North America is anticipated to witness significant growth echo sounders market in the coming years. Owing to enhanced spending on warships and submarines, North America accounted for a sizable share of the market in 2019. North America is the largest region, accounting for nearly 22% share in the echo sounders market in 2022.
When compared to other regions, North America dominates the remotely operated vehicle market due to the region’s science and technology brilliance and increased government spending on military and defence services, which are the key factors driving the growth of the echo sounders market. Airmar Technology, Biosonics Inc, Channel Technologies Group, Chesapeake Technology Inc, and Global Dynamix Inc are the major players in the US echo sounder market.
The global echo sounders market is anticipated to be worth US$ 298 million by the end of 2022. During the forecast period of 2022 to 2032, the market is estimated to grow at aCAGR of 3.3%, with a closing value of US$ 412 million. During the historical period 2016-2021, the market increased at a 2.9 percent CAGR.
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Furthermore, a dual-beam technique in the 1970s, permitting direct fish size in-situ through target strength estimation was invented, followed by the development of the first portable split-beam hydro acoustic system for better accuracy and less variable estimation. The global echo sounders market is estimated to grow at a significant CAGR during the forecast period owing to low power consumption, inexpensive tools, and innovations in product development.
Echo Sounders Market: Dynamics Drivers:
Single beam echo sounders provide an inexpensive seabed mapping tool when attached to a recording device and GPS which is expected to enhance the growth of global echo sounders market during the forecast period. Furthermore, technological advancements in multi-beam echo sounders are potentially making them a cost-effective system. Moreover, the requirement for compact systems with low power consumption in autonomous or remotely operated vehicles are expected to augment the echo sounders market over the forecast period.
Restraints:
The speed of sound is directly proportional to density of the water that can be affected by various factors such as turbidity, temperature of water sample, pressure and salinity, and consequently expected to hamper the growth of the global echo sounders market during the forecast period.
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Trends:
With the development of the multi-beam echo sounders systems for offering narrow bandwidths, there is further demand for complementary increase in the number of beams provided to retain full ensonification of the seabed. Furthermore, to provide better control over the application and distribution of soundings, progress in the provision of greater number of soundings has been allied for advancement in beam-forming technology.
Echo Sounders Market: Region-wise Outlook
North America is expected to dominate the global echo sounders market during the forecast period owing to stringent marine regulations and awareness among consumers for better operations. Furthermore, Europe is estimated to witness significant growth rate during the forecast period owing to growing military & defense applications in France, the U.K. and other parts, with growing adoption of advance technologies for better and accurate results. Moreover, Asia Pacific is expected to register substantial growth over the forecast period majorly due to countries such as China, India and ASEAN, which deals with import and export through shipments as their way of business. The Latin America and Middle East & Africa markets are estimated to enhance the growth of the global echo sounders market due to adoption of single as well as multi-beam echo sounders for better safety and results.
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Echo Sounders Market: Participants
Examples of some of the market participants in the global echo sounders market are:
- Kongsberg Maritime AS
- Navico
- Knudsen Engineering Ltd.
- Teledyne Odom Hydrographic, Inc.
- CEE HydroSystems
- FURUNO ELECTRIC CO., LTD.
- KAIZEN IMPERIAL
- Fugro
- Sonar Products Limited
- Neptune Sonar Ltd
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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