A new Research and Markets report has forecast a sonar systems and technology market worth $4.90 billion by 2020 from $3.41 billion in 2014.
The report tackles various factors that influence market dynamics and examines the technology’s landscape in more than 12 countries, Research and Markets said Tuesday.
The market analyst noted that tier-one market players, including Ultra Electronics, Thales Underwater Systems and Kongsberg Maritime, gained market share by adopting technology innovation to upgrade their products.
The report presents an analysis of sonar software and components, and examines market drivers, challenges and restraints.
Research and Markets said a combination of increased investments in research and development and an information flow for requirement analysis could help further the market.