In 2019, the market accounted for market value of about USD 363 million and is further estimated to garner significant revenue by growing at a CAGR of around 4% during the forecast period, i.e., 2020-2028.
The global towed array sonar market is anticipated to grow in upcoming years owing to advancements in naval border security and growth in fishing and oil & gas industry.
In terms of market segmentation, the global towed array sonar market is segmented by type, acoustic frequency, component, by end-use, and by region.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in North America held leading share in 2019 and is estimated to grow at significant pace owing to rising military spending on R&D activities, and advancements in defense operations among others.
Moreover, the market is bifurcated by acoustic frequency into infrasonic and ultrasonic sonar, out of which, the ultrasonic sonar segment is estimated to witness highest growth throughout the forecast period owing to the growing usage of ultrasonic sonar systems in defense, commercial, and scientific applications.
However, the negative impact of sonar technology on marine ecosystem might negatively affect the market growth.
Some of the leading market players in the global towed array sonar market are
Neptune Sonar Limited
L3Harris Technologies Inc
Mind Technology Inc.
General Dynamics Mission Systems Inc.
Raytheon Technologies Corporation
Nisshinbo Holdings Inc.
Lockheed Martin Corporation
Sonardyne International Limited
Key Topics Covered:
1. Market Definition and Research Methodology 1.1. Market Definition 1.2. Research Objective 1.3. Research Methodology
4. Industry Analysis 4.1. Value Chain Analysis 4.2. Impact of COVID-19 on the market
5. Global Towed Array Sonar Market 5.1. Market Overview - Market Size (2019-2028) 5.2. Market segmentation by: 5.2.1. Type 5.2.2. Acoustic Frequency 5.2.3. Component 5.2.4. End-Use Industry 5.2.5. Region
6. North America Towed Array Sonar Market 6.1. Market Overview - Market Size (2019-2028) 6.2. Market segmentation by: 6.2.1. Type 6.2.2. Acoustic Frequency 6.2.3. Component 6.2.4. End-Use Industry 6.2.5. Country