According to a new market report published by Transparency Market Research, Submarine Sensor Market was valued at US$ 230.48 Mn in 2016 and is expected to reach US$ 315.17 Mn by 2025, growing at a CAGR of 3.6% during forecast period.
Primarily driven by increasing deployment of attack submarines and advancements in Acoustic Sensor Technology, the submarine sensor market is witnessing noteworthy growth around the globe. Moreover, Submarine sensor market is gaining momentum owing to increased usage of sonar and acoustic sensors to enhance submarine detection particularly in the developing geographies such as North America and Asia-Pacific. The healthy economic growth of emerging markets such as Germany, India, China, U.S.A and U.K., and increasing investment in acoustic sensor technology developing Asian countries is boosting the growth of submarine sensor market in these economies.
The global submarine sensor market based on type of sensor has been segmented sonar sensor, acoustic sensor, fiber optic sensor and electromagnetic sensor. Acoustic sensors contributed the largest share in 2016 and is anticipated to grow at a prominent compound annual growth rate during forecast period owing to the ability to detect threat submarines operating below periscope depth. Moreover, sonar sensors are anticipated to grow at a decent rate during the forecast period.
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The global submarine sensor market by application has been broadly segmented into: Marine Environmental Monitoring, Underwater species protection, Detection of Oil Resources, Underwater communication and others. The application of submarine sensors in marine environmental monitoring dominated the market in 2016. Adoption of such sensor for underwater communication and detection of oil resources is anticipated to be a major factor towards growth of global submarine sensor market. Recently there has been increasing interest in the use of acoustic sensors to monitor the marine environment in developing regions such as Europe and Asia Pacific during the forecast period. Followed by marine environmental monitoring, applications such as detection of oil resources and underwater communication are anticipated to witness prominent growth during the forecast period.