Magnetic Anomaly Detection System Market Size, Share, and COVID-19 Impact Analysis, By Range (Up to 200 Meters, 200 Meters to 500 Meters, 500 Meters to 1000 Meters, and Above 1000 Meters), By Application (Geomagnetic Survey and Aeromagnetic Survey), By Platform (Drone, Helicopter, and Maritime Patrol Aircraft, and Others) and Regional Forecast, 2024-2032

Magnetic anomaly detection (MAD) is a device used to detect variations in the earth's magnetic field. Military forces primarily refer to the system to detect submarines. Magnetic anomaly detection (MAD) was developed to detect submarines from an aircraft. MAD is an extensively used passive method for magnetic target detection, such as applications that include monitoring of underwater moving targets, surface ship target detection, land target detection, and identification of seismic activity for metal mining. The rising use of MAD by military forces for surveillance drives market growth.

The constant threat of border invasion and wars; and the rise in conflicts worldwide have compelled companies and governments to develop more advanced magnetic anomaly detection systems to recognize threats. Thus, the order for magnetic anomaly detection systems is predicted to rise during the forecast period.

Impact of COVID-19 on the Magnetic Anomaly Detection System Market

The impact of COVID-19 was analyzed in three scenarios: realistic, optimistic, and pessimistic. The realistic scenario was taken into account for further calculations. The COVID-19 pandemic has harmfully affected all major global countries. Most sectors have faced direct and indirect effects of the Covid-19 pandemic. Defense is one of the majorly impacted industries across the globe. This can be ascribed to supply chain disruption, budget reduction, and program delay due to a lack of funding. The magnetic anomaly detection system market is projected to take two to three years to recover from the COVID-19 pandemic.

Key Insights

The report will cover the following key insights:

• The report analyzes a detailed overview of the industry, including qualitative and quantitative information.


• It analyzes an overview and forecast of the global market based on various segments.


• It also analyzes market size estimates and forecasts from the year 2021 to 2029 covering five major regions: North America, Europe, Asia-Pacific (APAC), rest of the World. The market by region will subsequently be divided into respective countries and segments.


• The report covers analysis and forecasts from 18 countries around the world, along with current trends and opportunities in the region.


• The report analyzes factors affecting the market from both demand and supply side and assesses market dynamics affecting the market during the forecast period, namely: H. Drivers, Restraints, future opportunities and trends.


• The report also analyzes comprehensive PEST analysis for all five regions i.e. North America, Europe, APAC, rest of the world after evaluating economic, economic, political and technological factors affecting the impact of the market in these regions.

Regional Analysis

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 the defense industry. Thus, the region's demand for magnetic anomaly detection systems is likely to be high during the forecast period. Europe is expected to have a stable CAGR during the forecast period. An increase in investment in the defense industry in the region is propelling market growth. The Asia Pacific is projected to expand anticipatedly during the forecast period. Rising investments in the defense budget by emerging countries such as China, India, Japan, and Australia are boosting the demand for the market.

Key Players Covered

The report includes the profiles of key players such as Polatomic Inc (U.S.), Bartington Instruments Ltd  (U.K.), NPP Radar MMS OAO (Russia), CAE Inc. (Canada), Lockheed Martin Corporation (U.S.), Israel Aerospace Industries (Israel), Saab AB (Sweden), Elbit Systems (Israel) and L3Harris Technologies (U.S.) And others.

Segmentation

Key Industry Developments

• In September 2020, according to a contract released by the United States Department of Defense, Lockheed Martine Rotary and Mission System was awarded a contract to provide non-recurring and recurring engineering support associated with software and hardware development of phase one integration of Digital Magnetic Anomaly Detection sensor into the MH-60R Seahawk helicopter.


• In June 2019, CAE announced the company had started manufacturing of CAE Magnetic Anomaly Detection-Extended Role (MAD-XR) system. The CAE MAD-XR is lighter and more compact, thus allowing the CAE MAD-XR also to be installed on helicopters, smaller fixed-wing aircraft, and unmanned aerial vehicles (UAV).