Utilization of Towed Array Sonar Systems in Naval Security and Oil & Gas Industry
As per OECD-FAO Agricultural Outlook 2019-2028, the total human consumption of fish through aquaculture is projected to grow to 58% in 2028 from an average 52% during 2016-18.
The rising usage of towed array sonar systems for maritime border security owing to the technological advancements in this industry in order to hone underwater security operations is estimated to boost the growth of the market in upcoming years. Moreover, the growth in offshore energy sector along with fishery and aquaculture industry, boosting the demand for towed array sonar systems for seismic surveys and fish detection are some of the additional indicators that are estimated to contribute to the growth of the market.
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However, the negative impact of sonar technology leading to injuries and death of marine animals is anticipated to operate as key restraint to the growth of global towed array sonar market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global towed array sonar market which includes company profiling of Ultra Electronics, Neptune Sonar Limited, Kongsberg, L3Harris Technologies Inc. (NYSE: LHX), Mind Technology Inc. (NASDAQ: MIND), General Dynamics Mission Systems Inc., Teledyne Reson, Raytheon Technologies Corporation (NYSE: RTX), Nisshinbo Holdings Inc. (TYO: 3105), Lockheed Martin Corporation (NYSE: LMT), Sonardyne International Limited, and Thales Group (EPA: HO). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global towed array sonar market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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