Global Degaussing System Market

May 2019| VMF124A| Verified Market Research

Report Highlights

Global Degaussing System Market Size By Vessel Type, By Solution, By Geographic Analysis And Forecast

According to Verified Market Research, The Global Degaussing System Market was valued at USD 1,097.1 Million in 2018 and is projected to reach USD 1,818.6 Million by 2026, growing at a CAGR of 6.78% from 2019 to 2026.

A steel-hulled ship refers to a huge floating magnet surrounded by a large magnetic field. When the ship travels through the water, the magnetic field around the ship also moves and adds or subtracts from the magnetic field of the Earth. Due to this distortion effect on the magnetic field of the Earth, the ship may turn as trigger device for the magnetic sensitive ordnance. Degaussing ship installation comprises of fitting degaussing coil, a degaussing control unit (DCU) for controlling and monitoring the coil current, and compass compensating components to avoid the disruption of magnetic compasses by the degaussing coil’s magnetic field.

The Vessel Type segment is further broken down into Medium Vessels, Large Vessels, and Small Vessels. The medium vessel type is expected to grow at the fastest rate and has the largest share in the market. Vessels having a length between 100 to 200m are known as medium vessels. The various vessels that fall under this category are submarine, corvettes, and destroyers. Submarines are one of the key vessels to maintain national security. In terms of large vessels, one of the prominent large naval vessels is an aircraft carrier. It holds a huge responsibility to provide a base to defend the naval vessels from the aerial threats. Small vessels are the ones whose overall length is less than 100m. Several vessels fall under this category such as – Mine countermeasures vessel (MCMV), offshore patrol vessel (OPV), and Fast attack craft (FAC).

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