Sonobuoy Market segment is expected to reach USD 258.8 million by 2023: MRFR

April, 2023 / Research report on global Sonobuoy Market. Sonobuoy Market Overview:

Sonobuoy Market

Sonobuoy Market Size is expected to reach USD 2.261 Billion by 2030, registering a CAGR of 6.95% during 2020-2030.

The market for sonobuoy is set to grow. As per sonobuoy market analysts, the global market is anticipated to witness growth owing to the factors such as the growing demand for submarines as well as the rise in industrial applications of sonobuoys. However, the sonobuoy market will face challenges and restraints due to impact on marine life and limited detection capability in littoral zones during the forecast period till 2030.

The surge in demand for unmanned underwater vehicles in the sonobuoy market will support the growth. As per sonobuoy market analysts, the sonobuoy based companies will face certain challenges during the forecast period till 2023. The sonobuoy market research report provides in-depth analysis of the type, application, deployment, and size segments. The sonobuoy market research report presents factors such as concerns regarding its environmental impact that could slow down the sonobuoy market's growth.

Market Segmentation:

The sonobuoy has been segmented into type, application, deployment, and size. Based on the segment which is type, the market is categorized on the basis of active and passive. The global market for sonobuoy is further segmented based on application into oil & gas, safety & security, detection & tracking, others. Furthermore, the market, on the basis of deployment is segmented into free fall & cartridge, pneumatic, and spring. Based on the segment which is size, the market is categorized on the basis of size a, size b, size c.

The sonobuoy market report offers comprehensive study of the sonobuoy market segments including type, application, deployment, and size. The analysts have also studied the sonobuoy market's spread across the regional markets across many of the sonobuoy market’s segments at country levels. The type, application, deployment, and size segments spread across the sonobuoy market along with the sub segments are studied. The global market for sonobuoy is spread across various product and service based segments. The sonobuoy market research report highlights these key segments and offers forecasts based on primary and secondary data. The global sonobuoy market research report presents key company profiles of organizations active across the sonobuoy industry.

Regional Overview:

The limitations in the capacity of sonobuoys may hinder the sonobuoy market growth. The sonobuoy market research report reveals that businesses functioning in the sonobuoy market could be supported by the rise in demand for unmanned underwater vehicles as well as the rising need for cost-effective ASW systems during the forecast period. The sonobuoy market is anticipated to gain a high CAGR owing to these key factors. The sonobuoy market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per sonobuoy market analysts, the sonobuoy market is set to see a healthy growth across type, application, deployment, and size segments. The global sonobuoy market’s North American region covers sonobuoy markets across the United States, Canada, Mexico, and others. Companies present in the sonobuoy market are also profiled and their strategies have been presented in detail in the sonobuoy market research report.

The sonobuoy market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the sonobuoy market research report provides details about the APAC region covering sonobuoy markets from China, India, Australia, Japan, and others. The sonobuoy market is also active across several other parts of the world. The sonobuoy market report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global sonobuoy.

Competitive Landscape:

Sonobuoy has seen tremendous growth, due to the increased instances revolving around anti-submarine warfare and cost-effective options. However, concerns regarding its environmental impact and unfavvorable policies would challenge organizations active in the sonobuoy market. Furthermore, businesses using growth strategies to stay ahead in the global sonobuoy market are expected to help the market during the forecast period till 2023. As the sonobuoy market report suggests that the sonobuoy market will register a CAGR of 6.62% and grow, the sonobuoy market report highlights key areas sonobuoy market based organizations need to focus on. The sonobuoy market research report projects a long term growth till 2023. Based on the sonobuoy market’s analysis on the basis of SWOT and Porters’ Five Force Model, the sonobuoy market will rise during the forecast period till 2023, however decision makers need to move ahead with caution. The sonobuoy market research report highlights such key areas.

Industry News:

ERAPSCO was awarded a U.S. military contract valued at $ 1,041 trillion on July 18th for the production of sono boys used in anti-submarine warfare by US corporation Sparton Corp. and a subsidiary of British company Ultra Electronics. Signal pings through the water from active sonobuoys to bounce off possible goals. Sonobuoys passive listen only to subs or other ships. Special sonoboys are also available, which gather additional information from radar and intelligence analysts. Sonobuoys are restricted by their battery life and can become worthless shortly after they are dropped if a moving target is tracked.