- The key vendors in the global sonar systems market 2015-2019 are Kongsberg Maritime, Lockheed Martin, Raytheon, Thales and Ultra Electronics.
London, 28 August 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global sonar systems market 2015-2019. Sonar manufacturers are expected to focus more on the evolution of technology than on the development of new products. Sonar technology has already attained a level of maturity in terms of technological development. The global sonar systems market is estimated to grow at a CAGR of 7.01 % during the forecast period of 2014-2019.
The growth in the hydrographic charting sector is the primary reason for the demand for sonar worldwide. The International Hydrographic Organization (IHO) works with its member countries for hydrographic surveying, nautical charting, and other marine information for sustainable development in maritime safety.
Oil and gas exploration has increased with an increase in the demand for sonar. The increase in oil exploration activities, particularly in Southeast China, will boost the sales of sonar.
“Manufacturers are trying to integrate submarine sensors with off-board sensors to improve subsea communication. Developing flank and bow sensor technologies are seen as key evolutions of hull-mounted sensors overcoming the limits of the towed array systems,” says Faisal Ghaus, Vice President of Technavio Research.
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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