Hull-mounted sonar to be fastest-growing segment over the next decade, report states
NewsDecember 17, 2019
LONDON. The global naval sonar market -- valued at $2.2 billion in 2019 -- is expected to grow at a CAGR of 2.76% to reach a value of $2.9 billion by 2029, according to a recent report from GlobalData.
According to the report, hull-mounted sonar is expected to account for 51% revenue share of the total market by 2029, up from 47% of the market in 2019.
Navies across the globe are looking to equip their naval vessels with advanced sonar systems capable of effectively detecting and tracking threats, the report states, which will drive cumulative global military spending on naval sonars to a value of $29.1 billion over the forecast period.
Captain Nurettin Sevi (Rtd. Turkish Navy), defense analyst at GlobalData, comments on the report's findings: “Naval forces have traditionally relied on seasoned sonar operators to detect the specific signals coming from a threat. With the advancement of technology in the combat systems, sonars are becoming more sophisticated and capable, so the burden on sonar operators is diminishing through the utilization of technologies such as machine learning and artificial intelligence. Along with the growing proliferation of stealth technology, the demand for advanced sonar systems such as integrated sonar suits, passive and active sonobuoys with counter-stealth features, is expected to grow in the near future.”
For additional information on this report visit the GlobalData website.
