Degaussing System Market Size

1. Degaussing System Market Size, Share, Growth, Trends and Forecast 2024–2032 The global degaussing system market size was valued at USD 0.90 Billion in 2023. The market is projected to grow from USD 0.93 Billion in 2024 to USD 1.46 Billion by 2032, exhibiting a CAGR of 5.7% during the forecast period. The degaussing systems are used to protect naval platforms by decreasing magnetic signatures significantly, making them vulnerable to detection and attack. These systems detect magnetic anomalies caused by ferromagnetic materials in ships and submarines. The increasing threat of naval mines is estimated to drive the market growth during the forecast period. Fortune Business Insights™mentioned this in a report titled, “Degaussing System Market, 2024-2032.”

2. List of Key Players Present in the Report: Wärtsilä Corporation (Finland) Larsen & Turbo Limited (India) Ultra Electronics Holdings plc (U.K.) L3 Harris Technologies, Inc. (U.S.) American Superconductor Corporation (U.S.) Polyamp AB (Sweden) Raytheon Technologies Corporation (U.S.) Groupe Gorgé (France) STL Systems AG (Switzerland) Hensoldt AG (Germany) Information Source: https://www.fortunebusinessinsights.com/degaussing-system-market-108153 Segments: Rising Demand for Service and Maintenance to Aid Degaussing Coils Segment Growth By component, the market is segmented into power supplies, degaussing coils, control units, monitoring systems, and others. The degaussing coils segment is expected to be the fastest-growing segment and dominates the global degaussing system market share during the forecast period. The increasing demand for retrofitting, maintenance, and service for naval vessels boosts the segment growth. Growing Onboard Demagnetizing Systems Demand to Propel Degaussing Segment Growth Based on solution, the market is divided into degaussing, deperming, and ranging. The degaussing segment is dominating the market and is expected to witness significant growth during the projected period. The increasing demand for onboard demagnetizing systems is driving the segment’s growth. Rising Demand for Surface Combatants to Drive Frigates Segment Growth By vessel type, the market is divided into amphibious ships, destroyers, frigates, landing craft, Offshore Patrol Vessel (OPV), mine warfare/countermeasure, submarine, and others. The Frigates segment is expected to be the fastest-growing

3. segment in the market during the forecast period due to the increasing demand for surface combatants having advanced capabilities. Increasing Demand for Maintenance and Calibration to Drive Aftermarket Segment Growth By end user, the market is segmented into OEM, aftermarket, and services. The aftermarket segment is expected to be the fastest-growing during the projected period owing to the increasing demand for maintenance and calibration to regulate the systems configurations. Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World. Report Coverage The report offers: Major growth drivers, restraining factors, opportunities, and potential challenges for the market. Comprehensive insights into regional developments. List of major industry players. Key strategies adopted by the market players. The latest industry developments include product launches, partnerships, mergers, and acquisitions. Drivers & Restraints Increasing Demand for Advanced Degaussing Systems to Drive Market Growth The growing evolution of naval defense with the rising emphasis on electronic warfare and the growing use of magnetic mines by adversaries is expected to drive market growth during the forecast period. The increasing demand for degaussing or demagnetization systems to counter various threats is estimated to drive degaussing systems market growth during the forecast period. However, maintenance and servicing of degaussing systems require special technical expertise, and hiring qualified personnel can be costly, which may hinder market growth during the forecast period.

4. Regional Insights High Fleet Presence to Drive Market Growth in Asia Pacific The Asia Pacific market dominated market growth in 2022. The growth is attributed to the increased presence of a large fleet in the region. For instance, in July 2021, the Royal Australian Navy announced plans to establish an innovative magnetic treatment facility off the Western Australia coast to accelerate the meticulous process while decreasing the ships’ magnetic signature. Europe held the second-largest market share in 2022 owing to the increasing maritime security threats in the region. Competitive Landscape Growing Key Players in Product Innovation to Aid Market Growth The global degaussing system market consists of key players, including Wärtsilä Corporation, Ultra Electronics Holdings plc, L3 Harris Technologies, Inc., Larsen & Toubro Limited, and others. The increasing focus of these major players on technological advancements, product innovation, and mergers & acquisitions to strengthen their market position drives market growth. Key Industry Development May 2023– The U.S. Department of Defense awarded a USD 526 million contract to Fincantieri’s U.S. subsidiary, Marinette Marine (FMM), for the construction of the fourth Constellation-class frigate for the U.S. Navy. This contract is part of a broader agreement signed in 2020, which includes the lead ship and options for nine additional vessels, bringing the total potential value to USD 5.5 billion. The package also covers post-delivery support and crew training. December 2022– American Superconductor Corporation (AMSC), a U.S.-based energy technology firm, entered into a supply agreement with Huntington Ingalls Industries' Ingalls Shipbuilding division. Under the agreement, AMSC will provide high temperature superconductor (HTS)-based ship protection systems, which are set to be installed on the San Antonio-class amphibious transport dock ship, LPD- 32.