Degaussing System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Degaussing System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Degaussing System Market

The degaussing system market size was valued at USD 0.90 billion in 2023, and the market is now projected to grow from USD 0.93 billion in 2024 to USD 1.46 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period of 2024-2032.

By COVID-19 Pandemic the degassing system market has affected by a great extent. As a result of these restrictions, tenders, and improvisations in the production, the start-up and maintenance of the systems in place were frequently affected. Nevertheless, the deficits in national and maritime security caused the interest to be ongoing. Although the market initially had short comings, the long- term demand for defense and shipping industries following the deluge should further be a catalyst for the future degaussing system market growth.

The magnetic mines can be assigned to the category of a threat to military vessels due to the fact that they're meant to identify and remain to the vessel's magnetic type. The enhanced demagnetization systems contribute in a great way to the lowering of the ship's magnetic sign, which therefore it becomes nearly invisible to those highly dangerous mines. The survivorship of military ships and the performance of operations will take a significant step forward with this capability. With the decades, the notion of naval defense became more and more sophisticated with more concentration paid to the electronic warfare and the use of magnetic mines by opponents. Hence, the need for up-to-date demagnetization technology to defend navigations against such threats is higher than ever in the world’s modern naval forces. These factors drive the degaussing system market share.

Sea operations are at the brink of a revolution by the means of the deploying of unmanned surface and submarine vessels (USUVs). Due to their capacity and invisibility, the usage of these vessels by themselves has spread. There will be an intention to utilize surface ships along with the increased underground submarines during the forecast period as the maritime technology continues to progress. This will power up the means for monitoring, intelligence gathering and more protection of the spatial borders. The innovations of demagnetization technology accompanied by these platforms provide an opportunity of undetectable signatures which is a new way to do the operations.

Comprehensive Analysis of Degaussing System Market

The degaussing system market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the aerospace & defence industry. These segmentations are methodically segregated By Component Type Analysis, By Solution Analysis, By Vessel Type Analysis and By End User Analysis. On the basis of the component type, the segment is divided into power supplies, degaussing coils, control units, monitoring systems and others. Degaussing coils are also referred to as degaussing cables or demagnetizing coils are a system component. By solution the market is segmented into degaussing, deperming, and ranging. Degaussing is important because it is used to de-magnetize the ship to ensure that the ship retains its magnetic balance and hence used in navigation and hence reduces the chances of the ship being detected by either the magnetic sensors or the mines. The market is classified on the basis of vessel type such as amphipious ships, destroyers, frigates, landing crafts, OPV, mine warfare/countermeasure, submarine, and others. Based on the end user, the market is divided into OEM, aftermarket & services. This services also includes the reduction of permanent magnetization and return of all similar ships to their normal conditions.

Asia Pacific dominated the market and was valued at USD 436.2 million in 2023. This has been mainly due to the fleet presence in this region. For instance, in July 2021, the Royal Australian Navy stated its intentions to develop a Magnetic Treatment Facility in the coast of Western Australia. It is intended to quicken the time consuming and laborious process on the one hand and also to minimise the magnetic effect of passing ships on the other.

The top players in the market play a crucial role in the metals & minerals industry assuring industrial prospectus growth and setting market standards. These players include, 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), and Hensoldt AG (Germany).

In May 2023, Fincantieri US subsidiary Marinette Marine awarded USD 526 million contract for fourth Constellation-class destroyer by the US Department of Defence. The contract that is for the main destroyer and other nine option ships that was signed in 2020 had a value of USD 5.5 billion with post-delivery readiness support and crew training.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.7% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Component

Power Supplies

Degaussing Coils

Control Units

Monitoring Systems

Others

By Solution

Degaussing

Deperming

Ranging

By Vessel Type

Amphibious Ships

Destroyers

Frigates

Landing Craft

Offshore Patrol Vessel (OPV)

Mine Warfare/Countermeasure

Submarine

Others

By End User

OEM

Aftermarket

Services

By Geography

North America (By Component, Solution, Vessel Type, End User, and Country)

U.S. (By Vessel Type)

Canada (By Vessel Type)

Europe (By Component, Solution, Vessel Type, End User, and Country)

U.K. (By Vessel Type)

Germany (By Vessel Type)

France (By Vessel Type)

Greece (By Vessel Type)

Russia (By Vessel Type)

Rest of Europe (By Vessel Type)

Asia Pacific (By Component, Solution, Vessel Type, End User, and Country)

China (By Vessel Type)

India (By Vessel Type)

Japan (By Vessel Type)

South Korea (By Vessel Type)

Taiwan (By Vessel Type)

Rest of Asia Pacific (By Vessel Type)

Rest of the World (By Component, Solution, Vessel Type, End User, and Country)

Middle East & Africa (By Vessel Type)

Latin America (By Vessel Type)


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