Market Size of Sonobuoy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Sonobuoy Market Analysis
The sonobuoy market is expected to register a CAGR of over 6.5% during the forecast period.
- The COVID-19 pandemic presented unprecedented challenges to the global sonobuoys market. Government-imposed lockdowns and stringent regulations led to supply chain disruptions, production halts from manufacturers, and a shortage of raw materials, which hindered market growth during the pandemic. Additionally, naval forces postponed military projects that involved sonobuoy installation and upgrading, and a decline in oil and gas exploration activities resulted in reduced demand for sonobuoys, which further hampered the market's growth.
- However, the market has shown a strong recovery post-COVID due to the rising demand from naval forces and commercial applications. A sonobuoy is a portable sonar system used to detect submarines and conduct underwater research. It uses a transducer and a radio transmitter to record and transmits underwater sounds. As cross-border conflicts, warfare situations, and political unrest continue to grow among neighboring countries, there is an increasing demand for advanced communication systems.
- Many countries are now focusing on strengthening their naval capabilities by procuring sonobuoys and other weapons, which is driving the growth of the market.
