Degaussing System Market by Solution (Degaussing, Ranging, Deperming), End User (OEM, Services, Aftermarket), Vessel Type (MCMV, OPV, FAC, Submarines, Frigates, Corvettes, Destroyers, Aircraft Carriers, Amphibious), and Region - Global Forecast to 2023
“The degaussing system market is projected to grow at a CAGR of 3.92% during the forecast period.”
The degaussing system market is estimated to be USD 809.7 million in 2018 and is projected to reach USD 981.2 million by 2023, at a CAGR of 3.92% from 2018 to 2023. Factors such as increasing importance of degaussing system in naval warfare, technological advancement in degaussing equipment, and increasing defense budgets are driving the degaussing system market. Degaussing systems are installed in existing and new warships to reduce the magnetic signature of vessels. Thus, there has been an increasing demand for the installation of degaussing systems in existing and new naval fleets. In addition, the rise in defense spending has propelled the procurement of degaussing systems by countries worldwide, which, in turn, is expected to influence the growth of the degaussing system market.
“Based on solution, the ranging segment is expected to grow at the highest CAGR from 2018 to 2023.”
Based on solution, the ranging solution segment is projected at the highest CAGR during the forecast period. The growth of the ranging solution segment can be attributed to the increased use of portable ranging devices that are inexpensive and easily available in the market.
“Asia Pacific is projected to lead the degaussing system market during the forecast period.” The degaussing system in Asia Pacific is expected to lead the degaussing system market during the forecast period. Territorial disputes in the South China Sea has led to the increased procurement of advanced degaussing systems in this region. The polarization of military power along the East and West coast of the Pacific Ocean and the Asia Pacific region has led to increased defense spending on the modernization of defense equipment to strengthen the protection of naval vessels.
Break-up of the profile of primary participants for this report:
By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C Level - 35% and Director Level - 25%, others - 40%
By Region: Asia - 30%, Europe - 200%, North America - 30%, and RoW - 10% , Middle East - 10%
Major players operating in the degaussing system market include L&T (India), Polyamp (Sweden), ECA (France), Ultra Electronic (UK), Ifen SpA (Italy), Dayatech Merin (Malaysia), AMSC (US), STL System AG (Switzerland), and Surma LTD. (Switzerland), among others.
The research study segments the degaussing system market based on solution (degaussing, ranging, deperming), end user (OEM, services, aftermarket), vessel type (MCMV, OPV, FAC, frigate, submarine, corvettes, destroyers, amphibious, aircraft carriers), and region. These segments and subsegments are mapped across major regions, namely North America, Europe, Asia, and Rest of the World (RoW). The report provides in-depth market intelligence regarding the key factors influencing the growth of the degaussing system market (drivers, restraints, opportunities, and industry-specific challenges). It analyses micromarkets with respect to individual growth trends, prospects, and their contribution to the degaussing system market.
Reasons to buy the report:
From an insight perspective, the degaussing system market report focuses on various levels of analysis — industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss basic views on the competitive landscape, high-growth regions and countries, and their respective regulatory policies, drivers, restraints, and opportunities.
The degaussing system market report provides insights on the following pointers:
Market Penetration: Information regarding the competitive landscape of the degaussing system market
Market Sizing: Market size in 2017 and projection of the market from 2018 to 2023
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the degaussing system market
Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities in the degaussing system market
Market Development: Comprehensive information about lucrative markets in various regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the degaussing system market
Regional Analysis: Factors influencing the growth of the degaussing system market in North America, Europe, Asia Pacific, and the Rest of the World
Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading market players