Global Dynamic Positioning Systems market report 2024, Forecast To 2033
4 Mar, 2024
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.
Global Dynamic Positioning Systems Market Key Driver
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. The 2023, 2024, and 2028 market sizes for the dynamic positioning systems market reflect the growing reliance on maritime transportation for global trade and the increasing adoption of advanced navigation and positioning technologies to enhance the safety and efficiency of maritime operations.
Get A Free Sample Of The Global Dynamic Positioning Systems Market ReportGlobal Dynamic Positioning Systems Market Segments
The global 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
By Geography: The regions covered in the dynamic positioning systems market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Dynamic Positioning Systems Industry Players
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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Dynamic Positioning Systems Market Overview
The dynamic positioning system refers to the system that utilizes continuously operating thrusters to manage the position and heading of a vessel. The thrusters automatically counteract environmental factors that may otherwise cause the vessel to drift from its intended position. The dynamic positioning systems are used for tracking, maneuvering, maintaining a fixed position, and changing location or weather vanes to avoid weather effects.
Dynamic Positioning Systems Global Market Report 2023 provides data on the global dynamic positioning systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The dynamic positioning systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.