The growth of the degaussing system market is mainly driven by the rise in deliveries of naval vessels, coupled with an increase in defense spending in US and emerging countries. Asia Pacific is expected to be the largest market for the degaussing system from 2018 to 2023, followed by Europe. The global degaussing system market size 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 the increasing importance of degaussing system in naval warfare, technological advancement in degaussing equipment, and increasing defense budgets are driving the degaussing system market.
Based on end user, the OEM segment of the degaussing system market is projected to grow at the highest CAGR from 2018 to 2023. This growth can be attributed to the rise in the delivery of new ships worldwide.
Based on vessel type, the submarines segment is estimated to lead the degaussing system market in 2018. The growth of the submarines segment can be attributed to the need to protect submarines from enemy mines placed underwater by carrying out degaussing activities to completely demagnetize their magnetic signatures.
Based on solution, the ranging segment of the degaussing system market is projected to grow at the highest CAGR during the forecast period. The growth of the degaussing segment is primarily driven by the increasing adoption of these systems in new and old vessels to protect them from enemy mines.
The degaussing system market in North America is expected to witness the highest growth during the forecast period.
The degaussing system market in North America is projected to grow at the highest CAGR from 2018 to 2023 The rise in defense spending in North America is one of the most significant factors contributing to the increased demand for degaussing systems in the region. In addition, need to protect combat and surface vessels from new and leftover enemy mines are additional factors driving the degaussing system market in North America.
Major companies profiled in the degaussing system market report 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.
L&T Electronics and Automation (India) is one of the key players in the degaussing system market. The company provides a wide range of products such as switchboards, power distribution chain equipment, and control & automation solutions for the Indian Navy and the Indian Coast Guard.
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