ID: MRFR/E&P/7281-HCR | February 2021 | Region: Global | 111 pages
According to the latest research report, the market for Dynamic Positioning System market size is expected to reach USD 685 million by 2025, at a CAGR of 8.34 percent between 2019 and 2025. Dynamic positioning systems are computer-controlled systems that maintain a vessel's direction and situation by using its own propellers and thrusters. It enables a vessel to maintain its equilibrium mechanically. Vessels outfitted with dynamic positioning systems can operate with consistency, positioning accuracy, and security. The dynamic positioning system is made up of position indication sensors, motion sensors, gyrocompasses, and wind sensors that provide factual information to the computer system about the position, scale, and direction of location forces in order to keep the vessel's location and stability. For energy efficiency, the dynamic positioning system is used with anchoring and mooring to build position mooring systems.
The worldwide dynamic positioning system market value has seen rapid growth in recent years as a result of an increase in the number of dynamic positioning boats such as drilling ships, survey vessels, diving support vessels, supply vessels, and others. Furthermore, the popularity of dynamic positioning systems is being fueled by technical advancements and the use of dynamic positioning systems for offshore drilling by many oil companies. The dynamic positioning systems market has enormous potential and is anticipated to expand, owing to an increase in global seaborne commerce. Furthermore, fast technical advancements in monitoring and dynamic positioning systems, as well as an increase in activities in the offshore shipping industry, are heavily affecting the growth of the dynamic positioning systems market. Another trend expected to fuel the growth of the dynamic positioning systems market is the increase in deep-sea explorations and marine trade. Furthermore, the rise in the offshore shipping sector and the increase in the number of dynamic positioning boats are projected to drive the growth of the dynamic positioning systems market during the forecast period.
This report contains all the information on the global Dynamic Positioning System market trends and strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the Dynamic Positioning System market forecast for 2027 is also included in the report.
Covid 19 Analysis
Due to a government-imposed shutdown to monitor the spread of COVID-19 across the world, producers of dynamic positioning systems are being forced to shut down production activities. Ships and component manufacturers are experiencing operating issues as a result of supply chain disruption caused by government shipping restrictions imposed in the aftermath of the COVID-19 outbreak.
Due to the extreme existence of numerous important competitors in the dynamic positioning system industry, the main players of the global dynamic positioning system market are extremely diverse.
Major Key Players
The amount of bulk cargo sold and carried by maritime routes around the world has grown over time since ships are more cost-effective than other modes of transportation. This, in turn, has resulted in an increase in worldwide seaborne trade. According to the International Chamber of Shipping, 90 percent of the world's trade is carried out by sea routes in 2019 because freight rates are low and appropriate for the shipment of large products and items in bulk.
According to the United Nations Conference on Trade and Development (UNCTAD), worldwide seaborne trade reached roughly 12.8 billion tonnes in 2019 as a result of expanding global population, rising global GDP, rising disposable incomes, particularly in Asian nations, and rising living standards. As a result, cargo transit by water is projected to stimulate demand for shipbuilding, resulting to an increase in demand for dynamic positioning system market growth.
The marine sector has also made ground-breaking advances and is eager to see them put into practice. Various maritime sector firms have made considerable investments in developing self-driving ships. These projects are being built in order to give the capability of transferring freight and passengers from one site to another on navigable waters in the future. Grovfjord Mek. Verksted (GMV) Shipyard (Norway) has chosen companies such as A. B. Volvo (Sweden) to build a fleet of unmanned boats for the commercial sector.
The market for dynamic positioning systems, however, has some constraints that are likely to stymie the industry's potential growth, such as sophisticated technology, high initial installation costs, and high maintenance expenses.
Dynamic positioning systems employ a computer-controlled system that gives information on the influence of wind on the container as well as the position of the thrusters, which is difficult for unskilled individuals to handle. DP systems are becoming critical components of offshore operations, requiring properly educated and highly competent personnel to operate. Operators play a crucial role since they are responsible for the proper operation of boats equipped with DP systems.
Cumulative Growth Analysis
Many significant manufacturers, including Volvo Penta, ABB, General Electric, Kongsberg Gruppen, and Wartsila Corporation, are concentrating on creating new dynamic positioning system solutions. Such businesses are actively working on a market entry strategy by creating new products in order to provide the most appropriate dynamic positioning systems market outlook. For example, in September 2018, ABB introduced a new product called Marine Pilot Control, which minimizes the labor associated with automating navigational operations. This new product introduction has assisted the firm in expanding its product line.
Value Chain Analysis
According to the reports, the worldwide dynamic positioning system market has been divided into subsystems, equipment classes, applications, and regions. The worldwide market for subsystems comprises a control system, a propulsion system, a power system, and others. The control system sector is projected to have the highest share because control components and systems, which are required to dynamically position the vessel, are an important part of the control system. The global market is divided into three classes of dynamic positioning equipment: class 1, class 2, and class 3. The worldwide dynamic positioning system market has been divided into subsystems, equipment classes, applications, and regions. The worldwide market for subsystems comprises a control system, a propulsion system, a power system, and others. The control system sector is projected to have the highest dynamic positioning system market share because control components and systems, which are required to dynamically position the vessel, are an important part of the control system. The global market is divided into three classes of dynamic positioning equipment: class 1, class 2, and class 3.
The market is segmented based on subsystems, equipment classes, applications, and regions. The global dynamic positioning system market is expected to witness decent growth during the forecast period.
The market is segmented into Commercial and Military based on the application.
Based on the propulsion types, the market is segmented into Position reference and tracking systems, Power systems, motors, and Drives, and DP control systems.
According to the reports, the worldwide dynamic positioning system market is divided into five regions: Asia-Pacific, North America, Europe, the Middle East, and Africa, and South America. Due to the increasing number of offshore patrol vessels and technological developments in the area, Asia-Pacific is projected to be the largest and fastest-growing regional market. Deep-sea excavations are expanding, and marine traffic with the Asia-Pacific and Africa areas is developing, driving market development. Furthermore, the need for dynamic positioning systems in the Asia-Pacific area is increasing due to safety operations in deep ocean waters during offshore oil and gas activities.
The following report comprises of –
Based on end-use,
Based on equipment type,
Based on application,
Based on the sub-system,
Based on type,
Based on region,
|CAGR||8.34% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Subsystem, Equipment Class, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Volvo Penta, ABB, General Electric, Kongsberg Gruppen, Moxa Inc., Marine Technologies LLC, Rolls-Royce PLC, Praxis Automation, Wartsila Corporation, Navis Engineering Oy, L-3 Communications Holdings, Inc., NORR Systems Pte Ltd, Guidance Marine, JRC, and Master Boat Builders Inc.|
|Key Market Opportunities||New product launch has helped the company|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global dynamic positioning system market is estimated to value USD 685 million by the end of 2025.
The global positioning system market is estimated to thrive at a CAGR of 4.02% during the forecast period from 2019 to 2025.
The increasing number of offshore patrol vessels and technological advancements are the most significant factor leading to market expansion.
The most distinguished players of the global dynamic positioning system market are Volvo Penta, ABB, General Electric, Kongsberg Gruppen, Moxa Inc., Marine Technologies LLC, Rolls-Royce PLC, Praxis Automation, Wartsila Corporation, Navis Engineering Oy, L-3 Communications Holdings, Inc., NORR Systems Pte Ltd, Guidance Marine, JRC, and Master Boat Builders Inc.
The global dynamic positioning system market has been segmented into North America, Asia-Pacific, Europe, and the Middle East. Among all. The APAC region is estimated to be the fastest-growing regional market.