DUBLIN, August 04, 2021--(BUSINESS WIRE)--The "Sonobuoy Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global sonobuoy market is forecasted to grow at a CAGR of 7.2% within forecast period of 2021 to 2029.
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. Special purpose buoys provide additional information about the environment, such as water temperature or wave height.
The largest revenue generating application segment is defence sector, navy &air force are the key sectors of applications in the sonobuoy market. Government plays a vital role in developing policies & schemes for the use of sonobuoy ensuring benefits to defence sector. In a world where Navies are increasingly facing unexpected threats & challenges, Anti-Submarine Warfare is resurging as a key discipline for the 21st century. The U.S.Navy's sonobuoy budget climbed from $174 million in 2018 to $216 million in 2019 to $264 million in 2020. The market has enormous growth as there is innovation, increase in quality, and significant potential in many application areas and research.
The Defence Sector to Remain the Key Market
Navies around the world need to perform a variety of missions from Maritime Security Operations in territorial waters to Power Projection including interventions on external threats from coastal environments to the deep sea. The emerging demand for sonobuoy makes it an essential device used in defence sector as well as other. The navy & air forces use the buoys as they benefits a lot in detection of accurate location of the underwater bodies. There is a wide application of these devices in war conditions for various regions. Such technologies are a boon to the defence sector that enables national security.
North America & Europe to dominate the market
North America accounted for 70 % of global sonobuoy market in 2020 as manufacturers are more concentrated in North America, therefore, generating significant revenue. Europe is the next big market for sonobuoy. Asia Pacific emerging with regards to rising demand due to increasing importance of border security. The government plays a vital role in the policy & schemes that impacts the sonobuoy market in terms of revenue generation, export, import, research and development. Research in terms of disposable sonobuoy has boosted the growth of the market. Analysts agree, the sonobuoys will only become more important to the US & its allies.
Covid-19 impacted the market
The market was neutral as the defence sector in pandemic had demand for products, however the oil and gas industry had a negative impact due to reduction of production. The defence sector is the key revenue-generating segment. The demand for products increased in post pandemic as the innovation, research & development continued. The marine activities increased over the pandemic period. Such differing demand across segments retained the balance of the market keeping the revenues and growth neutral.
Key questions answered in this report
What are the key market segments in the current scenario and in the future by product categories?
What are the key market segments in current scenario and in the future by regions?
What is the key impact of Covid-19 over market revenues and market determinants in the Sonobuoy market?
What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
How to overcome the current market challenges and leverage the opportunities in each of the market segment?
Who are the key players in the Sonobuoy market and what are their key product categories and strategies?
What are the key strategies - mergers/acquisitions/R&D/strategic partnerships etc that companies are deploying to enhance market revenues and growth?
Evolving Textile Trend and Rise in Discretionary Income
Superiors Advantages of Using SONOBUOY
Increasing use of Customized material as a Promotional Tool
Limitations of Technique over other Methods
Impact Analysis of Drivers and Restraints
General Dynamics Corporation
Lockheed Martin Corporation
Sealandaire Technologies Inc
Lone Star Electronics Co
Sigma Pi-Power Sources Pvt Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/o6utnv
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005835/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900