Global Magnetic Anomaly Detection System Market: Introduction
- Magnetic anomaly detection system is an instrument which detects minute variations in the Earth's magnetic field. It is specifically used by military forces to detect submarines. Magnetic anomaly detection system is installed on a drone, helicopter, or plane to detect the presence of submarines in the water from the air.
- Constant threat of border invasion and wars; and rise in conflicts across the world have compelled companies and governments to develop more advance magnetic anomaly detection systems to detect threats. Thus, demand for magnetic anomaly detection systems is expected to rise during the forecast period.
Key Driver and Restraint of Global Magnetic Anomaly Detection System Market
- Rise in defense budgets is a key driver of the global energy magnetic anomaly detection system market. Global defense spending has witnessed significant rise in 2019. It was valued at more than US$ 1.9 Trn in 2019, a 3.6% increase over the 2018 figures and the largest increase since 2010. Sea border patrol and protection is one of the vital areas of investment, as many countries are focusing on the deployment of submarines. This is boosting the demand for magnetic anomaly detection system.
- Countries around the world are developing more technologically advanced submarines that are difficult to track with the exiting technology. Thus, advancements in submarine technology is anticipated to restrain the global magnetic anomaly detection system market in near future.
Global Magnetic Anomaly Detection System Market: Segmentation
- The global magnetic anomaly detection system market can be segmented in terms of range and application.
- Based on range, the global magnetic anomaly detection system market can be divided into up to 200 meters, 200 meters to 500 meters, 500 meters to 1000 meters, and above 1000 meters. The 200 meters to 500 meters and 500 meters to 1000 meters segments are estimated to expand at a high CAGR during the forecast period, due to high demand for these categories among consumers across the world.
- In terms of application, the global magnetic anomaly detection system market can be classified into drone, helicopter, maritime patrol aircraft, and others. Drone and maritime patrol aircraft segments are estimated to expand at a high CAGR during the forecast period. Rise in investment in drone technology and maritime patrol aircraft has led to an increase in sea border security concerns. This is driving the drone and maritime patrol aircraft segments of the market.
Global Magnetic Anomaly Detection System Market: Regional Outlook
- Based on region, the global magnetic anomaly detection system market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America is a dominating region of the global magnetic anomaly detection system market. It is likely to maintain its dominance during the forecast period. North America is also one of the leading regions in terms of defense industry. The overall budget for the defense industry in North America stood at around US$ 730 Bn in 2019; of this, the U.S. contributed nearly US$ 700 Bn. Thus, demand for magnetic anomaly detection system is likely to be high in the region in the near future.
- The market in Asia Pacific is projected to expand significantly during the forecast period, due to significant investments in the defense industry
- The market in Europe is estimated to expand at a stable CAGR during the forecast period, led by steady rise in investment in the defense industry in the region
- The COVID-19 pandemic has adversely affected all major global economies. Most of the sectors have faced direct and indirect effects of the Covid-19 pandemic. The defense is the one of the majorly impacted industries across the globe. This can be ascribed to the supply chain disruption, reduction in budgets, and delay in programs due to lack of funding. The magnetic anomaly detection system market is expected to take two to three years to recover from the COVID-19 pandemic.
Key Players Operating in Global Market
- Bartington Instruments Ltd
- Radar mms
- CAE Inc.
- CASS India
Global Magnetic Anomaly Detection System Market: Research Scope
Global Magnetic Anomaly Detection System Market, by Range
- Up to 200 Meters
- 200 Meters to 500 Meters
- 500 Meters to 1000 Meters
- Above 1000 Meters
Global Magnetic Anomaly Detection System Market, by Application
- Maritime Patrol Aircraft
Global Magnetic Anomaly Detection System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.