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Magnetic Anomaly Detection System Market

Magnetic Anomaly Detection System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

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

COVID-19 Impact

  • 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

  • Polatomic
  • Bartington Instruments Ltd
  • Radar mms
  • CAE Inc.
  • CASS India
  • IAI

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

  • Drone
  • Helicopter
  • Maritime Patrol Aircraft
  • Others

Global Magnetic Anomaly Detection System Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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