Bizizz Market Research has recently published a research report, “Sonobuoy Market by Function (Active Sonobuoy, Passive Sonobuoy, and Special Purpose Sonobuoy), Application (Defense, Commercial), (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 ), Deployment (Spring, Pneumatic, Free-fall, Cartridge ), Range (Short Range, Long Range), and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Sonobuoy Market was valued at US$ 275.11 Bn in 2018 and it is anticipated to reach at market value of US$ XX Bn by 2027, witnessing a 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.
The Sonobuoy market is anticipated to register a CAGR of over 6.8 % during the forecast period.
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By Function, Passive Sonobuoy Segment Held a Prominent Share in Global Sonobuoy Market in 2018.
The passive sonobuoy segment dominated the global sonobuoy market in 2018 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, Defence Segment of Global Sonobuoy Market Is Anticipated To Witness the Fastest CAGR during the Forecast Period
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.
North Americais Anticipated to Dominate the Global Sonobuoy Market during the Forecast Period
North America dominated the global market in 2018 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.
Furthermore, 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.
Global Sonobuoy market was highly fragmented among the number of local and global players. Prominent players operating in the Global 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.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
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