23 September 2019
Degaussing System Market Report 2019-2029: Forecasts by Solution (Degaussing, Ranging, Deperming), End User (OEM, Services, Aftermarket), Vessel Type (MCMV, OPV, FAC, Submarines, Frigates, Corvettes, Destroyers, Aircraft Carriers, Amphibious), by Region and Analysis of Leading Companies indicates that the Global Degaussing System Market was valued at $ 1.5 billion by 2029
Degaussing Systems discourage magnetic disturbance generation that helps to reduce the impact of the ship on the earth's magnetic field. These devices also provide accurate present control, overheating protection and LED status indicators that allow customers to experience increased effectiveness and safety. Increasing demand of degaussing technologies in naval warfare and the development of sophisticated degaussing technologies are factors that support market growth. Factors such as increased military spending by developed countries also support market development.
Increasing defense investment and budgetary expansion may open fresh doors for the degaussing system industry during the forecast period. In addition, advances in degaussing equipment technology and the increasing significance of degaussing technologies in naval warfare are anticipated to increase the general degaussing systems industry in the coming years.
During the review period, North America is projected to represent the biggest share. Among other factors driving market growth is the presence of prominent players such as American Superconductor, and L3 Technologies, Inc. However, due to variables such as rising defense spending by developing economies such as China and India, Asia Pacific is anticipated to develop at the highest CAGR over the forecast period.
The segment of submarines is projected to lead the degaussing system market in 2018 based on the type of ship. The development of the submarine segment can be ascribed to the need to safeguard submarines from underwater enemy mines by performing degaussing operations to demagnetize their magnetic signatures fully.
It is estimated that Europe will develop at the highest CAGR between 2019 and 2029 due to the adoption of independent marine technology and the application of fresh techniques in the area. North America would record the second highest growth rate on the global market for autonomous ships.
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