The introduction of technologically advanced systems is expected to spur the growth of the degaussing system market over the next few years. On the flip side, the high cost of installation and calibration is expected to restrict the market growth in the years to come.
L3 Technologies, Inc. (US), Polyamp AB (Sweden), American Superconductor (US), LARSEN & TOUBRO LIMITED (India), Ultra Electronics (UK), Wärtsilä (Finland), Groupe Gorgé (France), STL Systems AG (Switzerland), IFEN SpA (Spain), and Surma Ltd (Finland) are the key players of the global degaussing system market studied in this MRFR report. These players are expected to contribute substantially to the expansion of the market over the next couple of years. Technological innovation is the key area of focus for the market participants and is anticipated to attract investment in the upcoming years. Growth strategies anticipated to be implemented by the prominent players of the market include agreements, mergers & acquisitions, regional expansion, collaborations, partnerships, etc. The report asserts that the degaussing system market is likely to remain lucrative over the next few years and is also expected to attract new entrants. This, in turn, is poised to intensify the competition in the market in the nearby future.
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Degaussing systems are used for decreasing or eliminating magnetic field and facilitates in minimizing a ship’s effect on the earth’s magnetic field. It has developed a wide range of naval warfare applications, which is poised to generate demand for the product in the forthcoming years.
The segments of the global degaussing system market, on the basis of solution, are degaussing, ranging, and deperming. Among these, the degaussing segment holds the dominant share of the market and is likely to contribute substantially to market growth in the upcoming years. The key advantages offered by degaussing are magnetic maps, enhanced signature control, and assist in fault management. These advantages are anticipated to generate demand for the product in the years to come, thus, intensifying the growth rate of the segment.
On the basis of vessel type, the segments of the degaussing system market identified in this study are medium vessel, small vessel, and large vessel. The medium vessel segment is projected to witness significant growth over the next few years owing to its rising adoption in naval forces.
Key end-user segments of the global degaussing system market profiled in this MRFR report are OEM, services, and aftermarket. Among these, the OEM segment is prognosticated to account for the maximum market share over the next couple of years. OEMs provide advanced degaussing systems which is expected to drive the growth of the segment in the forthcoming years.
The geographical assessment included in the report covers an in-depth study of the global degaussing system market based on region and country-level. Major regions identified in this MRFR analysis are Asia Pacific (APAC), North America, the Middle East & Africa (MEA), Latin America, and Europe. North America is prognosticated to hold the pole position in the global market place through the forecast period. The consolidation of global leaders of the degaussing system market in the region is anticipated to support the growth pattern in the forthcoming years. Asia Pacific, meanwhile, is projected to register the highest CAGR over the assessment period. Emerging economies such as India and China have increased their military expenditures, which is projected to expedite the expansion pace of the degaussing system market in the years to come. In addition, the rising demand for advanced degaussing systems is expected to catapult the regional market on upward trajectory.
List of Tables:
Table 1 Global Degaussing System Market, By Region, 2018–2023
Table 2 North America: Degaussing System Market, By Country, 2018–2023
Table 3 Europe: Degaussing System Market, By Country, 2018–2023
Table 4 Asia-Pacific: Degaussing System Market, By Country, 2018–2023
Table 5 Rest of The World: Degaussing System Market, By Region, 2018–2023
Table 6 Global Degaussing System, Solution Market, By Region, 2018–2023
Table 7 North America: Degaussing System, Solution Market, By Country, 2018–2023
Table 8 Europe: Degaussing System, Solution Market, By Country, 2018–2023
Table 9 Asia-Pacific: Degaussing System, Solution Market, By Country, 2018–2023
Table 10 Rest of The World: Degaussing System, Solution Market, By Region, 2018–2023. . .
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