Global Sonar System Market
Sonar System Market Size And Forecast
According to Verified Market Research, Global Sonar System Market was valued at USD 2.79 Billion in 2018 and is projected to reach USD 4.78 Billion by 2026, growing at a CAGR of 6.91% from 2019 to 2026.
Global Sonar System Market Outlook
With the increasing use of UUVs for military operation coupled with the rise in the demand for the effective sonar surveillance systems is anticipated to boost the demand for the sonar systems. The growing demand from the defense sector owing to the rising number of fleet of navies is likely to support the growth of the market. With the increasing consumption of oil & gas globally is speeded up oil and gas exploration activities. The growing development of the sonar system for increasing the range of sound waves and the growing use of the sonar system in the fishery industry are some of the factors that are expected to propel the growth of the market over the forecast period. However, waves produced by the sonar are interfering with whales, dolphins, and turtles affecting marine life. This, in turn, may affect the growth of the market. Moreover, the government support for the manufacturing of effective sonar system is creating an opportunity for the market to grow.
Global Sonar System Market Competitive Landscape
The Global Sonar System Market study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Thales Group, Lockheed Martin Corporation, Raytheon, Kongsberg Gruppen, Ultra Electronics, Teledyne, Sonardyne, Atlas Elektronik, Furuno, and Navico.
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