Home >> News >> Strategic Importance Given To Defense Forces Thrusting The Growth of Sonobuoy market to a CAGR of 7.2% from 2021 to 2029

Strategic Importance Given To Defense Forces Thrusting The Growth of Sonobuoy market to a CAGR of 7.2% from 2021 to 2029

According to the latest report published by Acute Market Reports “Sonobuoy market” – Growth, Future Prospects and Competitive Analysis, 2019-2029,” the sonobuoy market is expected to expand at a CAGR of 7.2 % from 2021 to 2029.

During early 1940’s, a kind of sonar was developed which was deployable from ships and later from aircrafts as well. This special type of sonar was called sonobuoy, a portmanteau for “sonar” and “buoy”. Sonobuoy is a buoy equipped to detect underwater sounds and transmit them by radio. Defence sectors have a significant rise over the revenue in the past few years as the government increases the budget of defence sector. Factors such as anti-submarine welfare, increase in maritime activities, research and development, innovation drives the market growth. The key opportunities in this market include rise in need for cost effective system & application of submarines, under water devices. The sonobuoy can be customized, expanded as per the needs of consumer. The TheU.S. navy’s sonobuoy budget jumped from $174 million in 2018 to $216 million in 2019 to $264 million in the 2020. The market has enormous growth as there is innovation, increase in quality, utilising in many application & research. When a Sonobuoy is dropped from an aircraft or ship, it aids in detection of submarines and conducting underwater research. Thus, it relies on sound waves to detect or locate objects in a particular region. Frequency Analysis and Recording (DIFAR) sonobuoy is a passive acoustic sonobuoy used by the Navy to detect underwater submarines. DIFAR buoys include one or more vector sensors that give the direction to the source of an acoustic signal. These sonobuoys have also been used for research to track whale populations & monitor underwater volcanic activity.

The complete report is available at https://www.acutemarketreports.com/report/sonobuoy-market

The latest technological advances have boosted this field through the variety of buoys used & the performance of the processing’s developed. North America accounted for about 70 % of global sonobuoy market revenues. Europe stands second in terms of demand and revenues while Asia Pacific is emerging in terms of demand.

The government security favouring policies are ensuring the market growth of Sonobuoy market. The key players include Sparton, Radixon, Ultra-Electronics Group, General Dynamics Corporation, Thales Group, Lockheed Martin Corporation, Sealandaire Technologies Inc, Lone Star Electronics Co, Sigma Pi-Power Sources Pvt Ltd. The key focus area include the market players include research & innovation, improved quality, cost effective production & eco-friendly manufacturing. Research in terms of disposable sonobuoy has boosted the growth of market.

Key Market Movements:

  • Sonobuoy market is developing significantly with an expected CAGR of 7.2% from 2021 – 2029.
  • Eco friendly manufacturing, innovation in Sonobuoy is key growth factors.
  • Sonobuoys are mainly applied in medical, construction, apparel, agriculture & automobile industries.
    The pandemic led effect on the oil & gas industry.
  • North America, Europe & Asia Pacific dominates the market in the regional analysis.
  • The market tends to grow as sales increase in significant way & innovations lead to disposable devices.
  • The key players Sparton, Radixon, Ultra-Electronics Group, General Dynamics Corporation, Thales Group, Lockheed Martin Corporation, Sealandaire Technologies Inc, Lone Star Electronics Co, Sigma Pi-Power Sources Pvt Ltd.
  • The strategy applied by these players is to focus on customer’s needs for enhancing marketing & sales.

Sonobuoy market is segmented into:

ATTRIBUTEDETAILS
Research Period 2019-2029
Base Year 2020
Forecast Period2021-2029
Historical Year2019
UnitUSD Million
SegmentationBy Technology Type (2019-2029; US$ Mn)
By Application Area (2019-2029; US$ Mn)
By Region (2019-2029; US$ Mn)
Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

* Detailed Segments are available at the report page

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