Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global degaussing system market size was valued at USD 881.7 million in 2022 and is projected to grow from USD 905.9 million in 2023 to USD 1,164.6 million by 2030, exhibiting a CAGR of 3.7% during the forecast period.
The degaussing systems are used to protect naval platforms by decreasing magnetic signatures significantly, making them vulnerable to detection and attack. These systems detect magnetic anomalies caused by ferromagnetic materials in ships and submarines. The increasing threat of naval mines is estimated to drive the market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Degaussing System Market, 2023-2030.”
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List of Key Players Profiled in the Degaussing System Market Report:
- Wärtsilä Corporation (Finland)
- Larsen & Toubro Limited (India)
- Ultra Electronics Holdings plc (U.K.)
- L3 Harris Technologies, Inc. (U.S.)
- American Superconductor Corporation (U.S.)
- Polyamp AB (Sweden)
- Raytheon Technologies Corporation (U.S.)
- Groupe Gorgé (France)
- STL Systems AG (Switzerland)
- Hensoldt AG (Germany)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 3.7% |
| 2030 Value Projection | USD 1,164.6 Billion |
| Market Size in 2023 | USD 905.9 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Degaussing System Market Growth Drivers | Rising Demand for Advanced Degaussing Systems is Expected to Drive Market Growth |
| Government Initiatives to Expand the Fleet of Naval Vessels Globally Will Catalyze the Market Growth |
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Segments:
Rising Demand for Service and Maintenance to Aid Degaussing Coils Segment Growth
By component, the market is segmented into power supplies, degaussing coils, control units, monitoring systems, and others. The degaussing coils segment is expected to be the fastest-growing segment and dominates the global degaussing system market share during the forecast period. The increasing demand for retrofitting, maintenance, and service for naval vessels boosts the segment growth.
Growing Onboard Demagnetizing Systems Demand to Propel Degaussing Segment Growth
Based on solution, the market is divided into degaussing, deperming, and ranging. The degaussing segment is dominating the market and is expected to witness significant growth during the projected period. The increasing demand for onboard demagnetizing systems is driving the segment’s growth.
Rising Demand for Surface Combatants to Drive Frigates Segment Growth
By vessel type, the market is divided into amphibious ships, destroyers, frigates, landing craft, Offshore Patrol Vessel (OPV), mine warfare/countermeasure, submarine, and others. The Frigates segment is expected to be the fastest-growing segment in the market during the forecast period due to the increasing demand for surface combatants having advanced capabilities.
Increasing Demand for Maintenance and Calibration to Drive Aftermarket Segment Growth
By end user, the market is segmented into OEM, aftermarket, and services. The aftermarket segment is expected to be the fastest-growing during the projected period owing to the increasing demand for maintenance and calibration to regulate the systems configurations.
Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
Russia-Ukraine War Impact:
Rising Demand for Degaussing Systems During Russia-Ukraine War Boosted Market Growth
The Russia-Ukraine war positively impacts the global degaussing system market growth. The rising demand for degaussing systems in conflict-affected areas, such as the Baltic Sea and the Black Seas, propelled the market growth. The Russia-Ukraine war has changed the geopolitical landscape.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increasing Demand for Advanced Degaussing Systems to Drive Market Growth
The growing evolution of naval defense with the rising emphasis on electronic warfare and the growing use of magnetic mines by adversaries is expected to drive market growth during the forecast period. The increasing demand for degaussing or demagnetization systems to counter various threats is estimated to drive degaussing systems market growth during the forecast period.
However, maintenance and servicing of degaussing systems require special technical expertise, and hiring qualified personnel can be costly, which may hinder market growth during the forecast period.
Regional Insights:
High Fleet Presence to Drive Market Growth in Asia Pacific
The Asia Pacific market dominated market growth in 2022. The growth is attributed to the increased presence of a large fleet in the region. For instance, in July 2021, the Royal Australian Navy announced plans to establish an innovative magnetic treatment facility off the Western Australia coast to accelerate the meticulous process while decreasing the ships’ magnetic signature.
Europe held the second-largest market share in 2022 owing to the increasing maritime security threats in the region.
Competitive Landscape:
Growing Key Players in Product Innovation to Aid Market Growth
The global degaussing system market consists of key players, including Wärtsilä Corporation, Ultra Electronics Holdings plc, L3 Harris Technologies, Inc., Larsen & Toubro Limited, and others. The increasing focus of these major players on technological advancements, product innovation, and mergers & acquisitions to strengthen their market position drives market growth.
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Detailed Table of Contents:
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- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights - Impact of Russia-Ukraine War on Global Degaussing System Market
- Global Degaussing System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Solution
- Degaussing
- Deperming
- Ranging
- Market Analysis, Insights and Forecast - By Component
- Power Supplies
- Degaussing Coils
- Control Units
- Monitoring Systems
- Others
- Market Analysis, Insights and Forecast - By Vessel Type
- Amphibious Ships
- Destroyers
- Frigates
- Landing Craft
- Offshore Patrol Vessel (OPV)
- Mine Warfare/CountermeasureSubmarine
- Others
- Market Analysis, Insights and Forecast - By End User
- OEM
- Aftermarket
- Services
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America Degaussing System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Solution
- Degaussing
- Deperming
- Ranging
- Market Analysis, Insights and Forecast - By Component
- Power Supplies
- Degaussing Coils
- Control Units
- Monitoring Systems
- Others
- Market Analysis, Insights and Forecast - By Vessel Type
- Amphibious Ships
- Destroyers
- Frigates
- Landing Craft
- Offshore Patrol Vessel (OPV)
- Mine Warfare/Countermeasure
- Submarine
- Others
- Market Analysis, Insights and Forecast - By End User
- OEM
- Aftermarket
- Services
- Market Analysis, Insights and Forecast - By Solution
- Introduction
TOC Continued...!
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Key Industry Development:
January 2022 – American Superconductor Corporation (AMSC), a U.S.-based energy technology company, completed the delivery of its high temperature superconductor (HTS)-based ship protection system. This system will be deployed on the San Antonio-class amphibious transport dock ship USS Fort Lauderdale (LPD-28).
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