The degaussing system market was valued at USD 726.8 million in 2017 and is projected to reach USD 981.2 million by 2023, at a CAGR of 3.92% during the forecast period

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The degaussing system market is estimated to be USD 809.7 million in 2018 and is projected to reach USD 981.2 million by 2023, at a CAGR of 3.92% from 2018 to 2023. Factors such as increasing importance of degaussing system in naval warfare, technological advancement in degaussing equipment, and increasing defense budgets are driving the degaussing system market. Degaussing systems are installed in existing and new warships to reduce the magnetic signature of vessels. Thus, there has been an increasing demand for the installation of degaussing systems in existing and new naval fleets. In addition, the rise in defense spending has propelled the procurement of degaussing systems by countries worldwide, which in turn, is expected to influence the growth of the degaussing system market.

The degaussing system market is led by a few major players that have a wide regional presence and an established brand image. Leading players in the degaussing system market include L&T (India), Polyamp (Sweden), ECA (France), Ultra Electronic (UK), Ifen SpA (Italy), Dayatech Merin (Malaysia), AMSC (US), STL System AG (Switzerland), and Surma LTD. (Switzerland), among others.

The degaussing system market in North America is projected to grow at the highest CAGR from 2018 to 2023. The rise in defense spending in North America is one of the most significant factors contributing to the increased demand for degaussing systems in the region. In addition, need to protect combat and surface vessels from new and leftover enemy mines are additional factors driving the degaussing system market in North America. The US and Canada are key countries considered for market analysis in the North American region.

Based on vessel type, the large vessels (>200 M) segment of the degaussing system market is projected to grow at the highest CAGR from 2018 to 2023. The small vessels (<100 M) segment has been further divided into MCMV, OPV, and FAC. The medium vessels (100-200 M) segment has been further categorized into submarines, corvettes, and destroyers. Further, the large vessels segment has been classified into frigates, amphibious, and aircraft carriers.

Based on solution, the ranging segment is expected to grow at the highest CAGR during the forecast period. The ranging system measures magnetic signature of a vessel to analyze and take further action for the reduction of magnetic signature of the vessels.

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Based on end user, the OEM segment of the degaussing system market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rise in the delivery of new ships worldwide.