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Global Degaussing System Market Forecast to 2023 - Leading Players are L&T, Polyamp, ECA, Ultra Electronic, Ifen, Dayatech Merin, AMSC, STL System, & SurmaDUBLIN, Feb. 18, 2019 /PRNewswire/ -- The "Degaussing System Market by Solution, End User, Vessel Type, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering. 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. The report segments the degaussing system market based on solution, end user, vessel type, and region. Based on vessel type, the degaussing system market has been segmented into small, medium and large. The small vessels segment has been classified into MCMV, OPV, and FAC, whereas the medium vessels segment has been classified into submarines, corvettes, and destroyers. Based on end user, the market has been segmented into OEM, services, and aftermarket. 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 of the market 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 of the market has been further classified into hardware (which includes degaussing coil units, degaussing control units, bipolar amplifiers, DC generators, conductors, course monitor units, magnetometers, 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. The degaussing system market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The degaussing system market in North America is projected to grow at the highest CAGR during the forecast period, owing to increasing investments in the defense sector and restructuring efforts undertaken by naval vessel manufacturing companies in the region. Asia Pacific is the largest market for degaussing system. 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. The need to modernize naval fleets has contributed to the integration and development of degaussing systems in Asia Pacific countries, thereby driving thegrowth of the degaussing system market in this region. China, South Korea, and Japan are the key markets for degaussing systems in the Asia Pacific region. Degaussing System Market The degaussing system market is anticipated to witness significant growth in the near future, primarily driven by increasing installation of degaussing system in existing and new warships to reduce the magnetic signature of vessels. Increased navy budgets worldwide, rise in territorial disputes in the South China Sea, and technological innovations in degaussing systems has led to the increased procurement of advanced degaussing systems all over the globe. However, the use of composite materials in warships is acting as a restraint to the growth of the degaussing system market. Lack of skilled professionals and the high cost of the retrofit, installation, and calibration services are acting as key challenges to the growth of the degaussing system market. Leading players 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), Surma LTD. (Switzerland), and among others. Contracts and agreements are key development strategies that together accounted for more than one-third share of the total developments that took place between 2014 and 2018. Key Topics Covered: 1 Introduction For more information about this report visit https://www.researchandmarkets.com/research/mnw95b/global_degaussing?w=5 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets
SOURCE Research and Markets |