Degaussing System Market is Projected to grow at a CAGR of 3.92% from 2018 to 2023

“The degaussing system market is projected to grow at a CAGR of 3.92% during the forecast period.”

The degaussing system market 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 increasing importance of degaussing system in naval warfare, technological advancement in degaussing equipment, and increasing defense budgets are driving the degaussing system market. Degaussing systems are installed in existing and new warships to reduce the magnetic signature of vessels. Thus, there has been an increasing demand for the installation of degaussing systems in existing and new naval fleets. In addition, the rise in defense spending has propelled the procurement of degaussing systems by countries worldwide, which, in turn, is expected to influence the growth of the degaussing system market.

 

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“Based on solution, the ranging segment is expected to grow at the highest CAGR from 2018 to 2023.”

Based on solution, the ranging solution segment is projected at the highest CAGR during the forecast period. The growth of the ranging solution segment can be attributed to the increased use of portable ranging devices that are inexpensive and easily available in the market.

 

“Asia Pacific is projected to lead the degaussing system market during the forecast period.” The degaussing system in Asia Pacific is expected to lead the degaussing system market during the forecast period. Territorial disputes in the South China Sea has led to the increased procurement of advanced degaussing systems in this region. The polarization of military power along the East and West coast of the Pacific Ocean and the Asia Pacific region has led to increased defense spending on the modernization of defense equipment to strengthen the protection of naval vessels.

 

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Break-up of the profile of primary participants for this report:

  • By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
  • By Designation: C Level – 35% and Director Level – 25%, others – 40%
  • By Region: Asia – 30%, Europe – 200%, North America – 30%, and RoW – 10% , Middle East – 10%

 

Major players operating in the degaussing system market 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.

 

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Posted by on Saturday August 11 2018, 5:30 AM EDT. All trademarks acknowledged. Filed under Business & Financial Services, Business Services, Defence, Featured Press Release, Manufacturing, Manufacturing & Construction, Technology Hardware & Equipment, Technology, Media, & Telecommunications. Comments and Trackbacks are open. Follow responses: RSS 2.0

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