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Global SONAR Systems Market to See CAGR of 7.01% 2015-2019
December 9, 2015 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global SONAR Systems Market 2015-2019" report to their offering.
The global SONAR systems market to grow at a CAGR of 7.01% over the period 2014-2019
Global SONAR Systems Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global SONAR systems market during the period 2015-2019. For ascertaining the market size and vendor share, the report considers revenue generated from the sales of SONAR systems. The report covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Sonar manufacturers are expected to focus more on the evolution of technology than on the development of new products. Sonar technology has already attained a level of maturity in terms of technological development. Future innovation and development will essentially be brown field site and it will have only incremental changes from its baseline. However, such incremental changes will be for new products and not for already installed sonars.
According to the report, with the rise in globalization and offshoring activities, and with the sea as the primary route for trade, countries are trying to improve the safety standards for navigation. To achieve this, numerous nautical charting activities and surveys are being conducted. Ships are provided with sonar navigational charts to record their real-time status. For instance, the government of Canada plans to invest $22.7 million until 2020 to improve the safety of marine transportation in the Arctic using nautical charting. More than 95% of the total goods are transferred by sea routes in this region. These activities will nurture the growth of the sonar systems market globally.
Further, the report states that the use of sonar faces severe criticism from environmental activists due to the high-intensity waves from sonar systems which can damage the hearing ability and change the behavior of these species.
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