Top Companies in SONAR System Market | Top Key Players Market Size & Share, Statistics, Historical data, Strategies, Growth Analysis | Vantage Market Research
SONAR System, in simple terms, means the navigation and ranging technique, where sound waves are used for obstacle detection and navigation.
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Market Overview:
The Global SONAR System Market was valued at USD 1.9 Billion in 2021 and is projected to reach a value of USD 2.9 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 7.60% over the forecast period. Sonar is the technique utilizing sound propagation to navigate and communicate with or detect objects on or under the water's surface. Sonar systems are used immensely in naval warfare as they are effective against mines and help in anti-submarine warfare. Moreover, they are usually separated into passive and active sonar. Active sonar systems emit acoustic waves into the water and listen to their echoes underwater. In contrast, passive sonars do not generate their signals and listen to the sounds produced by other vessels. These days, sonar systems are utilized mainly for fishing, hydrography, oil exploration, marine observation, and nautical charting activities. In addition, the rise in naval feet of the armed forces owing to the procurement of new ships & submarines and the advancement programs for the existing naval vessels are propelling the SONAR System market expansion.
Moreover, the surge in the market is also attributed to the growing maritime trade, expanding oil and gas exploration, dredging, and fishing operations. Countries dependent on basic fish finders are anticipated to develop an increased demand for advanced sonar devices in the coming years. Besides, technological advancements might lead countries worldwide to get advanced sonar systems for their naval fleet, which will propel market growth in the future. Key companies focus on strategic alliances, high-end product launches, and acquiring smaller companies to stay competitive in this industry.
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Some of the key players operating in the SONAR System Market are listed below:
|
Company Name |
Revenue in the US |
|
$65 Billion |
|
$16 Billion |
|
$17 Billion |
|
$2 Billion |
|
$35 Billion |
|
$5 Billion |
|
$81 Million |
Founded in 1995, Lockheed Martin Corporation is a worldwide security company that mainly designs, develops, researches, manufactures, and integrates advanced technology products & services. In addition, the company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration. United States-based Lockheed Martin operates globally, and its website is www.lockheedmartin.com.
United States-based L3Harris Technologies Inc. is an aerospace and defense technology innovator. The company develops and manufactures radio communications products and systems, including single channel ground and airborne radio systems. In addition, L3Harris Technologies provides advanced defense and commercial technologies across air, land, sea, space, and cyber domains. The company's website is l3harris.com.
Founded in 2000, Thales designs and builds aerospace and defense electrical systems. In addition, the company offers flight deck systems, avionics equipment, navigation solutions, telecommunications satellites, signalling systems, and air traffic management and maintenance services. Thales serves aviation, space, transportation, defense, and security markets at a global level. The company is headquartered in Courbevoie, France, and its website is www.thalesgroup.com.
Kongsberg Maritime AS offers marine services. In addition, the company provides dynamic positioning and navigation systems, marine automation, cargo management, level sensors, maritime training simulators, and position reference systems. Kongsberg Maritime operates at the global level. The company is headquartered at Kirkegårdsveien 45, Kongsberg, Buskerud, Norway, and its website is www.kongsberg.com.
United States-based Northrop Grumman Corporation is a worldwide security company. The company offers systems, products, and solutions in aerospace, electronics, information systems, and technical services. Also, Northrop Grumman serves government and commercial customers globally. The company's website is www.northropgrumman.com.
Founded in 1960, US-based Teledyne Technologies Inc. offers electronic subsystems and instrumentation. The company provides aerospace and defense electronics, digital imaging products and software, monitoring instrumentation for marine and environmental applications, and harsh environment interconnects products and subsystems for satellite communications. Also, the company provides engineered systems. The company's website is www.teledyne.com.
Founded in 1971, Sonardyne International Ltd. manufactures subsea instrumentation. The company offers solutions for underwater navigation and acoustic positioning, subsea communications, through-water control, and surface and subsea inertial navigation. Sonardyne provides services for oil and gas, defence, telecommunications, and ocean science industries. The company's website is www.sonardyne.com.
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