Press release
Marine Dynamic Positioning System Market Size, Share Analysis And Forecast To 2033
Marine Dynamic Positioning System Market Size
According to The Business Research Company's, The marine dynamic positioning system market size has grown rapidly in recent years. It will grow from $4.07 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increase in global seaborne trade, growth in offshore oil and gas exploration, growing offshore wind energy sector, growth in offshore wind farms, and stringent maritime regulations.
The marine dynamic positioning system market size is expected to see rapid growth in the next few years. It will grow to $7 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to increase in number of dynamic position ships such as survey and research vessels, growing need for renewable energy, increasing demand for unmanned surface vehicles, rising maritime transportation, and increasing focus on safety. Major trends in the forecast period include advancements in offshore drilling technology, technological developments, autonomous operations, cloud connectivity, and machine learning algorithms.
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Market Drivers and Trends:
The growth in offshore construction activities is expected to propel the development of the marine dynamic positioning system market going forward. Offshore construction activities refer to the various operations and projects in bodies of water, typically in the ocean, for building, installing, or maintaining structures such as oil platforms, pipelines, bridges, and other marine infrastructure. The growth in offshore construction activities is driven by expanding renewable energy initiatives and technological advancements enabling complex projects in deeper waters. Dynamic positioning (DP) systems provide flexibility in maneuvering vessels and equipment, allowing them to work in various locations and conditions without needing fixed anchor points. They also enable vessels to maintain a safe distance from offshore structures and other vessels, minimizing the potential for collisions or damage. For instance, in August 2023, according to reports published by the Office of Energy Efficiency and Renewable Energy, a US-based government, offshore wind pipelines in 2022 will reach 40,083 megawatts (MW), which is an increase of 13.5% compared to the previous year. Therefore, the growth in offshore construction activities is driving the development of the marine dynamic positioning system market.
Major companies operating in the marine dynamic positioning system market are integrating innovative technologies, such as dynamic positioning (DP) simulators, to enhance the training and proficiency of DP operators. These simulators provide realistic training environments that replicate various maritime conditions and scenarios, allowing operators to practice their skills, improve decision-making abilities, and familiarize themselves with DP systems and procedures in a safe and controlled setting. For instance, in March 2022, Mitsui O.S.K. Lines Ltd. (MOL)., a Japan-based shipping company, and MOL Marine & Engineering Co. Ltd., a Japan-based marine technology services company, installed a Dynamic Positioning (DP) Simulator with a Dynamic Positioning System (DPS) at the MOL Head Office. The DP Simulator will serve as a training platform for MOL crewmembers of cable-laying ships and related engineers. Furthermore, the group plans to extend DP training programs to customers and tailor customized training for various offshore development vessels, including those for offshore wind power projects. Additionally, it will provide research and consulting services for port and harbor improvement projects, navigation safety measures, and maritime construction safety standards.
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Major Key Players of the Market:
General Electric Company, The Volvo Group, General Dynamics Corporation, Siemens Energy AG, ABB Ltd, L3Harris Technologies Inc, Rolls-Royce plc, Wärtsilä Corporation, Kongsberg Gruppen ASA, Japan Radio Company (JRC), Mercury System Inc, Norr Systems Hydraulics Pte. Ltd, RH Marine Corp, Grid Dynamics Holdings Inc, AquaTech India Pvt. Ltd, Thrustmaster of Texas Inc, Master Boat Builders Inc, Praxis Automation Technology B.V, AquaGuard Positioning, C-MAR Group, Navis Engineering Oyj, BlueWave Products Inc, Vision Marine Technologies LLC, Seaquest Marine Resources Private Limited, SeaNav Technologies Pvt. Ltd, Reygar Ltd.
Marine Dynamic Positioning System Market 2024 Key Insights:
• The marine dynamic positioning system market size is expected to see rapid growth in the next few years. It will grow to $7 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Growth Of Marine Dynamic Positioning System Market Driven By Offshore Construction Activities
• Integration Of Dynamic Positioning Simulators
• Asia-Pacific was the largest region in the marine dynamic positioning system market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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