To get more information on Dynamic Positioning Systems Market - Request Free Sample Report
The Dynamic Positioning Systems Market is evaluated at USD 7.72 billion in 2023 and is expected to reach USD 19.43 billion by 2032 and grow at a CAGR of 10.8% over the forecast period 2024-2032.
Dynamic positioning systems are computer-controlled systems that keep a vessel's heading and position by using its own thruster and propellers. It permits a vessel to retain its balance on its own. Dynamic positioning systems enable vessels to operate with greater reliability, positioning accuracy, and safety. As a result, technologies like this have been widely adopted across sectors and international marine organisations like General Electric Co. and Marine Technologies LLC. However, due to previously built subsea structures on the seabed, the deployment of these systems may be limited. However, due to the length and depth of mooring lines necessary in certain Deepwater production and exploration scenarios, dynamic positioning operated vessels may be the only realistic option.
Position reference sensors, in combination with motion sensors, wind sensors, and gyrocompasses, provide information to the computer system about the position, magnitude, and direction of environmental forces, allowing the vessel to maintain its position and balance. For energy efficiency, the dynamic positioning system is combined with mooring and anchoring to form position mooring systems.
Due to a surge in the number of dynamic position vessels such as survey vessels, drilling ships, supply vessels, diving support vessels, and others, the dynamic positioning system market has seen rapid expansion in recent years. Furthermore, technical advancements and the use of dynamic positioning vessels for offshore drilling by the oil industry are increasing demand for dynamic positioning systems. However, a scarcity of qualified dynamic position operators and system complexity are limiting industry expansion. Furthermore, the installation and operation of a dynamic positioning system are important roadblocks to the DPS market's expansion.
MARKET DYNAMICS
DRIVERS
Increased seaborne trade all around the world
Advancement in technologies
The Offshore Shipping Industry's Operations are Growing
RESTRAINTS
System complexity and initial installation costs
High Costs of Maintenance
OPPORTUNITIES
Dynamic Positioning Systems Powered by Lasers
Shipping Industry with Self-Government
CHALLENGES
Unskilled Operators Have Difficulty Operating Complex Systems
IMPACT OF COVID-19
Due to a government-imposed lockdown to track the spread of COVID-19 around the world, makers of dynamic positioning systems are being forced to shut down operations. Ship and component manufacturers are experiencing supply chain disruptions as a result of government transportation restrictions imposed in the aftermath of the COVID-19 epidemic. Failure to maintain vessels, which leads to operational failure, is one of the primary difficulties facing the maritime industry. Due to sporadic breakdowns, this causes delays and hindrances in the shipping business. One of the greatest problems for engineers in doing regular repairs was travel limitations caused by the pandemic.
These issues are being addressed in order to improve the industry's current situation. The cost of shipping is high because of low demand and limited vessel availability. This pattern is predicted to persist until the pandemic is over. Countries are currently focusing on sustaining supply chains to enable running enterprises; therefore, the shipping industry is anticipated to make efforts to solve the obstacles posed by COVID-19.
By Type
During the forecast period, the next generation sector is expected to grow at the fastest rate. The rise and development of autonomous vessels will primarily drive this industry. Several governments in various locations are now working on projects to bring autonomous vessels to the commercial market. Because autonomous vessels require minimum human intervention, there is a larger risk of inaccuracy, which could result in accidents. Dynamic positioning systems are therefore required. As a result, shipowners and OEM manufacturers are developing new dynamic positioning systems for autonomous vessels. As a result, for the anticipated period, this will be the primary elements driving growth in this segment.
By Equipment Type
During the forecast period, the class 2 dynamic positioning system segment is predicted to develop at the fastest rate. Commercial vessels, such as passenger ferries, cargo ships, dredgers, and others, use class 2 dynamic positioning systems. Because the class 2 dynamic positioning system is redundant, even if the active system fails, the dynamic positioning system will not fail.
By Application
Merchant vessels, offshore vessels, passenger ships, and naval vessels make up the market. The commercial vessels application segment is expected to be the largest. The strong growth of this segment can be due to the rising use of dynamic position (DP) boats for offshore drilling by the oil and gas industries.
