The global dynamic positioning system market is expected to reach US$ 10.3 Billion and exhibit growth at a CAGR of 11.6% in the forecast period from 2022 to 2032. The market is estimated to be valued at US$ 8.2 Billion in 2022. The rapid expansion of the cargo shipping industry and the increasing seaborne trade are anticipated to drive the demand for dynamic positioning systems in the near future.
An increase in the range of applications along with the advancement of dynamic positioning (DP) technologies is fueling the growth in the dynamic positioning system market. The dynamic positioning system is a computer-controlled system that automatically controls a vessel’s position and heading completely by means of its own thrust, rudders, and propellers. Generally, this system are designed to meet classification rules based on guidelines issued by the international maritime organization.
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Dynamic Positioning systems now has become critically important due to the increase in activity of the offshore oil industry, renewable energy, and other related industries. To address this variety and needs of industries, the demand for dynamic positioning systems is increasing. Dynamic position systems are difficult and consist of many subsystems such as power systems, thruster systems, and DP control systems among others. Moreover, rising demand for production, storage, floating and offshore vessels, is escalating the growth in the global dynamic positioning system. The dynamic positioning systems market is expected to witness significant growth during the forecast period 2022-2032.
Dynamic Positioning System Market Market: Drivers & Restraints
The prerequisite of advancement in technology (facilitates in deeper waters than vessels), increasing research & development initiatives by manufacturers is driving the demand of dynamic positioning systems. Dynamic positioning systems are better known for its safe and correct operations which are widely used for a variety of purposes in the offshore industry. It provides following benefits such as effective maritime operations, energy efficient system, helps in reducing operational costs and emissions, among others.
Rising maritime trade in Asia-Pacific and Middle-East Africa along with deep-sea excavations is the fundamental growth driver in the Dynamic Positioning system market. Ensuring safety operations and push from the government side is also helping in increasing the degree of awareness among the users. Additionally, growth in the shipping industry is also up surging with significant opportunities in this market. However, high implementation cost, lack of reliable communication and complexity in system are the major setback for the dynamic positioning system market.
Dynamic Positioning System Market: Region-wise Outlook
The global dynamic positioning system market is expected to register a CAGR of approximately 5 percent over the forecasted period 2022-2032. Depending upon geographic regions, global dynamic positioning system market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and Middle East & Africa. In terms of regions, Asia-Pacific accounts for the largest market share. The Middle East and Africa market is projected to register a significant CAGR during the forecast period. Increasing maritime trade with technological updates is fueling the growth in Asia-Pacific and the Middle East and Africa regions.
Countries such as China, Saudi Arabia, UAE, South Korea, Japan, and Russia, among others is expected to witness an upsurge in the demand for DP systems. Eastern Europe and Latin America are also forecast to register significant growth in the global dynamic positioning system market during the forecast period 2022-2032.
Dynamic Positioning System Market: Key Players
Some of the players identified in the dynamic positioning system are L-3 Communications Holdings, General Electric Company, Rolls-Royce Plc, General Electric Company, Kongsberg Gruppen ASA, Navis Engineering, Norr Systems, Praxis Automation Systems, and Marine Technologies LLC, among many others.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Dynamic Positioning System Market: Segmentation
On the basis of equipment type, the global dynamic positioning system market can be broadly segmented into:
- Class 1
- Class 2
- Class 3
On the basis of components, the global dynamic positioning system market can be segmented into:
- Power System (Includes Power management system, Electrical Boards, Electrical generators, Engines, Distribution system, UPS etc )
- DP Control System (Positioning control system, Communication network, Vessels and environmental sensor systems and Positioning reference systems)
- Thruster System (Thruster control units, Cabling and routing, Thruster drive units and auxiliaries, Main propellers and rudders)
On the basis of application, the global dynamic positioning system market can be segmented into:
- Passenger Vessels (mega yachts and cruise ships)
- Merchant Vessels (Shuttle tankers, container vessels and bulk carriers)
- Platform Supply Vessel/Offshore Support Vessels (Cable Laying Vessels, pipe laying vessels, dredgers, drill, ships, floating production, shuttle tanker, among many others)
- Naval Vessels and Operations (Mine Sweepers and Survey ships)
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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