Sonar System Market report provides analysis of top players in all regions with industry size, growth, revenue, cost, sales, technology, market insights, demand, trend, key statistics and industry forecasts to 2023.

Pune, India -- (SBWire) -- 04/02/2019 --ReportsnReports always aims at offering their clients an in-depth analysis and the best research material of the various market. This new report on the global Sonar System Market is committed fulfilling the requirements of the clients by giving them thorough insights into the market. An exclusive data offered in this report is collected by research and industry experts team.

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The Sonar System Market is projected to grow from US$ 2.6 Billion in 2018 to US$ 3.7 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.98% during the forecast period from 2018 to 2023. The major factors driving the growth of the market are the increasing global seaborne trade activities, growing requirement of ship owners to comply with the maritime safety norms, and flourishing maritime tourism sector.

Top Companies in the Sonar System Market include are
- Raytheon (US)
- Lockheed Martin (US)
- Thales (France)
- Kongsberg Gruppen (Norway)
- Ultra Electronics (UK)
- L3 (US)
- Teledyne (US)
- Sonardyne (UK)
- Atlas Elektronik (Germany)
- Furuno (Japan)
- Navico (Norway)
- Japan Radio (JRC) Co. Ltd. (Japan)
- DSIT (Israel)
- EdgeTech (US)
- Aselsan (Turkey)

"Based on mode of operation, the active segment is estimated to account for the largest share of the sonar system market in 2018."
Based on mode of operation, the active segment is estimated to account for the largest share of the sonar system market in 2018. Increased demand for active sonar systems such as echosundersused in commercial ships, and towed arrays, variable depth sonars, and hull mounted sonars in military ships is leading to the growth of this segment of the market. Companies such as Kongsberg Gruppen, Raytheon, and Lockheed Martin are the leading manufacturers of active sonar systems.

"Increasing demand for various hardware components of sonar systems is leading to the growth of the hardware segment of the sonar systems market."
Based on solution, the sonar system market has been segmented into hardware and software. Increasing requirement for ensuring reliability, safety, and real-time connectivity of ships is expected to drive the growth of the hardware segment of the sonar system market during the forecast period.

The Asia Pacific region is estimated to account for the largest share of the sonar system market in 2018. Increasing demand for commercial ships from countries such as India, China, and Japan and growing investments to carry out the modernization of existing ships is expected to drive the growth of the sonar system market in the region.

Break-up of profiles of primary participants in the sonar system market
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
- By Region: North America –45%, Europe – 20%, Asia Pacific – 30%, and Rest of the World (RoW) –5%

Report Highlights:
- To forecast the size of different segments of the market with respect to 4 major regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), along with their respective key countries
- To identify industry trends and technology trends currently prevailing in the sonar system market
- To define, describe, and forecast the sonar system market based on mode of operation, product type, installation, application, solution, platform, end user, and region
- To profile companies operating in the sonar system market based on their product portfolios, market shares, and key growth strategies
- To analyze the degree of competition in the market by identifying and analyzing various parameters of leading players such as their financial positions, product portfolios, and key developments and ranking them based on these parameters
- To track and analyze competitive developments such as contracts, new product developments, joint ventures/expansions, and partnerships/acquisitions undertaken by the key market players
- To identify detailed financial positions, key products, and key developments of leading companies in the sonar system industry

Access Complete report on Sonar System Market spread across 183 Pages, profiling 15 companies and supported with tables and figures. Buy Research at https://www.reportsnreports.com/purchase.aspx?name=320675

Reason to Access this report:
This report is expected to help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall sonar system market, its segments, and sub segments. This report is also expected to help the stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.