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.
In terms of market share for dynamic positioning systems in the coming years, Asia Pacific is anticipated to rule. This expansion can be attributed to the fact that China, Singapore, and Hong Kong all have thriving shipbuilding industries. The expansion of maritime commerce and the high demand for ships are additional expected outcomes.
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.
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Dynamic positioning system is a specially developed computer-controlled system that is capable of maintaining a vessel’s heading and position automatically by utilizing its own thrusters and propellers.
Dynamic Positioning system now have become critically important due to increase in activity of offshore oil industry, renewable energy and other related industries. To address this variety and needs of industries, the demand for dynamic positioning system is increasing.
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. 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 2022-2032.
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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.
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