DUBLIN--(BUSINESS WIRE)--Jul 5, 2018--The "Degaussing System Market by Solution, End User, Vessel Type, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

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.

Based on solution, the ranging solution segment is projected at the highest CAGR during the forecast period. The growth of the ranging solution segment can be attributed to the increased use of portable ranging devices that are inexpensive and easily available in the market.

Market Dynamics

Drivers

Increasing Importance of Degaussing Systems in Naval Warfare Technological Advancement in Degaussing Equipment Increasing Defense Budgets

Restraints

Use of Composite Materials in Warships

Opportunities

Increase in Maritime Warfare Exercises

Challenges

High Cost of Retrofit, Installation, and Calibration Services Lack of Skilled Professionals Limited Number of Ranging and Deperming Stations

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Regional Analysis

7 Degaussing System Market, By Vessel Type

8 Degaussing System Market, By Solution

9 Degaussing System Market, By End User

10 Regional Analysis

11 Competitive Landscape

12 Company Profiles

American Superconductor Corporation Dayatech Merin Sdn. BHD. ECA Group Ifen S.P.A. L3 Technologies Larsen & Turbo Limited Polyamp AB STL Systems AG Surma Ultra Electronics Holdings PLC Wartsila Corporation

For more information about this report visit https://www.researchandmarkets.com/research/t3z84h/global_degaussing?w=4

View source version on businesswire.com:https://www.businesswire.com/news/home/20180705005549/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY TRANSPORT MARITIME DEFENSE OTHER DEFENSE

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 07/05/2018 03:26 PM/DISC: 07/05/2018 03:26 PM

http://www.businesswire.com/news/home/20180705005549/en