Key players adopted various growth strategies such as contracts, new product developments, joint ventures/expansions, and partnerships/acquisitions to expand their presence in 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 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 shipowners to comply with the maritime safety norms, and flourishing maritime tourism sector.
The major players in the sonar system market include 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), and Aselsan (Turkey), among others. These players have adopted various growth strategies such as contracts, new product developments, joint ventures/expansions, and partnerships/acquisitions to expand their presence in the sonar system market. Contracts and new product developments were the key strategies adopted by them from 2016 to 2018 to enhance their product offerings and broaden their customer base.
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Kongsberg Gruppen, a Norway-based company, provides high-technology systems to its customers in the marine, oil & gas, and aerospace & defense industries. The company offers marine engine monitoring systems through its Kongsberg maritime business segment. In recent years, Kongsberg maritime has received several contracts from governments as well as shipyards of different countries across the globe. For instance, in 2018, Kongsberg Gruppen received a contract from the Ocean Infinity for supplying 5 HUGIN autonomous underwater vehicle systems. These autonomous underwater vehicle systems are fitted with the latest generation HISAS 1032 synthetic aperture sonars of Kongsberg maritime.
Raytheon is one of the largest defense contractors across the globe serving both, government and commercial clients. The company delivers solutions through 5 business segments, namely, missile systems; integrated defense systems; space and airborne systems; intelligence, information & services; and Forcepoint. For instance, in 2017, Raytheon received a contract worth USD 28.0 million from the US Navy to supply variable depth sonars for its littoral combat ship class.
Related Reports:
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
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