SONAR System Market Size

SONAR System Market size was valued at USD 2.34 billion in 2023 and is set to exceed USD 6.06 billion by 2036, expanding at over 7.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of SONAR system is evaluated at USD 2.48 billion.

SONAR system is a device which uses technique of sound navigation ranging for visualization of underwater object. There are various applications of SONAR that can be used in defense, commercial and scientific research sectors. Manufacturers have developed SONAR systems which operate at lower frequencies (below 5 kHz) that provides comparatively greater area coverage and improved performance. Factors such as enhancements in the anti-submarine warfare techniques, advancements in digital signal processing which has enhanced the underwater SONAR signal processing and communication, and rising demand for sonobuoy in tactical defense operations are anticipated to drive the market growth of market in the coming years.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of SONAR system is evaluated at USD 2.48 billion.

SONAR System Market size was valued at USD 2.34 billion in 2023 and is set to exceed USD 6.06 billion by 2036, expanding at over 7.6% CAGR during the forecast period i.e., between 2024-2036.

North America industry is likely to hold largest revenue share by 2036, as the region is nvolved in massive number of exports and imports of SONAR systems worldwide

The major players in the market are Ultra (Ultra Electronics), Thales Group, Raytheon Technologies Corporation, Neptune Sonar Ltd., Kongsberg Gruppen ASA, L3Harris Technologies, Inc., Mind Technology, Inc., General Dynamics Mission Systems, Inc., Teledyne Technologies Incorporated, Nisshinbo Holdings Inc., Lockheed Martin Corporation, SONARDYNE, and others.

SONAR System Market Size