The global sonobuoy market is forecasted to grow at a CAGR of 7.2% within forecast period of 2023 to 2030. 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.
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 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.
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.
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 key focus areas of the market players include research & innovation, improved quality, cost-effective production and eco-friendly manufacturing.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Sonobuoy market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
