Chicago, June 05, 2024 (GLOBE NEWSWIRE) -- The degaussing system market is projected to grow from USD 619 Million in 2022 to USD 740 Million by 2027, at a CAGR of 3.6% from 2022 to 2027.
A degaussing system enables neutralizing the ship's magnetic field and ensures that the magnetic field close to the ship is, as nearly as possible, just the same if the ship were not there. This, in turn, reduces the possibility of being targeted and increases the security of the ship and personnel.
Present day warships have built-in degaussing systems. The degaussing system aboard a naval vessel consists of interconnected coils of electrical cables in different locations within the hull, with a direct power source to energize the coils and a control system, via switchboards, to control the amount and polarity of current through the coils.
To know about the assumptions considered for the study
Major Degaussing System Companies Include:
- Wartsila (Finland),
- Larsen & Turbo Limited (India),
- Ultra Electronics Holdings plc (UK),
- L3Harris Technologies, Inc. (US), and
- American Superconductor Corporation (US).
Major players have adopted various growth strategies such as strategies, such as contracts, acquisitions, agreements, expansions, investments, and new product launches activities to further expand their presence in the degaussing system market.
Larsen & Turbo Limited
L&T Electronics and Automation, a subsidiary of L&T Ltd., is a leading supplier of electrical & automation solutions to shipyards in India. The company provides a wide range of products such as switchboards, power distribution chain equipment, and control & automation solutions for ships of the Indian Navy and Indian Coast Guard.
Wartsila
Wartsila is another major player in the degaussing system market. Next-generation innovation and strategic investments being undertaken by the company, coupled with its strong product portfolio, enable Wartsila to be among the top market players in degaussing system. It acquired Transas in May 2018 to help increase its geographical reach and overall revenue. The company has been focusing on new product launches to enhance its product offering and, subsequently, market share.
Ultra Electronics Holdings plc
Ultra Electronics Holdings plc caters to the aerospace & defense, security & cyber, and transport & energy markets. The company had a headcount of 4,500 employees in November 2022. It operates through aerospace and infrastructure, communication and security, and maritime and land segments. The company’s specialized operational areas are underwater warfare, maritime systems, land systems, aerospace, C2ISR, communications, nuclear, and infrastructure. It provides degaussing and ranging systems through its maritime and land business segment.
L3Harris Technologies, Inc.
L3Harris Technologies, Inc. is a prominent player in the degaussing system market. It is a key player in the US market, generating approximately 81% of its revenue from the country. The company operates through an integrated mission system, space and airborne system, communication system, and aviation system. The company provides degaussing systems through L3 Power & Propulsion Systems, a division of L3 M&PS Company, a subsidiary of L3Harris Technologies, Inc. The company has a presence across North America, Europe, the Middle East, and Asia Pacific.
