
Global Degaussing Market 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.
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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.
Market Segmentation
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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