The global dynamic positioning systems market is set to sail towards substantial growth, with an estimated valuation of US$ 8.2 billion in 2022. The journey ahead looks promising, as the market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period from 2022 to 2032. By 2032, it is anticipated to anchor at an impressive US$ 10.3 billion.
One of the key drivers of this growth is the increasing need for dynamic positioning systems in the Asia-Pacific region. This demand is primarily driven by safety concerns during offshore oil and gas activities in deep ocean waters. The Asia-Pacific region boasts some of the largest ports in the world and is characterized by major geopolitical conflicts between nations. In this context, the necessity for dynamic positioning systems has grown significantly.
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Dynamic Positioning System 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 2022-2033. 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. 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 Middle East and Africa regions.
Countries such as China, Saudi Arabia, UAE, South Korea, Japan, 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 a significant growth in the global dynamic positioning system market during the forecast period 2022-2033.
Dynamic Positioning System Market: Key Players
- Moxa Inc.
- Kongsberg Gruppen
- Navis Engineering
- Praxis Automation Technology B.V.
- General Electric
- Norr Systems Pte Ltd.
- ABB
- Marine Technologies, LLC
- Wärtsilä
- Rolls-Royce plc
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.
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Market Segments Covered:
By Equipment Type:
- Class 1
- Class 2
- Class 3
By Component:
- Power System
- DP Control System
- Thruster System
By Application:
- Passenger Vessels
- Merchant Vessels
- Platform Supply Vessels/Offshore Support Vessels
- Naval Vessels and Operations
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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