New York, NY -- (SBWIRE) -- 07/25/2018 -- In a new report titled "Sonobuoy Market: Global Industry Analysis and Forecast 2016 – 2024", Persistence Market Research analyzes the performance of the global sonobuoy market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). The global sonobuoy market is anticipated to grow from US$ 518.4 Mn in 2016 to US$ 844.9 Mn by 2024, expanding at a CAGR of 6.3% in terms of revenue during the forecast period (2016-2024). In this report, the global sonobuoy market is tracked in terms of value and is calibrated to obtain market revenue estimates.

Sonobuoys are acoustic sensors built on the principle of Sound Navigation and Ranging (SONAR) system, for detecting the presence of submarines, sunken ships, oil and gas deposits, etc. They are carried in a Sonobuoy Launch Container (SLC) in ships and aircraft for pneumatic or free-fall launch. They are built with hydrophones or transducers for converting sound signal to an electrical signal and transmitting it to the patrolling aircraft or ship. On the basis of operation, they are classified into passive and active sonobuoys. Sonobuoys are manufactured in sizes A and B. Size A sonobuoys have dimensions of 4.75" x 36", whereas size B sonobuoys have dimensions of 6.875" x 60".

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Increasing need amongst emerging economies to strengthen their anti-submarine operations and to monitor their natural resources are major factors driving the growth of the global sonobuoy market. Demand for sonobuoys is strongly associated with the growth of anti-submarine warfare market. Moreover, demand for passive sonobuoys is expected to increase because of the fact that it performs detection and tracking without notifying the target object about its presence, and this is expected to reflect in the revenue forecast.

However, stringent regulations, high costs associated with deployment and monitoring of sonobuoys, technical limitations, etc. are major challenges expected to be faced by market players in the global sonobuoy market during the forecast period.

To understand and assess the demand and opportunities in this market, the report is categorically split into four major sections, namely market analysis – by type, by application, by size, and by region.

The section – market analysis, by type, comprehensively analyzes the market on the basis of type and presents an in-depth analysis of the market in terms of value for 2016-2024. In 2015, the passive sonobuoy segment dominated the global sonobuoy market, followed by the active sonobuoy segment. The passive sonobuoy segment is anticipated to expand at the fastest CAGR of 6.5% over the forecast period in the global sonobuoy market in terms of revenue, followed by the active sonobuoy segment.

The section – market analysis by application, analyzes the global sonobuoy market on the basis of application and the data is provided in terms of value for 2016-2024. The detection & tracking segment is expected to expand at the highest CAGR of 6.7% in terms of value during the forecast period. In terms of market share, detection & tracking segment accounted for a major percentage of the revenue share of the overall market in 2015 and is expected to dominate the global sonobuoy market throughout the forecast years, followed by safety & security segment.

The section – market analysis by region, includes an in-depth country level analysis of all global regions namely, North America, Latin America, Europe, Asia Pacific, and Middle East & Africa by type, application, size, and countries; and provides market data in terms of value for 2016-2024. In 2015, the market in North America region dominated the overall global sonobuoy market, followed by the market in the Europe region. The sonobuoy market in North America region is projected to register the highest CAGR over the forecast period, followed by Asia Pacific and Latin America regions respectively.

Key players reported in this study on the global sonobuoy market include ERAPSCO, Radixon, and Thales Group, who have significantly increased their footprint in the global sonobuoy market over the years.

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