Degaussing System Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The report on the degaussing system market provides an analysis of the market from 2019 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. 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.

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Degaussing is a procedure wherein electrical links are arranged around the ship's perimeter, running from bow to stem on the two sides. A deliberate electrical current is passed through these links to cancel the ship's inherent magnetic field. Degaussing systems are used to make ships invisible to magnetic mines sensors. These systems are installed in all naval vessels. The basic design of degaussing systems has remained unchanged since World War II.

Companies such as Wartsila (Finland), Ultra Electronics Holdings plc (UK), L3Harris Technologies, Inc. (US), Larsen & Turbo Limited (India), and American Superconductor Corporation (US) have recently developed their advanced degaussing systems (ADS) comprising multiple, individually and independently controlled degaussing loops oriented along the hull axes. Due to the high cost of ADR, these systems can accomplish more reduction in magnetic signatures than conventional degaussing systems.

Increasing defense spending and the growing significance of degaussing systems in naval warfare fuel the degaussing system market. The use of composite materials in shipbuilding restrains market growth. However, the increasing maritime warfare exercises offer an opportunity to degaussing system developers. One of the major challenges faced by the market is the lack of skilled professionals.

Based on vessel type, the degaussing system market has been segmented into Mine Countermeasure Vessels (MCMV), corvettes, destroyers, frigates, Offshore Patrol Vessels (OPV), submarines, FAC, aircraft carriers, and amphibious vessels. The growth of the submarines vessel type segment can be attributed to the requirement to protect submarines from enemy mines placed underwater by carrying out degaussing activities to completely demagnetize their magnetic signatures.

Based on solution, the degaussing system market has been segmented into ranging, degaussing, and deperming. The degaussing solution segment is projected to lead the degaussing system market during the forecast period. Based on offering, the ranging solution segment of the degaussing system market has been classified into onboard and fixed. The onboard subsegment of the ranging solution segment has been classified into the following products, which include transmitted data buoys, coils, magnetometers, software, monitor, and aerial ranging devices. Based on offering, the degaussing solution segment of the market has been classified into products and services. The products subsegment of the degaussing solution segment has been further classified into hardware (which includes degaussing coil units, degaussing control units, bipolar amplifiers, DC generators, conductors, course monitor units, magnetometers, and compass compensating equipment) and software. The deperming solution segment of the degaussing system market includes services such as deperming of surface vessels and submarines to reduce their permanent magnetism. This segment also includes installation, calibration, design, and maintenance services for surface vessels and submarines.

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Based on end user, the degaussing system market has been segmented into OEM, aftermarket, and services. In the marine industry, degaussing systems are manufactured and delivered as part of complete systems, which are installed on different types of naval vessels. Original equipment manufacturers are responsible for the installation of degaussing systems on naval vessels. Aftermarket involves upgrading degaussing systems and their components, such as sensors, hardware, and software. Based on end user, the degaussing system market has been segmented into Original Equipment Manufacturer (OEM), services, and aftermarket.

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This release was published on openPR.