Towed Array Sonar Market Trends
Growth Drivers
- Augmentation in Maritime Border Security – There’s an increase in the demand for towed array sonar systems because of the growing developments associated with the protection operations and advancements in anti-submarine technologies amongst others. Additionally, the major players are making significant investments in research and development projects focused on underwater monitoring.
- Increasing Usage of Towed Array Sonar in Fishing and Oil & Gas Industry- The demand for towed arrays for seismic streamers for the offshore oil industry and fish detection by acoustic methods. Moreover, the amount of fish delivered around the world is also propelling the market growth at a higher rate. With over 35% of the world's fish and seafood production in 2020, the People's Republic of China will be the leading producer of aquatic products. A historical growth, owing to high demand for supply resulting in the enlargement of fishing and aquaculture with significant production, consumption, and trade, took place in 2018.
- Increasing Investment in Research and Development – But at night, when traditional optical cameras can't record the image, humans find it difficult to monitor them. However, when conventional optical cameras cannot capture images at night, it is harder for the human eye to watch. Market growth is expected to be stimulated by the growing development of a technologically advanced underwater optical camera, capable of capturing sonar images. For example, a detailed image of the aquatic environment, regardless of water visibility, has been developed by the SCAN650 sector scanning sonar.
Challenges
- Negative Impact of Sonar Technology on Marine Ecosystem – There are many factors affecting the marine life such as seismic noise or the usage of sonar technology for underwater warfare and energy exploration. These factors result in injury and death of the marine animals. This factor is expected to become a barrier for the towed array sonar market.
- Highly Costed
- Maintenance Complexities
Towed Array Sonar Market: Key Insights
Regionally, the global towed array sonar market is segmented into five major regions comprising North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. Among the market in these regions, the North America towed array sonar market held the highest market share in 2019, and in terms of value, the market garnered around USD 160 Million in the same year. The rise in demand for towed array sonar systems in this region can be attributed to advancements in defense operations, increasing focus on developing robust anti-submarine warfare (ASW) capability and fleet expansion initiatives, and high military spending for research and development activities. Moreover, the U.S. is estimated to have largest market for underwater surveillance systems and is involved in a massive number of exports and imports of towed array sonar systems. These are some of the major factors that are anticipated to boost the growth of the market in this region.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.4% |
|
Base Year Market Size (2024) |
USD 2.18 billion |
|
Forecast Year Market Size (2037) |
USD 3.82 billion |
|
Regional Scope |
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