The sonar system market is projected to grow at a CAGR of 4.33% from 2017 to 2022. North America led the sonar system market in 2016 and is expected to continue its dominance during the forecast period region. The growth of the sonar system market is driven by the rise in demand for high-resolution imaging for seabed mapping, increase in demand for sonar systems in tactical defense operations, and adoption of sonars for Anti-Submarine Warfare (ASW) techniques.

Key Players in the sonar system market are Raytheon Company (US), Thales Group (France), ATLAS ELEKTRONIK GmbH (Germany), Kongsberg Gruppen ASA (Norway), and Lockheed Martin Corporation (US), among others.

Major strategies adopted by these players include contracts & agreements, new product launches, expansions, and mergers & acquisitions, among others. Contracts & agreements was the most commonly adopted strategy between 2015 and 2017. Industry players also adopted the strategies of new product launches and expansions to grow in the sonar system market.

Raytheon (US) is one of the largest defense contractors serving both, government and commercial clients. For example, it recently received a contract worth USD 28 million from the US Navy to supply variable depth sonars for the littoral combat ship class. The company delivers solutions through 5 business segments, namely, Missile Systems (MS), Integrated Defense Systems (IDS), Space and Airborne Systems (SAS), Intelligence, Information & Services (IIS), and Forcepoint. It has an excellent product portfolio and offers different variants of sonars through its Intelligence, Information & Services (IIS) segment for naval platforms. It also focuses on R&D to develop innovative products of sonar systems, which is evident from Raytheon’s development of new high-tech sonar system for detecting submarines.

Thales (France) is another prominent player in the sonar system market. It designs and provides technological solutions for transport, defense, aeronautics, space, and security markets. It also designs and manufactures sonar systems that are used in naval applications. Its product portfolio covers CAPTAS-1, Sonar 2093, and low frequency active and passive bow mounted sonar, among others. As a part of its growth strategy, the company is primarily focused on collaborating with international customers and gaining contracts. For example, in the past three years, it has been awarded contracts by prominent organizations such as the Minister for Defence (Australia), Royal Malaysian Navy, etc., to design and develop sonar systems. Moreover, the company is focused on research & development activities. In 2016, Thales spent around USD 0.38 billion on R&D activities. The company also has an excellent geographic footprint.

Related Reports:

Sonar System Market by Product Type, Installation (Vessel Mount, Towed, Hand-Held & Pole Mounted, Airborne, UUV), Mode of Operation, Operating Frequency (High, Medium, Low), Application (Defense, Commercial), and Region - Global Forecast to 2022

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