Feb 08, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Degaussing System Market.
It was estimated prior to this unanticipated outbreak that the Degaussing System Market is likely to witness a healthy CAGR of 4.2% during the forecast period. Rising defense budgets of both developed and developing economies, increasing importance of degaussing system in naval warfare, and technological advancement in degaussing system are the major factors driving the growth of the market globally.
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Degaussing System is the method that is used to decrease the magnetic field of anything such as the ships. It was initially being used in the magnetic structures of ships during World War II.
Degaussing System is used for small vessels, medium vessels, as well as the large vessels. Original equipment manufacturer, aftermarket, and services are some of the end-users for the degaussing system.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Segment Analysis
Based on the vessel type, the market has been segmented as small vessels, medium vessels, and large vessels. The medium vessel segment is expected to lead the market during the forecast period. Growing need to protect submarines from enemy mines placed underwater by carrying out degaussing activities are the major factors behind the dominance of the medium vessel segment.
Based on the solution type, the market has been segmented as ranging, degaussing, and deperming. The degaussing solution segment is estimated to lead the market during the forecast period. The adoption of degaussing systems in naval warfare to protect ships from enemy mines drives the growth of this segment.
Based on the end-user type, the degaussing system market is segmented as original equipment manufacturer, aftermarket, and services. It is estimated that the OEM segment will depict the highest growth during the forecast period, owing to the increase in the delivery of new ships across the globe.
In terms of regions, North America is expected to register the highest growth during the forecast period. The rise in defense budgets and the need to safeguard vessels from the enemy are the drivers of the degaussing system market in the region. Asia-Pacific is the largest market for degaussing system and is expected to retain its position during the forecast period. Territorial dispute in the South China Sea has led to the increase in obtaining of advanced degaussing system in the Asia-Pacific region.
Key Players:
Key players operating in the global Degaussing System market are-
- Larsen & Turbo Limited
- Polyamp AB
- Wartsila
- Ultra Electronics Holdings
- ECA Group
- IFEN S. p.A.
- Dayatech Merin Sdn. Bhd.
- American Superconductor
- STL Systems AG
- L3 Technologies
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Degaussing System analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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