PUNE, India, March 10, 2016 /PRNewswire/ --
Vendors in global SONAR System market are adopting mergers and acquisitions as well as partnerships to stay competitive and expand their geographical presence as well as leverage the technical expertise of acquired companies to develop innovative products. The analysts forecast global sonar system market to grow at a CAGR of 7.31% during the period 2016 - 2020.
Complete report on SONAR System market spread across 45 pages, analyzing 6 major companies and providing 10 data exhibits is now available at http://www.reportsnreports.com/reports/496187-global-sonar-system-market-2016-2020.html.
According to the Global SONAR System Market 2016-2020 report, focus on improving safety of marine transportation is one of the major drives in the market. There has been a rise in offshoring and drilling activities across the globe. The rise in international trade activities has necessitated improvement in safety standards for navigation. To achieve this, a number of nautical charting activities and surveys are being conducted. The ships are provided with SONAR navigational charts to record the real-time status of ships.
The development of advanced SONAR systems for defense application has led to a considerable increase in government funding. The major funding programs initiated by the government will propel factors for market growth by 2020. For instance, in March 2015, Kraken SONAR Systems received USD 450,000 in funding from Canada's National Research Council-Industrial Research Assistance Program for the development of high-resolution sonar systems based on Kraken's Interferometric Synthetic Aperture SONAR technology. Similarly, the US Navy awarded USD 13,864,676 in funding to Lockheed Martin for the development of an Acoustic Rapid Commercial-off-the-Shelf Insertion SONAR system. Such growing funding will drive the global SONAR systems market until the end of 2020. Order the Global SONAR System Market 2016-2020 report at http://www.reportsnreports.com/purchase.aspx?name=496187.
During 2015, the Americas dominated the market, accounting for more than 37% of the market share in terms of shipment. Factors like growing investments in UUVs and anti-submarine warfare (ASW) systems and increasing focus on improving the safety of marine transportation, will contribute to a high demand for SONAR systems in the region.
The global SONAR system market is highly competitive with few dominating vendors. Due to the high growth potential of this market, the vendors are focusing on developing innovative products to capture more market share. Since the SONAR industry has minimal scope for product differentiation, vendors are investing substantially in R&D. Also, some vendors are adopting strategies such as mergers and acquisitions for technical expertise and resources to develop innovative products. The leading vendors in the market are ATLAS ELEKTRONIK, Kraken Sonar, Kongsberg Maritime, Raytheon, Thales and Teledyne Reson.
Other Prominent Vendors in the market are: Harris, Northrop Grumman, R2Sonic, Sound Metrics, Neptune SONAR, Garmin, Furuno Electronic, Johnson Outdoors, Navico, and FLIR Systems. Further, the report states that SONAR systems have an adverse effect on marine life, as it can lead to the injury or even death of species that live underwater.
Another related report on Public Sector Market is The Global Global Submarine and MRO Market 2015-2025 - Competitive Landscape and Strategic Insights: Market Profile. This report shows the leading Global Submarine and MRO market segments in various regions across the world. Details of top companies active across the global Global Submarine and MRO market are provided, together with market size and forecast 2013-2023 for the main players across those areas.
Key Findings: The report provides a detailed analysis of the competitive landscape of the Global Submarine and MRO market. It provides an overview of key Global Submarine and MRO companies catering to the Global Submarine and MRO sector, together with insights such as key alliances, strategic initiatives and a brief financial analysis.
Companies Mentioned: BAE Systems Plc, DCNS, Navantia S.A., Fincantieri SpA, Saab Kockums, Mazagon Dock, Daewoo Shipbuilding and Marine Engineering Co., Ltd (DSME), PO Sevmash, ThyssenKrupp Marine Systems (TKMS), Huntington Ingalls Industries (HII), Admiralty Shipyard, General Dynamics Electric Boat Corp, ASC Pty Ltd, Mitsubishi Heavy Industries (MHI), Kawasaki Shipbuilding Corporation and Lockheed Martin. Complete report available at http://www.reportsnreports.com/reports/426912-the-global-global-submarine-and-mro-market-2015-2025-competitive-landscape-and-strategic-insights-market-profile.html.
ReportsnReports.com is an online market research reports library of 500,000+ in-depth studies of over 5000 micro markets. Not limited to any one industry, ReportsnReports.com offers research studies on agriculture, energy and power, chemicals, environment, medical devices, healthcare, food and beverages, water, advanced materials and much more.
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune - 411013
+ 1 888 391 5441
Connect With Us on:
Twitter: https: //twitter.com/marketsreports
G+ / Google Plus: https://plus.google.com/111656568937629536321/posts