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Degaussing System Market Research Report – Global Forecast till 2030

Degaussing System Market: Information by Solution (Degaussing, Ranging, and Deperming), by Vessel Type (Small Vessel, Medium Vessel, and Large Vessel), by End User (OEM, Aftermarket, and Services) and by Region — Global Forecast till 2030

ID: MRFR/A&D/5922-HCR | December 2022 | Region: Global | 125 Pages         

Degaussing System Market

Degaussing System Market Size is expected to reach USD 7.268 Billion by 2030, registering a CAGR of 3.91% during 2020-2030.

Segmentation

By Solution Ranging Degaussing Deperming
By Vessel Type Small Vessels (< 100 M) Medium Vessels (100-200 M) Large Vessels (>200 M)
By End-users Services OEMs Aftermarket

Key Players

  • American Superconductor (US)
  • GroupeGorgé (France)
  • Polyamp AB (Sweden)
  • Surma Ltd (Finland)
  • L3 Technologies Inc (US)
  • Ultra Electronics (UK)
  • LARSEN & TOUBRO LIMITED (India)
  • STL Systems AG (Switzerland)
  • Wärtsilä (Finland)
  • IFEN SpA (Spain)

Drivers

  • Increasing Demand For Degaussing Systems In Naval Warfare In Various Countries
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Degaussing System Market Overview


Degaussing System Market Size is expected to reach USD 7.268 Billion by 2030, registering a CAGR of 3.91% during 2020-2030.


These magnetic disturbances are helpful to assist in reducing the effect of the ship on the magnetic field of the earth. Overall, the system is helpful to eliminate unwanted magnetic fields that can be stored in hard drives, computers, diskettes, cassettes and cartridges, and reels. During World War II, this system was extensively used in the magnetic structures of ships. In addition, the degaussing systems are also offering overheating protection, precise current control, and LED status indicators that enable users to experience advanced safety and enhanced efficiency.


According to Degaussing System Market Trends, the current market is fuelling with the support of the different market segments. Here, the Small Vessels (< 100 M) segment is sub-segmented into FAC, MCMV, and OPV, which enhances the Small Vessels Degaussing System among the users. Moreover, the Large Vessels (>200 M) segment is sub-divided based on Aircraft Carriers, Frigate, and Amphibious, propelling the segmental market growth. Out of all, the degaussing product has been classified into software and hardware.


The hardware segment includes degaussing coil units, compass compensating equipment, course monitor units, DC generators, degaussing control units, magnetometers, conductors, and bipolar amplifiers. Based on the onboard sub-segment of the ranging solution, the global market has been segregated into coils, transmitted data buoys, software, magnetometers, aerial ranging devices, and monitor.


For instance, the intended supporting audiences for the Degaussing System Market includes degaussing systems manufacturers, recreational ship manufacturers, naval ship manufactures, research institutes, component providers, regulatory bodies, and defense organizations. These intended audiences are increasing the demands for the Degaussing System shortly. 


COVID-19 Impact Analysis


The arrival of the Covid-19 pandemic has affected most of the marketing sectors. At this time, the governments of various countries have declared lockdown, resulting in different business shutdowns. It also resulted in disruption in defense equipment manufacturing. Many countries have reduced their defense budget due to the high focus on the health budget and economic slowdown. This resulted in a reduction in the demand for the degaussing system. Also, the unavailability of raw materials has been witnessed because of the lockdown and lack of labor. 


However, the defense sector has a slight setback for this coronavirus outbreak, but the present situation is different now. The global Degaussing System Market Sizes is slowly recovering from the post-pandemic, and it is projected to bring more opportunities for the key players in the upcoming years. 


Market Dynamics



  • Key Market Driver


The global Degaussing System Market Growth is boosting up for several growth factors such as the development of advanced degaussing systems worldwide and the increasing demand for degaussing systems in naval warfare in various countries. In addition, the Global market growth is expanding due to the growing military expenditure by developed economies. 


In June 2021, the ASMC has developed its degaussing system SPS and was awarded four contracts for the excellent work by US Navy. This degaussing technology is 90% lighter than conventional degaussing products designed to defend ships from mines. This results in enhancing the growth of the global Degaussing System Market in the forecast period. 



  • Market Opportunities


The worldwide Degaussing System Market is projected to bring more opportunities for the global market players due to the growing importance of the degaussing system in naval warfare.


Furthermore, the rising defense budgets are estimated to bring lucrative opportunities for the Degaussing System Market in the forecast period. Moreover, this system's growing research and developmental activities are projected to bring significant opportunities for the global market. 



  • Market Restraints


The global Degaussing System Market might get hampered because of the high costs associated with calibration services and installation of the degaussing system. Also, the global market might experience restraints due to composite materials in warships. 


Moreover, the unavailability of skilled professionals might also hinder the global Degaussing System Market Size during the review period.



