The new report by Expert Market Research titled, ‘Sonobuoy Market Price, Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Sonobuoy Market, assessing the market based on its segments like function, size of the product, range, installation type, applications, and major regions which include North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.5%
The market growth can be attributed to the robust growth of the maritime industry globally. The rising demand for sonobuoy can be attributed to the increasing consumer requirements. Several technological innovations have led to the development of the market, including the use of sophisticated sensing, range, and directional capability. Rising security expenditure and the growing use of underground vehicles are anticipated to further boost the demand. The increased defence spending by developed countries, such as the United States of America and Europe, is expected to further propel the growth of the market.
Sonobuoy Industry Definition and Major Segments
Sonobuoy refers to a SONAR portable device (SOund NAvigation and Ranging). Sonobuoy helps to detect submarines and perform underwater research when it is released from an aircraft or a ship. It is dependent on sound waves to detect/locate objects in a specific area.
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Based on function, the industry can be segmented as follows:
- Special Purpose
Based on the size, the market can be divided into the following:
- Size A
- Size B
- Size C
Based on the range of the product, the market can be divided as follows:
- Short Range
- Long Range
The market, on the basis of installation type, can be segmented as follows:
By application, the market is segmented into:
- Detection and Tracking
- Safety and Security
- Oil and Gas
On the basis of regional markets, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Sonobuoy Market Trends
Sonobuoys are acoustic sensing instruments that are released to detect underwater sound signals from aircraft or ships in the ocean. Early detection of enemy submarines may help deter future assaults and resource loss. These factors are pushing the deployment of sonobuoys by naval forces around the world, thus driving the growth of global demand for sonobuoys. As oil and gas are important resources, several governments are making substantial investments in the construction of sonobuoys to locate sand domes and seeps, driving the growth of the demand for sonobuoys. However, the market growth might be constrained by the implementation of government regulations restricting the presence of sonobuoy where a high density of marine life is present.
Key Market Players
The major players in the market are Sparton Corporation, Thales Group, Radixon Group, and Ultra Electronics Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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