Degaussing Systems Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 794.36 Million |
| Market Size (2029) | USD 953.04 Million |
| CAGR (2024 - 2029) | 3.71 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Degaussing Systems Market Analysis
The Degaussing Systems Market size is estimated at USD 794.36 million in 2024, and is expected to reach USD 953.04 million by 2029, growing at a CAGR of 3.71% during the forecast period (2024-2029).
There is a need for effective measures for magnetic signature control of the naval vessels for protection against sea mines and torpedoes, which ships' magnetic signatures can trigger. This requirement for suppressing a magnetic signature, fueled by a growing naval vessel fleet across the world, is generating demand for new degaussing systems onboard naval vessels.
The development of advanced degaussing systems with new materials, like superconductors, which reduce the weight of the vessel and energy consumption of the degaussing equipment, is anticipated to propel the growth of the degaussing systems market in the future.
However, the high cost of installation and retrofit and the use of fiber composite materials in warships can hinder the growth of the market in the future.
Degaussing Systems Market Trends
The Frigates Segment is expected to hold the highest market share
The high lethality and low detection capabilities of the frigates are the major reasons for navies around the world to increasingly procure frigates. The replacement programs in various countries to replace the current aging fleet of combat ships with modern detection and weapon systems equipped with frigates that have anti-ship, anti-submarine, and air-defense capabilities are propelling the demand for frigates.
In the coming years, there are several orders of frigates that are anticipated to be replaced and upgraded due to their aging fleet in various navies. For instance, at the beginning of 2022, the Taiwan Navy allocated a budget of USD 1.37 billion to upgrade its 6 Kang Ding-class (La Fayette) frigates. During the forecast period, the majority of frigate procurement is planned in Europe. In November 2022, the UK Ministry of Defence (MoD) awarded a USD 4.4 billion contract to BAE Systems plc to manufacture the five City Class Type 26 frigates for the Royal Navy in Glasgow. Thus, the frigates segment of the market studied is anticipated to witness steady growth during the forecast period.
Asia-Pacific Region Expected to Witness Rapid Growth During the Forecast Period
The escalated maritime border tensions between the countries of the region have led to an increase in their military spending. Countries like Australia, India, China, and Indonesia are investing in the modernization of their naval fleet with advanced capabilities. As a part of these plans, the countries are expected to develop, build, and procure new naval vessels during the forecast period.
For instance, in December 2022, the Indian Navy took delivery of the INS Vagir, the fifth submarine under the Project-75 Kalvari class submarines. The submarine was constructed at Mazagon Dock Shipbuilders Limited (MDL) Mumbai in collaboration with the Naval Group.
China, on the other hand, is building modern surface combatants and expanding its aircraft carrier and logistics force to grow its naval influence. By 2025, the People’s Liberation Army Navy is expected to grow to 400 hulls, up from its fleet of 340. This modernization of the naval fleet is to strengthen the country’s capabilities amid the South China Sea tensions. Similarly, the other Southeast Asian countries are also currently enhancing their naval capabilities, which is expected to propel the growth of the degaussing equipment market.
Degaussing Systems Industry Overview
The degaussing systems market is semi-consolidated, and the prominent players in the degaussing systems market are L3Harris Technologies Inc., ECA Group, Ultra Electronics Holdings Limited, Polyamp AB, and American Superconductor Corporation. L3Harris Technologies, Inc. provides various designs and configurations of degaussing systems to the German Navy, Thai Navy, Korean Navy, Spanish Navy, Turkish Navy, Portuguese Navy, and Indian Navy, among others.
With a competitive market scenario, companies are investing in the development of new degaussing methods that will replace the existing and conventional degaussing systems. For instance, to capture new market opportunities, American Superconductor Corporation was the first to introduce high-temperature superconductor (HTS) degaussing cable. These HTS cables are proven to reduce 20% of the weight of cables, 40% of installation costs, and utilize lower operating voltages. With the introduction of such products into the market, the companies can strengthen their expansion plans with strong cash flows in the future.
Degaussing Systems Market Leaders
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ECA Group
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Polyamp AB
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American Superconductor Corporation
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Ultra Electronics Holdings Limited
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L3Harris Technologies, Inc.
*Disclaimer: Major Players sorted in no particular order
Degaussing Systems Market News
- November 2021: The Marine Electrical Systems, a division of Wartsila Corporation, received a contract under the F126 project from Damen (Netherlands) to deliver a degaussing system, switchgear, lighting system, power distribution system, and special equipment for an energy supply.
- January 2021: American Superconductor Corporation (AMSC) awarded a hybrid firm-fixed-price, cost-plus-fixed-fee, indefinite-delivery/indefinite-quantity contract to deliver high temperature superconducting degaussing system (HTS). The HTS was to be delivered in landing platform docks-class configuration.
Degaussing Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vessel Type
5.1.1 Aircraft Carriers
5.1.2 Destroyers
5.1.3 Frigates
5.1.4 Corvettes
5.1.5 Submarines
5.1.6 Other Vessel Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 Germany
5.2.2.3 France
5.2.2.4 Russia
5.2.2.5 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.2 Rest of Latin America
5.2.5 Middle East and Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 Egypt
5.2.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 L3Harris Technologies, Inc.
6.2.2 Larsen & Toubro Limited
6.2.3 ECA Group
6.2.4 IFEN S.p.A.
6.2.5 Ultra Electronics Holdings Limited
6.2.6 Polyamp AB
6.2.7 American Superconductor Corporatio
6.2.8 Dayatech Merin Sdn Bhd
6.2.9 DA Group
6.2.10 Wärtsilä Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Degaussing Systems Industry Segmentation
Degaussing is the method of diminishing or reducing a redundant magnetic field induced in the ship due to the earth's magnetic field. The market study includes all the equipment required for degaussing of the ship, like degaussing systems, monitoring equipment to indicate the magnetic field, and control systems to control the current flowing through the conductors to demagnetize the ship.
The degaussing systems market is segmented by vessel type and geography. By vessel type, the market is segmented into aircraft carriers, destroyers, frigates, corvettes, submarines, and other vessel types. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The market sizing and forecasts for all the above segments have been provided in value (USD).
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| Corvettes | |
| Submarines | |
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Degaussing Systems Market Research FAQs
How big is the Degaussing Systems Market?
The Degaussing Systems Market size is expected to reach USD 794.36 million in 2024 and grow at a CAGR of 3.71% to reach USD 953.04 million by 2029.
What is the current Degaussing Systems Market size?
In 2024, the Degaussing Systems Market size is expected to reach USD 794.36 million.
Who are the key players in Degaussing Systems Market?
ECA Group, Polyamp AB, American Superconductor Corporation, Ultra Electronics Holdings Limited and L3Harris Technologies, Inc. are the major companies operating in the Degaussing Systems Market.
Which is the fastest growing region in Degaussing Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Degaussing Systems Market?
In 2024, the North America accounts for the largest market share in Degaussing Systems Market.
What years does this Degaussing Systems Market cover, and what was the market size in 2023?
In 2023, the Degaussing Systems Market size was estimated at USD 764.89 million. The report covers the Degaussing Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Degaussing Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Degaussing Systems Industry Report
Statistics for the 2024 Degaussing Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Degaussing Systems analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
