Degaussing System Market Size And Forecast
According to Verified Market Research, The Global Degaussing System Market was valued at USD 1,097.1 Million in 2018 and is projected to reach USD 1,818.6 Million by 2026, growing at a CAGR of 6.78% from 2019 to 2026. The Asia Pacific Market is expected to participate heavily in the Degaussing System market due to increased defense spending, and modernization of defense equipment in the region.

The Global Degaussing System Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics, involves the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Degaussing System Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

What is Degaussing System?
A steel-hulled ship refers to a huge floating magnet surrounded by a large magnetic field. When the ship travels through the water, the magnetic field around the ship also moves and adds or subtracts from the magnetic field of the Earth. Due to this distortion effect on the magnetic field of the Earth, the ship may turn as trigger device for the magnetic sensitive ordnance. Degaussing ship installation comprises of fitting degaussing coil, a degaussing control unit (DCU) for controlling and monitoring the coil current, and compass compensating components to avoid the disruption of magnetic compasses by the degaussing coil’s magnetic field.

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Factors influencing the market
There are various factors that are driving the growth of the market, which includes factors such as rising spending in the procurement of submarines and the increase in maritime warfare exercise.

Global Degaussing System Market Segment Analysis
The Global Degaussing System Market is segmented on the basis of Vessel Type, Solution, and End User.

Global Degaussing System Market By Vessel Type
The Vessel Type segment is further broken down into Medium Vessels, Large Vessels, and Small Vessels. The medium vessel type is expected to grow at the fastest rate and has the largest share in the market. Vessels having a length between 100 to 200m are known as medium vessels. The various vessels that fall under this category are submarine, corvettes, and destroyers. Submarines are one of the key vessels to maintain national security. In terms of large vessels, one of the prominent large naval vessels is an aircraft carrier. It holds a huge responsibility to provide a base to defend the naval vessels from the aerial threats. Small vessels are the ones whose overall length is less than 100m. Several vessels fall under this category such as – Mine countermeasures vessel (MCMV), offshore patrol vessel (OPV), and Fast attack craft (FAC).

Global Degaussing System Market By Solution
On the basis of Solution, the Global Degaussing System Market has been segmented into Ranging, Degaussing, and Deperming. The degaussing segment has the largest share while ranging is expected to grow at the fastest rate.

 To protect the vessels against sea mines, either active or passive protective measures are used. In the active protective measure, a shipborne degaussing system is installed in the vessel. The degaussing system is meant for onboard vessels to use to erase the magnetic signatures of the vessels. Deperming neutralizes the permanent magnetism of a ship’s body and therefore all the ships of the same class are brought under the standard condition. Ranging is a term used along with degaussing. Degaussing ranging is employed to measure, analyze, and track a record of data related to the magnetic field. The degaussing range comes in use to check magnetic signature and calibration.

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Global Degaussing System Market By End-user
On the basis of the End User segment, the market is bifurcated into Original Equipment Manufacturer (OEM), Aftermarket and Services. OEMs are expected to grow the fastest and to be the largest segment. The market has been driven significantly due to the increased government funding for manufacturing various advanced ships to improve their naval and defense capabilities and a large portion of revenue is generated through sales to OEM.

Global Degaussing System Market Company Profile
Some of the major players involved in the Global Degaussing System Market are WÄRTSILÄ corporation, Ultra Electronics and L3harris Technologies, Inc. These companies will be profiled on the basis of their financials, their geographic and business segment breakdown, as well as product benchmarking. The competitive landscape section includes key development strategies and market ranking analysis of the above-mentioned players globally.

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