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Sonobuoy Market to Reach $316.59M by 2020
November 25, 2015 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Sonobuoy Market - Global Trends and Forecasts to 2020" report to their offering.
This report covers the forecasts of the sonobuoy market and its dynamics over the next five years, while also recognizing the market application gaps, evolving technologies, recent developments in the market, and high potential geographic regions and countries.
The sonobuoy market is 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, such as the increasing focus by countries on strengthening their Anti-Submarine Warfare (ASW) capabilities, an increase in the efficiency of sonobuoys due to various technological advancements and the rise in maritime disputes in Asia-Pacific, are expected to drive the growth of the sonobuoy market
The report includes the market dynamics, such as drivers, restraints, challenges, and opportunities, along with Porter's Five Forces analysis and a life cycle analysis of this market. The market for these sonobuoy systems is driven by various factors, such as the increase in anti-submarine warfare, high efficiency and technological advancements, and increasing maritime issues in Asia-Pacific.
Various opportunities for the sonobuoy market include the rising need for cost-effective ASW systems, growing market for unmanned underwater vehicles, and increase in defense expenditure for SONAR systems
The ecosystem of the sonobuoy market comprises raw material suppliers, manufacturers, distributors, and end users. The key end users of the sonobuoy market are naval forces and environmental research organizations. The sonobuoy market is characterized by direct distribution channels and the presence of mainly OEMs and Tier 1 & Tier 2 companies. Some of the key players of the market include Ultra Electronics and Sparton Corporation.
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