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Sonobuoy Market Growing at 6.96% CAGR Driven by Defense to 2020
November 20, 2015 | PRNewswireEstimated reading time: 2 minutes
ReportsnReports.com adds 2015 sonobuoy market research that highlights Defense application segment of sonobuoys to witness the highest growth during the forecast period with APAC offering significant opportunities, geographically.
According to the projections in this report, the sonobuoy market has been estimated to be valued at USD 226.11 million in 2015 and is projected to reach USD 316.59 million by 2020, at a CAGR of 6.96% during the forecast period from 2015 to 2020.Factors that drive the global sonobuoy market include the increased focus by countries on strengthening their anti-submarine warfare capabilities, increase in efficiency of sonobuoys due to various technological advancements, and rise in maritime disputes in Asia-Pacific.
Defense application segment to witness the highest growth during the forecast period
The key applications considered for the market study are defense and civil, wherein the overall sonobuoy market is dominated by the defense segment. This segment is projected to grow at a comparatively higher CAGR during the forecast period of 2015 to 2020, primarily driven by the high demand for sonobuoys which form an integral part of anti-submarine warfare (ASW) which is a key area of importance due to the increasing maritime disputes and the development of stealthier submarines.
The Asia-Pacific region to offer significant opportunities for growth
The APAC region is expected to exhibit the highest growth rate in the sonobuoy market, and is projected to growth a CAGR of ~8% during the forecast period from 2015 to 2020. The growth of the sonobuoy market in this region can be attributed to the rise in maritime disputes and increased government spending by countries, such as China to strengthen their anti-submarine warfare capabilities.
From an insight perspective, this research report has focused on various levels of analysis-industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the sonobuoy market; high-growth regions; and market drivers, restraints, and opportunities. Sparton Corporation, Thales Group, Ultra Electronics Group, Sealandaire Technologies Inc., Radixon Group, Lone Star Electronics Co., General Dynamics Mission Systems and Sigma-Pi Power Sources Pvt Ltd. are the companies profiled in this sonobuoy research.
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