The Degaussing System Market is expected to grow at CAGR of 4.2% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Degaussing System Market
Degaussing System Market is likely to witness a healthy CAGR of 4.2% during the forecast period. Rising defense budgets of both developed and developing economies, increasing importance of degaussing system in naval warfare, and technological advancement in degaussing system are the major factors driving the growth of the market globally.
In terms of regions, North America is expected to register the highest growth during the forecast period. The rise in defense budgets and the need to safeguard vessels from the enemy are the drivers of the degaussing system market in the region. Asia-Pacific is the largest market for degaussing system and is expected to retain its position during the forecast period. Territorial dispute in the South China Sea has led to the increase in obtaining of advanced degaussing system in the Asia-Pacific region.
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Market Scope & Segmentation
Degaussing System Market Share: By Vessel Type
Based on the vessel type, the market has been segmented as small vessels, medium vessels, and large vessels. The medium vessel segment is expected to lead the market during the forecast period. Growing need to protect submarines from enemy mines placed underwater by carrying out degaussing activities are the major factors behind the dominance of the medium vessel segment.
d Share: By Solution Type
Based on the solution type, the market has been segmented as ranging, degaussing, and deperming. The degaussing solution segment is estimated to lead the market during the forecast period. The adoption of degaussing systems in naval warfare to protect ships from enemy mines drives the growth of this segment.
Degaussing System Market Share: By End-User Type
Based on the end-user type, the degaussing system market is segmented as original equipment manufacturer, aftermarket, and services. It is estimated that the OEM segment will depict the highest growth during the forecast period, owing to the increase in the delivery of new ships across the globe.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2021-2026. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.