Towed Array Sonar Market Share

North American Market Forecast

The North America industry is expected to dominate majority revenue share of 40% by 2037. In addition to this, the market held the highest market share in 2019, with an overall revenue of USD 160 Million in the same year. The growth can be accredited to the growing demand for towed array sonar in the region for advancements in defense.

Moreover, increasing concentration on developing strong anti-submarine warfare capability and fleet extension initiatives are also escalating the market growth. Additionally, the US government is spending more on the research and development of these devices. The United States is expected to have the largest market for underwater surveillance systems and to be involved in a large number of exports and imports of towed sonar arrays. These factors are bolstering the market growth of towed array sonar in the region.

APAC Market to Statistics

Asia Pacific is expected to showcase significant growth in the market owing to the increased investment in the naval sector and a growth in domestic ship manufacturing in South Korea and India. The region to hold a share of 36.4% by 2037. Market growth is being driven by the increasing shipments of commercial vessels in Japan, which are integrating automation into ship systems manufactured by a number of shipbuilding companies in South Korea.