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Dynamic Positioning Systems Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Dynamic Positioning Systems Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
Rising offshore wind energy projects is expected to propel the growth of the dynamic positioning systems market going forward. Offshore wind energy projects involve the development and utilization of wind turbines located in bodies of water, typically in the ocean. The increasing focus on renewable energy, particularly offshore wind farms, has led to a growing need for dynamic positioning systems to ensure the proper installation and maintenance of wind turbines in challenging marine environments. For instance, according to National Renewable Energy Laboratory (NREL), a primary national laboratory for renewable energy and energy efficiency, Nearly 22,000 MW of offshore wind capacity were under construction worldwide at the end of December 2022. Therefore, rising offshore wind energy projects is driving the growth of the dynamic positioning systems market.
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.
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Major Key Players of the Market:
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.
Dynamic Positioning Systems Market 2024 Key Insights:
• 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%.
• Global Surge In Seaborne Trade Fuels Growth Of The Market
• Technological Advancements Propel Dynamic Positioning Systems Market Growth
• North America was the largest region in the dynamic positioning systems market share in 2023
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