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The degaussing systems market is projected to grow from USD 619 Million in 2022 to USD 740 Million by 2027, at a CAGR of 3.6% from 2022 to 2027

ReportLinker
ReportLinker

Rising technological advancement in degaussing system is expected to drive the market growth during the forecast period. The application of degaussing systems started during World War II to protect naval vessels from magnetic mines and torpedoes.

New York, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Degaussing System Market by Vessel Type, Solution, End User and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05471628/?utm_source=GNW
Rising technological advancement in degaussing system is expected to drive the market growth during the forecast period.

The application of degaussing systems started during World War II to protect naval vessels from magnetic mines and torpedoes. Degaussing equipment has since been used to retreat the magnetic signatures of vessels to make them invisible to mines.

These systems comprise coil loops installed onboard a vessel; when energized with proper currents, these loops generate magnetic fields in a direction (longitude, vertical, and athwartship) opposite to the magnetic fields of the vessel to minimize effective magnetic signature.Degaussing systems reduce a naval ship’s magnetic signature, making it difficult for mines to detect and damage the ship.

Traditionally made of heavy copper wire, these systems are required for all naval combat ships.
High temperature superconductor (HTS) degaussing systems are lightweight and compact in design.HTS degaussing coils are estimated to enable a 50–80% reduction in the total weight of degaussing systems, offering significant potential for fuel savings or adding different payloads.

Installation and calibration services are expensive for copper coils compared to HTS coils.In HTS degaussing systems, the number of coil turns is reduced by 20% than copper coils.

Additionally, copper coils consume more power than HTS degaussing coils.
American Superconductor Corporation (US), Larsen & Turbo Limited (India), and ECA Group (France) are a few of the key manufacturers of HTS coils.In May 2019, American Superconductor Corporation, a global energy solutions provider serving wind and power grid industry leaders, received a contract from the Ingalls Shipbuilding division of Huntington Ingalls Industries (HII) (US) to deliver an HTS-based ship protection system for installation on the San Antonio class of amphibious transport dock ship, LPD 30.

Technological advances in degaussing equipment will likely increase their future demand.

Based on solution, the ranging solution is anticipated to grow at the highest CAGR during the forecast period
Based on solution, the degaussing systems market has been segmented into ranging, degaussing and determining.The ranging segment is projected to grow at the highest CAGR during the forecast period.

The ranging solution further segmented into onboard and fixed.Fixed ranging degaussing solutions make use of submerged magnetic probes and evaluation equipment to measure the magnetic interference field of naval vessels at specific water depths.

These solutions are used to degauss naval vessels in the overrun range and stationery range.An overrun range is used for ranging of ferromagnetic vessels and submarines.

Fixed ranging degaussing solutions help in the separation of the permanent magnetization of naval vessels from the induced magnetization. These solutions also help determine the magnetic range of naval vessels. A stationary range is mainly used for ranging of non-magnetic vessels, such as mine countermeasure vessels.

The Asia Pacific region dominated the market with largest share in 2022
The degaussing systems market in Asia Pacific registered the largest share in 2022.China, India, Japan, South Korea, and North Korea are considered for market analysis in the Asia Pacific region.

Among these countries, the defense budget of China is the second-highest in the world, preceded by the US.China is increasing its defense spending for the modernization of its navy and warfare capabilities to uphold territorial integrity and national security.

This, in turn, is expected to contribute to the increased production and procurement of advanced naval equipment, thereby driving the demand for degaussing systems in China. Moreover, the presence of key shipbuilding companies, such as the China Shipbuilding Industry, Jiangnan Shipyard, Dalian Shipbuilding Industry, and COMEC, has supported to boost degaussing system market growth in China.
Major players in the degaussing systems market are Wartsila (Finland), Ultra Electronics Holdings plc (UK), L3Harris Technologies, Inc. (US), Larsen & Turbo Limited (India), and American Superconductor Corporation (US). These companies adopted strategies including contracts, acquisitions, agreements, expansions, investments, and new product launches adopted by leading market players to sustain their position in the market. Also focusing on expanding distribution networks in North America, Europe, Asia Pacific and Rest of the World in turn driving the demand for degaussing system

Research Coverage
This research report categorizes the degaussing systems market into vessel type, solution, end user, and region. based on vessel type the market is divided into small vessel, medium vessel, and large vessel. Based on solution, the market is classified into ranging, degaussing, and deperming. On the basis of end user, the market is divided into OEM, aftermarket, and services. The degaussing systems market has been studied for North America, Europe, Asia Pacific, and Rest of the World based on geographics.
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the degaussing systems market.A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; contracts, joint ventures, partnerships & agreements, acquisitions, and new product launches associated with the degaussing systems market.

Competitive analysis of upcoming startups in the degaussing systems market ecosystem is covered in this report.

Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall degaussing systems market and its segments.This study is also expected to provide region-wise information about the end-use industrial sectors, wherein degaussing systems is used.

This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.

The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on degaussing systems offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the degaussing systems market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the degaussing systems market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the degaussing systems market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the degaussing systems market
Read the full report: https://www.reportlinker.com/p05471628/?utm_source=GNW

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