Degaussing system Market is valued approximately at USD 784.9 million in 2020 and is anticipated to grow with a healthy growth rate of more than 3.92% over the forecast period 2021-2027. Unwanted magnetic fields contained in computers, hard discs, cassette and compact tapes, diskettes, or reels are reduced by a degaussing mechanism. The magnetic data on a hard disc or tape is either neutralized or erased when exposed to the strong magnetic field of a degausser. Furthermore, efficient mechanisms for controlling the magnetic signature of naval vessels are needed to defend against sea mines and torpedoes that can be activated by the magnetic signature of ships.
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The need for new degaussing systems aboard naval vessels is being driven by the need to remove a magnetic signature, which is being driven by an increasing naval vessel fleet around the world. Degaussing system market is driven by continuously rising defence budget and technologically embedded equipment. For instance, the government of philippines has set aside USD 2.46 billion for Horizon Two of the Philippines Modernization Program from 2018 to 2022. For the next five years, the government intends to purchase at least 25 boats. At the end of 2020, the navy will receive two frigates and six offshore patrol vessels (OPV) by 2022. However, use of Composite Materials in Warships, may impede market growth over the forecast period of 2021-2027.
The global demand for Degaussing system is projected to dominate by Asia Pacific due to increased procurement of advanced degaussing systems in this area is due to territorial disputes in the South China Sea. Increased defence spending on the upgrading of defence equipment to improve the defence of naval vessels has resulted from the polarization of military force between the East and West coasts of the Pacific Ocean and the Asia Pacific region. However, the North America is registered the fastest growth in upcoming years owing to restructuring efforts undertaken by naval vessel manufacturing companies and increasing investments in the defense sector.
Major market player included in this report are:
Wartsila Corporation
Polyamp AB
Ultra-Electronics Holdings PLC
ECA Group
IFEN S.P.A.
Dayatech Merin Sdn. Bhd.
American Superconductor Corporation
STL Systems AG
Larsen & Turbo Limited
L3 Technologies
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Solution Type:
Degaussing
Ranging
Deperming
By End User:
OEMs
Aftermarket
Services
By Vessel Type:
Small Vessels (< 100 M)
Medium Vessels (100-200 M)
Large Vessels (>200 M)
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market research objective you provided focuses on conducting a comprehensive analysis of a specific market. Here is a breakdown of the research objectives you mentioned:
To analyze and forecast the market size of the market:
- This objective involves assessing the current market size and using historical data and market trends to forecast its future size.
- This analysis helps in understanding the market’s growth potential and opportunities.
To classify and forecast the global market based on product, material, application, and region:
- This objective aims to categorize the market based on different factors such as product types, materials used, applications, and geographical regions.
- It also involves forecasting the market size and growth for each category, providing a detailed understanding of market segmentation.
To identify drivers and challenges for the global market:
- This objective focuses on identifying the factors that drive market growth and those that pose challenges or constraints.
- Understanding the drivers helps in recognizing opportunities, while understanding the challenges allows for mitigation strategies and informed decision-making.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the market:
- This objective involves analyzing the competitive landscape of the market. It includes studying activities such as mergers and acquisitions, agreements, collaborations, and partnerships among market players.
- This analysis provides insights into the market’s competitive dynamics and strategic moves by key players.
To conduct pricing analysis for the market:
- This objective aims to analyze pricing strategies within the market. It involves assessing pricing trends, price variations based on different factors, and understanding price sensitivity among customers.
- This analysis helps in formulating effective pricing strategies for market players.
To identify and analyze the profile of leading players operating in the market:
- This objective involves profiling and analyzing the key players in the market. It includes studying their business strategies, financial performance, product portfolios, market share, and competitive advantages.
- This analysis helps in understanding the competitive landscape and benchmarking against industry leaders.
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