Global Sonar Systems market segments 2024, Forecast To 2033

The sonar systems market has experienced robust growth, ascending from $3.97 billion in 2023 to $4.33 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.9%. This growth in the historic period is attributed to substantial investments in naval defense, the exploration of underwater resources, the utilization of autonomous underwater vehicles (AUVs), the thriving commercial fishing industry, and increased emphasis on environmental monitoring. Looking ahead to the next few years, the market is expected to maintain strong growth, reaching $5.8 billion in 2028 at a CAGR of 7.6%. Drivers of growth in the forecast period include an increasing number of solar power projects, the growing popularity of off-grid solar tracker applications for power generation, rising global energy demand, a heightened awareness of the environmental benefits associated with solar power, and supportive government policies and initiatives. Major trends anticipated in the forecast period include the integration of artificial intelligence (AI) and machine learning (ML), advancements in 3D sonar imaging and mapping, the focus on counter-submarine warfare (ASW), the implementation of sensor fusion and data integration, and the prevalence of smart inverters.