However, to attain business stability and growth during and post pandemic, companies are working toward analysing the impact and long-term solutions.Research Nester published a report titled “Towed Array Sonar Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global towed array sonar market in terms of market segmentation by type, acoustic frequency, component, by end-use and by region.Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.There are various types of towed array sonar systems that are used for numerous underwater operations such as finding distance, direction, speed, and other similar features which are required to detect enemy vessels.
Based on these attributes, there is high demand for towed array sonar systems in ships and submarines, thereby creating notable growth opportunities related to the growth of global towed array sonar systems market.
The global market accounted for USD 368 Millionin 2019 and is estimated to grow at a CAGR of 4.28% during the forecast period, i.e., 2020-2028.“The Final Report will cover the impact analysis of COVID-19 on this industry.”Download/Request Sample Copy of Strategic Report: https://www.researchnester.com/sample-request-2854The global towed array sonar market is segmented by type into active-, passive-, and dual towed array sonar.
Among these segments, passive towed array sonar segment is estimated to grow with highest CAGR of around 4.5% and is estimated to be leading revenue generating segment during the forecast period.
Geographically, the global towed array sonar market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, out of which, the market in North America held the leading market value of around USD 160 Millionin 2019 and is further estimated to hold this position throughout the forecast period.
The growth in this region can be attributed to rising advancements for developing robust anti-submarine warfare (ASW) capability and expansion of naval fleet initiatives along with high military spending for research and development activities.Growing Utilization of Towed Array Sonar Systems in Naval Security and Oil & Gas IndustryAs per OECD-FAO Agricultural Outlook 2019-2028, the total human consumption of fish through aquaculture is projected to grow to 58% in 2028 from an average 52% during 2016-18.The rising usage of towed array sonar systems for maritime border security owing to the technological advancements in this industry in order to hone underwater security operations is estimated to boost the growth of the market in upcoming years.