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Global Sonobuoy Market to Grow at a CAGR of 6.5% in the Forecast Period of 2021-2026, Aided by the Maritime Industry

According to a new report by EMR titled, ‘Global Sonobuoy Market Report and Forecast 2021-2026’, the global sonobuoy market is likely to grow at a CAGR of 6.5% in the Forecast Period of 2021-2026.

The growth of the global demand for sonobuoys is driven primarily by the growing maritime industry. Aircraft and ship technicians need to constantly track these received signals in order to avoid future threats. Monitoring and analysis of acoustic signals emitted by these sonobuoys involves the jobs of trained technicians. The passive sonobuoy segment is expected to account for the highest market share of revenue in the coming years due to the fact that passive sonobuoys can be detected without disclosing their existence to the target. The active sonobuoys segment is expected to account for the second largest market share of revenue in the forecast period due to the fact that active sonobuoys are used to locate and track targets.

The rising competition among the key players together with the advancing technology has also been aiding the market growth. Thales SA (OTCMKTS: THLLY), one of the leading key players, announced that it started working on a new sonobuoy system named Sono-Flash, which would incorporate both active and passive modes in a single buoy. This boosted the demand of the product in the global industry.

Market Analysis by Function, Market Size, Range, Installation Type, Applications, and Regions:

  • The functions can be divided into active, passive, and special purpose.
  • Market size can be segmented into size a, size b, and size c, among others.
  • The range of the product can be categorised into short range and long range.
  • Installation type comprises of spring, pneumatic, free-fall, and cartridge.
  • It finds wide applications in detection and tracking, safety and security, and oil and gas, among others.
  • The regional markets for sonobuoy include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The demand for sonobuoy is rising as it helps in the early detection of enemy submarines that could help prevent possible attacks and loss of resources.
  • Sonobuoys are also widely used for echo sounding, to determine the depth of the waterbody.
  • The rising industry of oil and gas is also boosting the demand for sonobuoys.
  • Other factors bolstering the demand for the product are rising population, growing disposable incomes, rising investments, and the advancing technology.

Key Offerings of the report:

  • The EMR report gives an overview of the global sonobuoy market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the function, market size, range, installation type, applications, and major regions of sonobuoy. 
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods.  
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global sonobuoy market are Sparton Corporation, Thales Group, Radixon Group, and Ultra Electronics Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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