The new report from Expert Market Research titled, ‘Sonobuoy Market Report and Forecast 2023-2028’, provides an in-depth analysis of the Global The growth of the Sonobuoy marketevaluating the market based on its segments such as function, product size, range, installation type, applications and key regions that include North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on SWOT and Porter’s Five Forces models.
Highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.5%
The growth of the market can be attributed to the robust growth of the marine industry globally. The increasing demand for sonobuoy can be attributed to the increasing demands of consumers. Several technological innovations have led to the development of the market, including the use of sophisticated sensing, ranging and guidance capabilities.
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Rising security expenditure and growing use of underground vehicles is projected to further boost the demand. Increasing defense spending by developed countries, such as the United States of America and Europe, is expected to further drive the growth of the market.
Sonobuoy Industry Definition and Key Segments
Sonobuoy refers to a portable SONAR (Sound Navigation and Ranging) device. Sonobuoy helps to detect submarines and conduct underwater research when launched from an aircraft or a ship. It depends on sound waves to detect/locate objects in a certain area.
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On the basis of function, the industry can be segmented as follows:
- ACTIvE
- liabilities
- Special purpose
By size, the market can be divided into:
- Size A
- Size B
- Size C
- Others
Based on the product range, the market can be segmented as follows:
The market, based on the type of installation, can be segmented as follows:
- spring
- Pneumatic
- Free retreat
- Cartridge
By application, the market is segmented into:
- Discovery and Tracking
- Protection and security
- Oil and gas
- Others
On the basis of regional markets, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Sonobuoy market trends
Sonobuoys are acoustic sensing instruments that are launched to detect underwater sound signals from aircraft or ships in the ocean. Early detection of enemy submarines can help prevent future attacks and waste of resources. These factors are driving the deployment of sonobuoys by navies around the world, thus fueling the rise in global demand for sonobuoys. As oil and gas are important resources, some governments are making significant investments in the construction of sonobuoys to locate sand dunes and spills, fueling increased demand for sonobuoys. However, market growth may be restricted by the implementation of government regulations that restrict the presence of sonobuoys where a high density of marine life is present.
Major market players
Major players in the market are Sparton Corporation, Thales Group, Radixon Group and Ultra Electronics Limited, among others. The report covers market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other recent developments of these market players.
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