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Degaussing System Market Size

Report ID: GMI7023
Published Date: Oct 2023
Report Format: PDF

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Degaussing System Market Size

Degaussing System Market was valued at over USD 587.3 million in 2022 and is anticipated to grow at a CAGR of over 4.5% between 2023 and 2032. The increasing importance of degaussing systems in naval warfare is driving market growth as they reduce a vessel's magnetic signature.

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In modern naval warfare, magnetic mines pose a significant threat. Degaussing systems effectively neutralize a ship's magnetic field, making it less susceptible to these mines, thus enhancing naval vessel survivability. With navies worldwide recognizing the need to safeguard their assets in conflict zones, the demand for advanced degaussing technology is on the rise. This crucial aspect of naval defense is propelling the degaussing system industry growth to meet the evolving security challenges. For instance, in September 2020, the world’s naval powers beefed up their littoral combat capabilities to protect and penetrate coastal waters, an effort that brought attention to magnetic sensing of submarines, underwater mines, and ships. Advancements in degaussing systems designed to conceal underwater magnetic signatures are also boosting market growth. One company benefitting from the effort is PNI Sensor of Santa Rosa, CA, a specialist in precision location, motion tracking, and the fusion of sensor systems into real-world applications. Another company serving this market is Polyamp in Sweden, which manufactures both magnetic mine sweep and vessel degaussing systems.

Degaussing System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Degaussing System Market Size in 2022:	USD 587.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.5%
2032 Value Projection:	USD 900 Billion
Historical Data for:	2018 to 2022
No. of Pages:	220
Tables, Charts & Figures:	373
Segments covered:	Vessel Type, Component, Solution, End-use industry & Region
Growth Drivers:	Increasing importance of degaussing systems in naval warfare Technological advancements in degaussing equipment to protect naval vessels Increasing defense budget to procure advanced warships Focus on enhancing the protection of maritime assets and personnel Growing deployment of submarines
Pitfalls & Challenges:	Use of composite materials in warships Lack of skilled professionals

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The lack of skilled professionals in the degaussing system market poses challenges for end users as it hinders the proper installation, maintenance, and operation of these complex systems. Skilled personnel are required to effectively design, implement, and service degaussing solutions. The shortage of qualified experts can lead to suboptimal system performance, increased downtime, and higher operational costs. It also restricts end-users' ability to harness the full benefits of advanced technology, impacting both the naval and commercial sectors. To address this challenge, training and workforce development initiatives are essential to ensure the market's sustainable growth and meet the increasing demand for degaussing systems.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

The market size for degaussing system was valued at over USD 587.3 million in 2022 and is anticipated to grow at a CAGR of over 4.5% between 2023 and 2032, favored by its increasing importance in naval warfare.

The degaussing coils segment held a market share of over 25% in 2022 as they are essential for effectively reducing the magnetic signatures of ships and submarines.

North America market for degaussing system held a revenue share of over 30% in 2022 and will continue growing through 2032 as the region has a strong emphasis on naval modernization with the U.S. Navy and other maritime defense organizations upgrading their fleets.

Wartsila, Larsen & Turbo Limited, Ultra Electronics Holdings Plc, L3Harris Technologies Inc., American Superconductor Corporation, Polyamp, and Dayatech Merin.