Degaussing System Market Is Estimated To Register A CAGR Of Approximately 2.9% During The Forecast Period Of 2018 To 2023.
The key players in the global degaussing system market are L3 Technologies, Inc. (US), American Superconductor (US), Polyamp AB (Sweden), LARSEN & TOUBRO LIMITED (India), Wärtsilä (Finland), Ultra Electronics (UK), Groupe Gorgé (France), IFEN SpA (Spain), STL Systems AG (Switzerland) and Surma Ltd (Finland).
Degaussing Systems prevent generation of magnetic disturbances which assist in reducing the ship’s effect on earth’s magnetic field. Factors such as demand degaussing systems in naval warfare and development of advanced degaussing systems are bolstering the market growth.
The global degaussing system market has been segmented based on solution, vessel type, end user and region. On the basis of solution, the degaussing system market is divided into degaussing, ranging, and deperming. In 2017, the degaussing segment dominated the global market as they offer enhanced signature control, magnetic maps, and assist in fault managements. On the basis of vessel type, the market has been segmented into small vessel, medium vessel, and large vessel. The medium vessel segment is anticipated to grow at the fast CAGR over the forecast period owing to increasing investments made by governments of various countries in submarines and destroyers. On the basis of end user, the market has been segmented into OEM, aftermarket and services. The OEM segment dominated the market in 2017. Factors such as advanced degaussing systems with functionalities such as sensor measurements, automatic control, and LED status indicators among others provided by OEMs is driving the market growth.
On the basis of region, the global degaussing system market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2017, North America dominated the global market. Presence of prominent players such as L3 Technologies, Inc., and American Superconductor among others is driving the market growth. However, Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to factors such as increasing defense expenditure by developing economies such as China and India. Additionally, increasing adoption of degaussing systems by countries such as Japan for promoting oceanography is bolstering the market growth in the region.
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