Press release
Dynamic Positioning Systems Market Size, Share, Trends, Growth, Outlook 2024-2033
Dynamic Positioning Systems Market
Dynamic Positioning Systems Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $99.08 billion In 2028 At A CAGR Of 28.8% :
The dynamic positioning systems market size has grown strongly in recent years. It will grow from $6.8 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to marine exploration and offshore activities, offshore energy industry expansion, demand for precision and safety, increased deepwater exploration, commercial shipping requirements.
The dynamic positioning systems market size is expected to see strong growth in the next few years. It will grow to $9.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rise in offshore renewable energy, offshore infrastructure development, growth in autonomous vessels, focus on environmental sustainability, maritime safety and risk mitigation. Major trends in the forecast period include focus on operational performance, continuous r&d and innovation, market expansion into emerging economies, cost-efficiency in operations, collaboration and industry partnerships.
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Dynamic Positioning Systems Market Major Segments
The dynamic positioning systems market covered in this report is segmented -
1) By Equipment Type: Class 1, Class 2, Class 3
2) By Component: Power System, DP Control System, Thruster System
3) By Application: Passenger Vessels, Merchant Vessels, Platform Supply Vessels/Offshore Support Vessels, Naval Vessels and Operations
4) By End Use: OEM, Aftermarket
Key Driver - Global Surge In Seaborne Trade Fuels Growth Of The Market
An increase in seaborne trade globally is propelling the dynamic positioning systems market. Seaborne trade refers to the shipping of goods in containers via a sea route that enables the shipping of a large volume of goods at a low cost, and those shipping containers can also be further used to transport goods via road or rail. Due to the ship's dynamic positioning system, it can maintain its position even in adverse weather. The computer receives information from position reference sensors about the position of the vessel and the strength and direction of the environment influencing that position. For instance, in 2021, according to the United Nations Conference on Trade and Development (UNCTD), global seaborne trade recovered in 2021 as volumes bounced back at an estimated rate of 3.2%. Therefore, an increase in seaborne trade across the globe is driving the growth of the dynamic positioning systems market.
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Prominent Trend - Technological Advancements Propel Dynamic Positioning Systems Market Growth
Technological advancement is a key trend in the dynamic positioning systems market. Major players focus on innovation in dynamic positioning systems to develop a more accurate and efficient positioning system and gain a competitive edge in the market. For instance, in March 2022, Mitsui O.S.K. Lines Ltd, a Japan-based transport company and MOL Marine & Engineering Co., Ltd, a Japan-based company that offers customized maritime consulting services, announced that a Dynamic Positioning (DP) Simulator with a Dynamic Positioning System (DPS) will be installed on the ground floor of the MOL Head Office in June. The simulator will provide sophisticated Dynamic Positioning Training for special purpose DP ships for various offshore development projects such as Cable-laying Ships and Offshore Wind Power Projects.
Dynamic Positioning Systems Market Players
Major companies operating in the dynamic positioning systems market report are Moxa Inc., Kongsberg Gruppen AS, Praxis Automation Technology B.V., General Electric Company, Norr Systems Pte. Ltd., ABB Ltd., Marine Technologies LLC, Wärtsilä Oyj Abp, Rolls-Royce Holdings plc, AB Volvo plc, L-3 Communications Holdings Inc., RH Marine Group, Twin Disc Incorporated, Koninklijke IHC, Reygar Ltd., Sonardyne International Ltd., COMEX SA, Navis Engineering LLP, Advanced Navigation Pty Ltd., Teledyne Technologies Inc., Applanix Corporation, Underwater Engineering S.A.L., C-Nav Positioning Solutions, Denar Ocean Engineering Ltd., Marine Management Limited, Alphatron Marine BV, L3Harris Technologies Inc., Wartsila Guidance Marine BV, Thrustmaster of Texas Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the dynamic positioning systems market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dynamic positioning systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Dynamic Positioning Systems Market Report Structure
3. Dynamic Positioning Systems Market Trends And Strategies
4. Dynamic Positioning Systems Market - Macro Economic Scenario
5. Dynamic Positioning Systems Market Size And Growth
…..
27. Dynamic Positioning Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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