  • Market Challenges


The Degaussing System Market Value might get hampered and experience challenges because of the strident regulations of several Governments related to the Degaussing System.


Additionally, the high installation price can be the major challenge for the Degaussing System Market. Also, the high requirements of professionals for operation can bring challenges for the market. 



  • Cumulative Growth Analysis


The Degaussing System Market Trends are witnessing significant market growth in the forecast period due to the high focus on degaussing systems in naval warfare and safety. It is also predicted to enhance the market growth in the upcoming years. 


Regionally, the global Degaussing System Market is engaging more creative market players from North America, Asia Pacific, and other parts of the world to propel the market growth in the coming years. 


Market Segmentation


According to Degaussing System Market Analysis, the global market is segmented based on solution, vessel type, and end-users.



  • By Solution:


The global Degaussing System Market has been segregated into ranging, degaussing, and determining based on the solution segment. 


The degaussing segment is anticipated to account for the largest Degaussing System Market Shares. It provides magnetic maps, enhances signature control, and assists fault management. 



  • By Vessel Type:


In terms of vessel type segment, the global Degaussing System Market has been classified into Small Vessels (< 100 M), Medium Vessels (100-200 M), and Large Vessels (>200 M). 


The medium vessels are sub-segmented into destroyers, submarines, and corvettes. This segment is projected to expand the largest Degaussing System Market Share due to the growing adoption of medium vessels among different countries navy sector.



  • By End-Users:


The worldwide Degaussing System Market has been divided into Services, OEMs, and Aftermarkets, depending on the end-user segment.


The OEM segment is accounted to generate the largest Degaussing System Market Share in the forecast period. This segment is driving the market growth because it provides advanced degaussing systems with various functionalities like LED status indicators, automatic control, and sensor measurements. 


Regional Analysis


Geographically, the Degaussing System Market Outlook report explains that the present market is supported by various regions like Asia Pacific, North America, Latin America, Middle East Africa, and Europe. 


As per the Degaussing System Market Forecast report, the North American regional market is expected to acquire the largest market share in the research period due to prominent market players like American Superconductor, L3 Technologies, Inc., and others in the region. Apart from this, the Asia Pacific Degaussing System Market is anticipated to expand at the fastest CAGR during the assessment period. This region is driving the market growth due to the rising defense expenditure by developing economies of countries like India and China. In addition, the Asia Pacific regional market is expanding due to the increasing demand for advanced degaussing systems and technological advancements in the region. 


Cumulative Growth Analysis


The Degaussing System Market Forecast report highlights that the present market has significant competition among the market leaders to show their presence in the specific market. These market leaders include:



  • American Superconductor (US), 

  • GroupeGorgé (France),

  • Polyamp AB (Sweden), 

  • Surma Ltd (Finland),

  • L3 Technologies, Inc. (US),

  • Ultra Electronics (UK),

  • LARSEN & TOUBRO LIMITED (India), 

  • STL Systems AG (Switzerland),

  • Wärtsilä (Finland), 

  • IFEN SpA (Spain).


These market leaders adopt new strategies and tactics like merging and acquisition, partnership, promotion, and innovations to propel the Degaussing System Market Growth in the forecast period. In addition, they are focusing highly on research and developmental activities to thrive the market growth.


Recent Developments


In October 2018, the prominent key players L3 and Harris announced their all-stock "merger of equals." This merger had got finished on June 29, 2019.


Report Overview


The global Degaussing System Market Analysis explains that the present market report is consists of primary and secondary data collections where interviews of various big players, government reports, and many more have been involved. A brief analysis of Degaussing System Market's performance has been conducted using quantitative and qualitative research methods. 


Furthermore, the Degaussing System Market Outlook report highlights that the present report has covered market restraints, drivers, challenges, opportunities, and cumulative growth in the market dynamics. Further, the covid-19 analysis, regional analysis, market overview, market segment, competitive analysis, and recent developments have been covered to gain insight into the Degaussing System Market


Segmental Table:


By Solution



  • ranging, 

  • degaussing, 

  • deperming


By Vessel Type



  • Small Vessels (< 100 M), 

  • Medium Vessels (100-200 M), 

  • Large Vessels (>200 M)


By End-users



  • Services, 

  • OEMs, 

  • Aftermarket



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Frequently Asked Questions (FAQ) :

The market is presumed to secure a CAGR of 2.9% in the years to follow.

Some of the primary factors fuelling market growth include the escalating demand for degaussing systems in naval warfare along with the rising technical advancements in these systems. Additionally, the surging military expenditure in emerging countries is also inducing market growth.

Based on solution, degaussing segment can take the leading position during the given period.

Presence of worldwide renowned vendors such as L3 Technologies Inc., American Superconductor and more make North America the most prominent market.

Factors that ensure that the APAC market secures the fastest growth rate include increasing defense expenditure by developing economies such as China and India. Additionally, technological advancements and growing demand for advanced degaussing systems.