NEW YORK, Nov. 26, 2015 /PRNewswire/ -- Rise in maritime disputes is one of the major factors behind the increase in procurement of sonobuoys
According to the projections in this report, the sonobuoy market has been estimated to be valued at USD 226.11 million in 2015 and is projected to reach USD 316.59 million by 2020, at a CAGR of 6.96% during the forecast period from 2015 to 2020. Factors that drive the global sonobuoy market include the increased focus by countries on strengthening their anti-submarine warfare capabilities, increase in efficiency of sonobuoys due to various technological advancements, and rise in maritime disputes in Asia-Pacific.
Defense application segment to witness the highest growth during the forecast period
The key applications considered for the market study are defense and civil, wherein the overall sonobuoy market is dominated by the defense segment. This segment is projected to grow at a comparatively higher CAGR during the forecast period of 2015 to 2020, primarily driven by the high demand for sonobuoys which form an integral part of anti-submarine warfare (ASW) which is a key area of importance due to the increasing maritime disputes and the development of stealthier submarines.
The Asia-Pacific region to offer significant opportunities for growth
The APAC region is expected to exhibit the highest growth rate in the sonobuoy market, and is projected to grow at a CAGR of ~8% during the forecast period from 2015 to 2020. The growth of the sonobuoy market in this region can be attributed to the rise in maritime disputes and increased government spending by countries, such as China to strengthen their anti-submarine warfare capabilities.The major companies profiled in the report include Sparton Corporation (U.S.) and Ultra Electronics (U.K.).
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the sonobuoy market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on sonobuoys offered by the top players in the global sonobuoy market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the sonobuoy market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for sonobuoy across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global sonobuoy market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global sonobuoy market
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