Marine Dynamic Positioning System Market New Industry Research On Present State & Future Growth Prospects to 2030

Drivers, Restraints, and Opportunities

Rise in seaborne trade across the globe, increase in number of dynamic position ships such as survey and research vessels, advancements in offshore drilling technology, and deployment of offshore patrol vessels drive the growth of the global marine dynamic positioning system market. However, complexities associated with marine dynamic positioning systems and high maintenance costs restrain the market growth. On the other hand, rise in development of autonomous ships, introduction of laser-based dynamic positioning systems, and technological advancements create new opportunities in the coming years.

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Introduction of laser-based dynamic positioning systems, increase in development of autonomous ships, and technological advancements are factors expected to create new growth opportunities for marine dynamic positioning system market during the forecast period. However, factors such as complexity associated with the system and high maintenance costs are expected to hamper the market growth.

On the basis of subsystem, the marine dynamic positioning system industry is segmented into control system, power system, and thruster system. In 2020, the thruster system accounted for a major share. The thruster system is a vital component of a dynamic positioning system, and is responsible for maintaining the heading and position of the vessels by acting against the changes occurring underneath the water surface. These systems function by the means of thrust force and thrust direction.

According to a new report published by Allied Market Research, titled, "Marine Dynamic Positioning System Market," The marine dynamic positioning system market was valued at $5.6 billion in 2020, and is estimated to reach $17.6 billion by 2030, growing at a CAGR of 12.54% from 2021 to 2030.

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Asia-Pacific is expected to dominate the global marine dynamic positioning system market owing to increase in seaborne trade in the region. Moreover, in countries such as India, the government is taking initiatives to promote maritime tourism, which in turn is expected to create demand for new ships to be equipped with latest technology. Thus, increasing the demand for dynamic positioning system. Advancements in offshore drilling technology, and greater deployment of offshore patrol vessels also contribute to the market growth in the region.

On the basis of equipment class, the marine dynamic positioning system market is segregated into class 1, class 2, and class 3. Class 2 dynamic positioning system are utilized in several types of vessels, such as commercial vessels, including container ships, ferries, cruise, and cargo ships. The class 2 dynamic positioning system has redundancy, so that no single fault in active system can cause dynamic positioning system to fail.

The application segment has been divided into naval vessels, offshore vessels, and others. The naval vessels are are used in applications such as mine countermeasures, amphibious landing, submarine rescue, and pollution control. Installation of dynamic positioning system on these aid the vessel to gain accuracy, thereby enhancing security. Various advanced nations such as the U.S., China, and Japan use dynamically positioned vessels within their naval, coast guard, and auxiliary fleets.

On the basis of sales channel, the market is classified into original equipment manufacturer and retrofit. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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