Report : Sonobuoy Launcher Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Multiple Rotary Launch System and Single Launch System), Ejection Platform (Aircraft and Ships), and Geography
Aircraft Segment Would Contribute Larger Share to Sonobuoy Launcher Market Growth during 2020–2027
According to our latest market study on “Sonobuoy Launcher Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Type (Multiple Rotary Launch System, Single Launch System); Ejection Platform (Aircraft, Ships), and Geography,” the market was valued at US$ 169.79 million in 2019 and is projected to reach US$ 261.93 million by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027. The report highlights the key factors driving the market growth, and prominent players and their developments in the market.
The procurement of maritime patrol aircraft integrated with sonobuoy and antisubmarine warfare technologies is at a constant rise. The increase in the need of marine patrol aircraft with these technologies is generating substantial demand for sonobuoy launchers among MPA manufacturers. Apart from fixed-wing aircraft, several rotary-wing aircraft or helicopters are also being adopted and inducted as maritime patrol aircraft integrated with sonobuoy launchers. Recently, the US Navy, South Korean Navy, and New Zealand Navy awarded a contract to Boeing to deliver 18 units of P8 Poseidon MPA integrated with sonobuoy launchers for respective naval surveillance. The rise in adoption of sonobuoy launcher in the aircraft is creating significant opportunities for sonobuoy launcher providers. The sonobuoy launcher market for aircraft segment is expected to reach US$ 134.14 million by 2022.
Alkan, Geospectrum Technologies Inc., L3Harries, Aurora Flight Sciences, JSK Naval Support Inc., Marshall Aerospace and Defence Group, MES S.P.A., Systems Engineering Associates Corporation, SAES, and Ultra Electronics are among the leading players operating in the market.
COVID-19 Impact on Sonobuoy Launcher Market
According to World Health Organization (WHO) report, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are among the worst-affected countries due to COVID-19 outbreak. In the wake of strong lockdown regulations imposed by the majority of the countries in the world, the defense equipment manufacturing industry is facing issues with the availability of labors. Also, the outbreak of the virus has disrupted the supply chain and manufacturing of defense equipment. However, the defense industry is likely to recover from the impact of COVID-19 in short time compared to other industries. Various defense forces are awarding contracts for armored vehicles and other equipment manufacturers. The production of the launcher system would start at a slower pace in late 2020 and is anticipated to gain pace from 2021, which is further foreseen to be beneficial for the manufacturers of defense equipment such as sonobuoy launchers.
The report segments the global sonobuoy launcher market as follows: