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"Overview of Sonobuoy Market"
Global Sonobuoy Market was Valued at US$ XX Mn in 2019 and it is Expected to Reach More than US$ 530 Mn by 2028, Likely to Grow with the CAGR of 6.8% During the Forecast Period.
The sonobuoy market is majorly driven by the surge in maritime disputes in Asia Pacific region coupled with the rising focus to strengthen anti-submarine warfare capabilities by countries. The increased efficiency of sonobuoys owing to increased technological advancements and surge in need for cost-effective Asw systems are some other factors expected to enhance the global market over the forecast period.
The surge in demand for unmanned underwater vehicles along with growing defense expenditure across the globe are anticipated to enhance the sonobuoy market in years to come. The increased investment worldwide for technological advancements is one of the major factors expected further drive the global sonobuoy market during the forecast period.
In addition, the growing need to monitor natural resources amongst emerging nations is another prominent factor expected to enhance the market demand in years to come. However, increased environmental regulations, the negative impact of sonobuoys on marine life and limited capability to detect are some major restraints expected to hinder the market growth over the forecast period.
By Function, Passive Sonobuoy Is Expected To Continue Its Dominance In The Global Sonobuoy Market
Passive sonobuoy accounted for the largest share of XX% in the Global Sonobuoy Market in 2019 due to the high demand for passive sonobuoys in marine for detection. The ability of passive sonobuoy to prevent the detection of a stalking aircraft by a submarine is another major factor expected to enhance the segment growth over the forecast period. Low-cost, quickly deployable, no noise and others are some benefits expected to support the segment growth in years to come. As a result of the aforementioned factors, the passive sonobuoy segment is expected to continue its dominance during the forecast period.
By Application, Defense Accounted For The Major Share Of XX% In Global Sonobuoy Market In 2019
The defense segment had the major share in the global sonobuoy market due to increased investments in the defense budget across the globe along with the surge in need to strengthen anti-submarine warfare (AWS). The rise in maritime disputes and surge in development of stealthier submarines are some other factors expected to enhance the segment growth throughout the forecast period. In addition, increased defense budget by emerging nations such as India, China, Indonesia, and others is further anticipated to drive the global market during the forecast period.
Growth Prospects of Sonobuoy Are High In Asia Pacific
Asia Pacific is projected to expand at a rapid pace during the forecast period owing to the surge in government spending on the defense budget and increased maritime disputes. Countries such as China are using sonobuoy to strengthen its anti-submarine warfare capabilities and are further expected to enhance market growth over the forecast period.
North America dominated the global market in 2019 owing to early technology adoption and the largest defense budget. Increased investments for naval modernization and naval capabilities are some other major factors expected to enhance the market growth in years to come. North America is projected to continue its dominance throughout the forecast period.
Key players operating in the Sonobuoy market are Sparton Corporation, Ultra Electronics Group, Radixon Group, General Dynamic Mission Systems, Thales Group, Sealandaire Technologies, Inc., Loan Star Electronics Co., Sigma-Pi Power Sources Pvt. Ltd., and ERAPSCO.
Global Sonobuoy Market Segmentation
Global Sonobuoy Market By Function
- Active Sonobuoy
- Cass Sonobuoy
- Range Only(RO) Sonobuoy
- Directional Command Activated Sonobuoy System (Dicass)
- Passive Sonobuoy
- Lofar System
- Directional Frequency Analysis and Recording (DIFAR) Sonobuoy
- Special Purpose Sonobuoy
- Bathy Thermobuoy (BT)
- Search and Rescue Buoy (SAR)
- Air Transportable Communication and Downlink Communication Buoy (AT AC/DLC)
Global Sonobuoy Market By Application
Global Sonobuoy Market By Technology
- Bathythermo Buoy
- Directional Command Activated
- Data Link Communications
- Directional Frequency Analysis and Recording
- Low-Frequency Analysis and Recording
- Extended Echo Ranging
- Air Deployable Active Receiver
- Vertical Line Array Directional Frequency Analysis and Recording
Global Sonobuoy Market By Deployment
Global Sonobuoy Market By Range
- Short Range
- Long Range
Global Sonobuoy Market By Region
- North America
- Latin America
- Asia Pacific
- Middle East and Africa