The market for degaussing equipment is expanding due to a variety of factors. The main cause is the growth of maritime traffic, which has increased the demand for protection against magnetic hazards such mines, torpedoes, and other underwater explosive devices. Additionally, due to their capacity to lessen the magnetic signature of ships, which makes them difficult for adversaries to identify, degaussing devices are in increasing demand from naval forces throughout the world. Degaussing gear is also being used by commercial ships as a defence against pirates and terrorists.
Technology also advances together with the rest of the world. The market for degaussing equipment is similar. The degaussing apparatus has evolved with technology to become more powerful, more portable, and smaller. Additionally, the demand for high-quality degaussing equipment has grown significantly as a result of the growth in terrorist attacks and maritime piracy.
Degaussing equipment is a wonderful option for individuals looking to buy new or replacement degaussing equipment because it has several benefits. Degaussing equipment is fairly economical and is available at a range of pricing points, which is one of its key benefits. The Degaussing Equipment is also quite robust and can tolerate a great deal of wear and tear. The Degaussing Equipment also has the benefit of being very simple to use, making it accessible to anyone with a working knowledge of how to use it. Last but not least, the degaussing apparatus is highly successful at removing undesired magnetic fields from electronic devices.
The degaussing apparatus is a tool for lowering an object's magnetic field. This can be done physically by utilising copper wire coils to create an opposing magnetic field around an object or by using electromagnetic fields to counteract the existing field. Additionally, it serves to keep ferromagnetic elements from building up on the object's surface. Several industries, including shipbuilding, aerospace, and the auto industry, use the degaussing procedure. The undesirable magnetic field is removed from the objects using degaussing equipment.
With a projected CAGR of 4.01% during the forecast period, the global market for degaussing equipment is expected to increase from an anticipated USD 1.06 billion in 2021 to USD 1.37 billion by 2031.
New technology and fashion trends have been continuously influencing the market for degaussing equipment. The decreased use of magnetic tapes is the main restraint on the market for degaussing equipment. Solid-state drives (SSDs) and cloud-based storage options are replacing magnetic tapes as a result of technological advancements. As a result, the market for degaussing equipment is growing less quickly. The industry is anticipated to expand in the future due to the rising need for data security and privacy, nevertheless. Data security and privacy are becoming more and more important due to the rise in data breaches and cyberattacks. For industry participants in the Degaussing Equipment market, this is anticipated to open up new chances.
COVID-19 Impact and Market Status
The COVID-19 epidemic has had a conflicting effect on the market for degaussing equipment. On the one hand, governments have raised their defence spending to strengthen their armed forces in response to escalating geopolitical tensions. As a result, the demand from the defence industry for degaussing equipment has skyrocketed. On the other side, the availability of degaussing equipment has been impeded by transportation and trade restrictions imposed as a result of the pandemic.
Navel and Commercial Shipyards Drive the Market
With the rising need for external degaussing equipment, the industry's future appears good. These tools are widely used in naval and commercial shipyards all over the world. A major driver of the demand for external degaussing equipment is also the growing awareness of data security and privacy.
Aircraft Carrier Industry has Maximum Demand
The aircraft carrier industry is predicted to hold the largest market share for degaussing equipment over the forecast timeframe. Due to a rise in demand from navies of various countries, this has happened. The market for shipboard degaussing equipment is expected to grow rapidly over the course of the anticipated period due to the growing focus on marine security.
Government Segment to Rule the Market
Due to increased defence spending around the world, the government segment is anticipated to experience the largest CAGR growth among end users during the projection period.
North America Holds the Maximum Market Share
The North American region is predicted to hold the largest market share for degaussing equipment throughout the forecast period. The rising demand for degaussing equipment from the automotive and consumer electronics industries provides an explanation for this. The South American area is anticipated to develop at a moderate rate throughout the projection period due to an increasing focus on marine security. It is anticipated that the African region will grow greatly during the forecast period as a result of rising military spending worldwide. Over the course of the projection period, the Asia Pacific region is expected to have the fastest growth in demand for degaussing equipment from the automotive and consumer electronics industries.
Harris Corporation, L3 Technologies, Northrop Grumman Corporation, Magnetoelastic Technologies Inc., Elcometer Limited, Nippon Magnetic Co. Ltd., Kaelus Ltd., and other leading companies are active in the global degaussing equipment industry.
Latest Innovations in the Global Degaussing Equipment Market: A Snapshot
• in November 2020, T increase its footprint in space-related technology, Harris Corporation purchased Maxar Technologies' Space Solutions division. With the acquisition, Harris Corporation will be able to provide cutting-edge capabilities for the assembly and maintenance of huge satellites while they are in space.
• In March 2020, the U.S. Navy's Strategic Systems Programs (SSP) awarded a contract to Northrop Grumman to develop electromagnetic pulse weapons that can be used aboard nuclear submarines as part of the service's efforts to assure a credible sea-based nuclear deterrent. Northrop Grumman will be able to increase its market share in the degaussing equipment sector thanks to this contract.
• The U.S. Department of Defence (DoD) awarded Harris Corporation a contract in March 2020 to supply counter-unmanned aerial system (C-UAS) technologies and services for the protection of high-value assets and crucial infrastructure around the world. Under the terms of the contract, the company will offer software, integration services, and three distinct kinds of ground-based radars.
Degaussing Equipment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1.37 billion|
|Growth Rate||CAGR of 4.01 % during 2021-2031|
|Segment Covered||by Type, By Application, By End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Harris Corporation, L3 Technologies, Northrop Grumman Corporation, Magnetoelastic Technologies Inc., Elcometer Limited, Nippon Magnetic Co. Ltd., Kaelus Ltd., and other leading companies are active in the global degaussing equipment industry.|
Key Segments of the Global Degaussing Equipment Market
Type Overview, 2021-2031 (USD Billion)
- External Degaussing Equipment
- Shipboard Degaussing Equipment
Application Overview, 2021-2031 (USD Billion)
- Aircraft Carrier
End-User Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa