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Global Sonar System Market 2021 Analysis and 2026 Forecast Report By Whipsmartmi

The sonar system market is projected to grow at a CAGR 5.97% rate from 2021 to 2026. The major factors driving the growth of the market are the increasing global seaborne trade activities, growing requirement of ship owners to comply with the maritime safety norms, and flourishing maritime tourism sector. View Complete Global Sonar System Market Report  @ https://whipsmartmi.com/Report/Sonar-System-Market

The defense segment of the sonar system market is projected to grow at a higher CAGR than the commercial segment from 2021 to 2026. The growth will due to the increased demand for different types of ships by naval forces of different countries. Moreover, the increasing demand for equipping naval ships with updated Anti-submarine Warfare (ASW) systems is expected to drive the growth of the defense segment of the market.

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The retrofit segment of the sonar system market is projected to grow at a higher CAGR. Increasing demand for retrofitting in existing commercial vessels from the European and Asia Pacific regions is expected to drive the growth of the retrofit segment of the sonar system market during the forecast period.

The increased demand for autonomous ships and cruise ships in the European region are reasons for the Europe sonar system market is projected to grow at the highest CAGR by 2026.

Key market players include Raytheon (US), Lockheed Martin (US), Thales (France), Kongsberg Gruppen (Norway), Ultra Electronics (UK), L3 (US), Teledyne (US), Sonardyne (UK), Atlas Elektronik (Germany), Furuno (Japan), Navico (Norway), Japan Radio (JRC) Co. Ltd. (Japan), DSIT (Israel), EdgeTech (US), and Aselsan (Turkey), among others.

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Whipsmart MI provides fact-based consulting services to B2B and B2C market to help our clients to achieve incremental and transformational growth competing in their niche market. We facilitate their growth journey through an environment that is dominated by accelerating change, constant evolution of new business models, disruptive trends and technologies in their respective industry.

The Whipsmart Market bytes platform is created specifically for B2B and B2C players with consideration of the market knowledge and interest. With over 4,000 titles to choose from diverse industries, the coverage is comprehensive and the data is updated every quarter. Whipsmart uses comples AI based algorithms to gather economic intelligence from different agencies across the globe, combines them with primary information sources and builds projections that are accurate and dependable. With multiple download options and the flexibility to source almost any kind of intelligence on demand as per market interest.

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