Degaussing System Market size is valued at USD 783.5 million in 2021 and is expected to grow at a CAGR of 3.5% from 2022 to 2028. Degaussing System was first utilized in the Second World War when German forces established naval mines that used to explode after coming in connection with the magnetic field. The growing necessity for a system to refuge magnetic flux produced by naval vessels caused the innovation of Degaussing Systems by the Royal British Navy. Degaussing System aids in making a naval vessel hidden on traditional detection systems. However, the naval vessels mro are noticeable to the eyes; its long-term detection on monitoring tools is impossible, offering a sneakiness mode to the naval war vessel in the global open waters. The global market provides a detailed overview of the Degaussing System market, and that can be segmented by type and by application. By type, the Degaussing System market has been segmented into External Degaussing systems and Shipborne Degaussing systems. The Shipborne Degaussing System segment is likely to be the significant growing segment in terms of type. The rise of this segment is mainly because degaussing solutions bid numerous advantages, such as improved signature control, support in magnetic maps, and fault management. In naval warfare, to defend ships from rival mines, the degaussing solution systems are accepted. Due to this reason, the Shipborne degaussing solution segment will observe growth in the Degaussing System Market. Based on Application, the Degaussing System market is segmented into OEMs, Aftermarkets, and Services. Among these, the OEM segment is expected to have the fastest-growing market during the forecast period 2022-2028. The development of the OEM segment can be credited to factors such as progressive degaussing systems with functions such as automatic control, LED status indicators, and sensor measurements.
In May 2021, American Superconductor purchased private Connecticut-based Neeltran, a manufacturer of rectifiers and transformers to industrial clients
In June 2021, The US Navy has presented an award to ASMC four contracts for its degaussing system.