Rockville, Feb. 07, 2024 (GLOBE NEWSWIRE) — As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Sonobuoy Market is poised for substantial expansion and is projected to reach a valuation of US$ 1.2 billion in 2024. Worldwide demand for sonobuoys is predicted to rise at a CAGR of 9.3% during the forecast period (2024 to 2034).
The sonobuoy market leads the way in underwater acoustic technology, when it comes to commercial applications, scientific research, and maritime security. Sonobuoys serve as essential instruments for underwater detection, surveillance, and data collection in oceans, seas, and other water bodies across the globe. They are furnished with sensors and transmitters.
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Key Segments of Sonobuoy Market Research Report
One of the principal uses for sonobuoys in anti-submarine warfare is still evident today. It gives naval forces the ability to identify, locate, and categorize undersea threats, including torpedoes, submarines, and unmanned underwater vehicles (UUVs). This crucial part of naval operations has fueled continuous demand from the world’s defense industries.
Key Takeaways from Market Study
- The global sonobuoy market is estimated at US$ 1.2 billion in 2024.
- The market is forecasted to expand at a noteworthy CAGR of 9.3% from 2024 to 2034.
- The market is projected to reach US$ 2.92 billion by the end of 2034.
- North America is set to account for 25.8% of the global market share in 2024.
- The market in East Asia is predicted to expand at a robust CAGR of 10.3% through 2034.
- The passive type segment is projected to expand significantly over the forecast period at a CAGR of 8.5%.
“With rising defense budgets, growing commercial applications, and ongoing technological breakthroughs, the sonobuoy market is positioned for revolutionary growth. As long as industry players keep innovating and collaborating, offering improved underwater surveillance and defense capabilities, the market is expected to grow at a substantial pace,” says a Fact.MR analyst.
Technological Advancements Driving Explosive Expansion of Sonobuoy Market
The ongoing progress in improving features and increasing applications has led to a groundbreaking transformation of sonobuoy technology. Miniaturization is a key development that has made it possible for sonobuoys with advanced sensor capabilities to be smaller, more efficient, and more effective.
These improvements enable them to be more widely deployed and have longer operational lifetimes, which is appealing to a wider variety of businesses. The increasing integration of sonobuoys into unmanned systems and the advancement of autonomous underwater vehicles (AUVs) have made them increasingly valuable in a range of operational settings.
Increased sensitivity and accuracy of sensors make sonobuoys far more useful for surveillance and reconnaissance tasks. Better target detection and classification underwater is now possible owing to these advancements. The integration of many sensor arrays into a single sonobuoy device allows for more accurate and thorough underwater setting investigation and facilitates comprehensive data collection. Additional research and development focused on power economy and endurance has led to the creation of sonobuoy systems with longer operating ranges.
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What Factors Are Driving Increased Sales of Sonobuoys in the United States?
The United States remains at the forefront of global defense expenditure, dedicating significant resources to bolster its naval capabilities. Sonobuoy technologies are witnessing heightened demand within the realm of defense technology innovation, resulting in advancements in data analytics, communication systems, and sensor capabilities.
The drive for technological progress in sonobuoys is fueled by sustained investments and the imperative to counter emerging threats in marine environments. Serving as a nucleus for defense industry research and development, the United States fosters collaborations among governmental entities, defense contractors, and academic institutions. This collaborative environment facilitates groundbreaking discoveries, leading to the evolution of sonobuoy technologies that are increasingly sophisticated and effective.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the sonobuoy market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on type (passive, active), application (detection & tracking, safety & security, oil & gas, others), deployment (spring, pneumatic, free fall, cartridges, others), and size (size A, size B), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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