Global Sonar System (Hull Mounted, Stern Mounted, Sonobuoy, DDS) Market 2019-2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 21, 2019--The “Sonar System Market by Product Type (Hull Mounted, Stern Mounted, Sonobuoy, DDS), Application (Commercial, Defense), Platform (Ship Type, Airborne), End User (Line Fit, Retrofit), Solution (Hardware, Software), Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
Growing global seaborne trade activities are leading to the growth of the sonar system market
The sonar system market is projected to grow from USD 2.6 billion in 2018 to USD 3.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.98% during the forecast period from 2018 to 2023.
The growth of this market can be attributed to the rise in maritime trade, developments in the offshore energy sector, and fisheries. The commercial sonar market in fisheries is experiencing high growth to locate fish breeding ocean waters as excessive fishing has resulted in lower catches. The hydrographic sonar industry is growing due to the increasing oil & gas exploration and dredging activities. The military sonar market is driven by new ship orders and upgradation.
Pacific is projected to be the leading market for sonar systems during the forecast period and is estimated to account for the highest share for 2018 and Europe is projected to be the second largest market. The rise in military orders and the growth of the fishing industry are the key drivers for the growth of the Asia Pacific market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Sonar System Market, By Application
8 Sonar System Market, By Installation
9 Sonar System Market, By Mode of Operation
10 Sonar System Market, By Product Type
11 Sonar System Market, By Solution
12 Sonar System Market, By End User
13 Sonar System Market, By Platform
14 Sonar System Market, By Region
15 Competitive Landscape
16 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/ctx222/global_sonar?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190221005447/en/
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Related Topics:Electrical Engineering
INDUSTRY KEYWORD: TRANSPORT MARITIME MANUFACTURING ENGINEERING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 02/21/2019 06:43 AM/DISC: 02/21/2019 06:43 AM