Global sonobuoy market to reach $317M

The global sonobuoy market will reach $316.6 million by 2020, according to a forecast by research firm MarketsandMarkets. This reflects a compound annual growth rate of 6.96 percent from $226.1 million in 2015.

"Factors that drive the global sonobuoy market include the increased focus by countries on strengthening their anti-submarine warfare capabilities, increase in efficiency of sonobuoys due to various technological advancements, and the rise in maritime disputes in Asia-Pacific," the report said. Increasingly stealthier submarines will also fuel more sonobuoy spending.

The sharpest growth will be in the Asia-Pacific region, including a rise in China's sonobuoy spending.

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