Global Degaussing Market is Estimated to Reach $1 Billion by 2024
Global report published by Accurize Market Research forecast that the global market is expected to reach $1 Billion by 2024; growing at a CAGR of 4% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
The growing importance of the degaussing system in naval warfare to drive the global market
Elements such as the growing importance of the degaussing system in naval warfare, technological advancement in degaussing equipment, and rising defense budgets are driving the degaussing system market. However, the use of composite materials in warships, high cost of the retrofit, installation, calibration services and lack of skilled labors are expected to restrain the growth of the degaussing system market. Furthermore, the increase in defense spending and maritime warfare exercises have propelled the procurement of degaussing systems globally, which, in turn, is anticipated to provide lucrative opportunities to the degaussing system market.
The degaussing system market is segmented on the basis of solution, end-user, vessel type, and geography. Based on the vessel type, the degaussing system market has been segmented into small, medium and large. On the basis of end-users, the market has been segmented into OEM, services, and aftermarket. Based on the solution, the degaussing system market has been bifurcated into ranging, degaussing and determining.
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