Degaussing Systems Market by End-user and Geography - Forecast and Analysis 2022-2026

The degaussing systems market share is expected to increase by 12915.00 units from 2021 to 2026, at a CAGR of 3.80%.

This degaussing systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers degaussing systems market segmentation by end-user (bulk carrier, oil tanker, container ships, and others) and geography (MEA, APAC, South America, Europe, and North America). The degaussing systems market report also offers information on several market vendors, including American Superconductor Corp., DA GROUP, Dayatech Merin Sdn Bhd, Groupe Gorge SA, IFEN SpA, L3Harris Technologies Inc., Larsen and Toubro Ltd., Polyamp AB, Ultra Electronics Holdings Plc, and Vallon GmbH among others.

What will the Degaussing Systems Market Size be During the Forecast Period?

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Degaussing Systems Market: Key Drivers, Trends, and Challenges

The development of advanced degaussing system is notably driving the degaussing systems market growth, although factors such as high installation price may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the degaussing systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Degaussing Systems Market Driver

One of the key factors driving growth in the degaussing systems market is the development of advanced degaussing systems. The development of advanced degaussing systems with new materials, like superconductors, which reduce the weight of the vessel and energy consumption of the degaussing equipment, is anticipated to propel the growth of the market in the future. Moreover, the ADS are the systems of choice for modern naval construction. For instance, in June 2021, the ASMC developed its degaussing device SPS (Solar Power Satellite) and was awarded four contracts for the excellent work by the US Navy. This degaussing system is 90% lighter than the traditional degaussing system designed to defend ships from mines. This outcome in enhancing the growth of the global degaussing system market in the forecast period.

Key Degaussing Systems Market Trend

The high focus on degaussing systems in naval warfare is another factor supporting the degaussing systems market share growth. A steel-hulled ship is like a massive floating magnet with a massive magnetic object surrounding it. As the ship moves through the water, this field also moves and adds to or subtracts from the Earth's magnetic area. Because of its distortion effects at the Earth’s magnetic field, the ship can act as a trigger device for magnetic sensitive ordnance or devices which are designed to detect these distortions. The degaussing system is installed aboard the ship to reduce the ship's effect on the Earth's magnetic area. To perform this, the change in the Earth's field about the ship's hull is "canceled" by controlling the electrical current flowing through degaussing coils wound in specific locations within the hull. This, in turn, reduces the possibility of detection by that magnetic sensitive ordnance or devices.

Key Degaussing Systems Market Challenge

The high installation price will be a major challenge for the degaussing systems market during the forecast period. Ships are specifically built of steel, which causes them to distribute the magnetic field of the Earth, which makes them easily detected by magnetically activated naval mines. Degaussing is the procedure of making a (steel) ship’s hull nonmagnetic by generating an opposing magnetic field. Demonstrations conducted so far have shown that the setup of a degaussing system, which uses a single cable made from wires, cuts down both the overall device weight and sets up costs for these classes of ships. In fact, the reduction in weight may be as much as 50%-80%. Even more notable is the discount in the installed cable lengths as much as 90%. Since the wire may be operated at current densities up to two hundred times that of copper-based wire systems. Such advantages of the system are increasing the demand of the degaussing system, which is also increasing the price of this product. Due to the high price of products and their related parts, the price of installation is increasing and becoming a challenge.

This degaussing systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global degaussing systems market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the degaussing systems market during the forecast period.

Who are the Major Degaussing Systems Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• American Superconductor Corp.
• DA GROUP
• Dayatech Merin Sdn Bhd
• Groupe Gorge SA
• IFEN SpA
• L3Harris Technologies Inc.
• Larsen and Toubro Ltd.
• Polyamp AB
• Ultra Electronics Holdings Plc
• Vallon GmbH

This statistical study of the degaussing systems market encompasses successful business strategies deployed by the key vendors. The degaussing systems market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• DA GROUP - The company offers degaussing system namely RAHKO Degaussing System.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The degaussing systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Degaussing Systems Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the degaussing systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the electronic equipment and instruments market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• After-sales service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Degaussing Systems Market?

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37% of the market’s growth will originate from MEA during the forecast period. Panama, Egypt (Arab Republic of Egypt), and Liberia are the key markets for degaussing systems in MEA. Market growth in this region will be slower than the growth of the market in other regions.

The high number of new ship registrations will facilitate the degaussing systems market growth in MEA over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of the COVID-19 pandemic in 2020 has affected most of the marketing in the region. At this time, the governments of various countries in the region declared lockdown, resulting in business shutdowns. It also additionally led to disruptions in defense equipment manufacturing. Many countries reduced their defense budget due to the high focus on the health budget and economic slowdown. This led to a reduction in the demand for the degaussing system. Also, the unavailability of raw materials and lack of labor during the lockdown resulted in a decrease in the manufacturing of the degaussing system. However, in the first quarter of 2021, after the vaccination drives, the regional government lifted the lockdown and travel restrictions, which led to the resumption of the manufacturing units, including the defense sector. Owing to this, the regional degaussing system market also slowly recovered, and it is projected to bring more opportunities for the key players during the forecast period.

What are the Revenue-generating End-user Segments in the Degaussing Systems Market?

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The degaussing systems market share growth by the bulk carrier segment will be significant during the forecast period. The world's bulk carrier fleet includes 6,225 ships of over 10,000 DWT (deadweight tonnage) and represents 40% of all ships in terms of tonnage and 39.4% in terms of vessels. Along with smaller ships, bulk carriers have a total combined capacity of almost 346 million DWT. Such factors will increase the demand for bulk carriers, including degaussing system globally, and it is expected to increase the demand for the market in focus.

This report provides an accurate prediction of the contribution of all the segments to the growth of the degaussing systems market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Degaussing Systems Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive degaussing systems market growth during the next five years
• Precise estimation of the degaussing systems market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the degaussing systems industry across MEA, APAC, South America, Europe, and North America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of degaussing systems market vendors

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