By Type
Conventional
Next-generation
By Equipment Type
Class 1
Class 2
Class 3
By Sub-System
Position reference and tracking system
DP control systems
Power systems
Motors and Drives
By Application
Military
Commercial
By End-Use
OEM
Aftermarket
REGIONAL ANALYSIS
In 2022, Asia-Pacific led the market. During the forecast period, growing economies such as China and India are expected to be the growth engines of the Asia-Pacific dynamic positioning systems market. The demand for dynamic positioning systems in the region is being driven by an increase in the number of offshore patrol vessels and technical advancements, which are the primary factors. During the projected period, North America and Europe are expected to offer significant growth prospects.
Need any customization research on Dynamic Positioning Systems Market - Enquiry Now
REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are ABB, Navis Engineering Oy, Kongsberg Gruppen, General Electric, Wartsila Corporation, Rolls-Royce PLC, Marine Technologies LLC, Moxa Inc., L-3 Communications Holdings, Inc., Praxis Automation, Volvo Pent, and other players
Kongsberg Gruppen-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 7.72 Billion |
| Market Size by 2032 | US$ 19.43 Billion |
| CAGR | CAGR of 10.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Conventional, Next-generation) • By Equipment Type (Class 1, Class 2, Class 3) • By Sub-System (Position reference and tracking system, DP control systems, Power systems, motors, and Drives) • By Application (Military, Commercial) • By End-Use (OEM, Aftermarket) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ABB, Navis Engineering Oy, Kongsberg Gruppen, General Electric, Wartsila Corporation, Rolls-Royce PLC, Marine Technologies LLC, Moxa Inc., L-3 Communications Holdings, Inc., Praxis Automation, Volvo Pent, and other players. |
| DRIVERS | • Increased seaborne trade all around the world • Advancement in technologies • The Offshore Shipping Industry's Operations are Growing |
| RESTRAINTS | • System complexity and initial installation costs • High Costs of Maintenance |
The growth rate of the Dynamic Positioning Systems Market is 10.8% over the forecast period 2024-2032.
Increasing seaborne trade all around the world, advancement in technologies, and growing offshore Shipping Industry's Operations are the driving factors of the Dynamic Positioning Systems Market.
The key players of the Dynamic Positioning Systems Market are ABB, Navis Engineering Oy, Kongsberg Gruppen, General Electric, Wartsila Corporation, Rolls-Royce PLC, Marine Technologies LLC, Moxa Inc., L-3 Communications Holdings, Inc., Praxis Automation, and Volvo Pent.
Dynamic Positioning Systems Market is segmented into 3 types: By Type, By Equipment Type, and By Application.
Asia-Pacific region dominated the Dynamic Positioning Systems Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Dynamic Positioning Systems Market, By Type
8.1 Conventional
8.2 Next-generation
9. Dynamic Positioning Systems Market, By Equipment Type
9.1 Class 1
9.2 Class 2
9.3 Class 3
10. Dynamic Positioning Systems Market, By sub-system
10.1 Position reference and tracking system
10.2 DP control systems
10.3 Power systems, motors, and Drives
11. Dynamic Positioning Systems Market, By Application
11.1 Military
11.2 Commercial
12. Dynamic Positioning Systems Market, By End-Use
12.2 OEM
12.3 Aftermarket
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 ABB Ltd
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 AB Volvo
14.3 General Electric Company
14.4 Kongsberg Gruppen ASA
14.5 L3Harris Technologies, Inc.
14.6 Marine Technologies, LLC
14.7 Navis Engineering Oy
14.8 Praxis Automation Technology B.V.
14.9 Reygar Ltd
14.10 Wärtsilä Corporation
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Helicopters Market Size was valued at USD 28.030 billion in 2023 and is expected to reach USD 72.817 billion by 2031 with a growing CAGR of 12.02% over the forecast period 2024-2031.
The Military Transport Aircraft Market Size was valued at USD 33.08 billion in 2023 and is expected to reach USD 41.71 billion by 2032 with a growing CAGR of 2.61% over the forecast period 2024-2032.
The 5G in Defense Market size is estimated at USD 0.92 Billion by 2023 and is expected to grow at a CAGR of 20% and will hit USD 3.95 Billion by 2031.
The Space Launch Services Market Size was valued at USD 17.8 billion in 2022 and is expected to reach USD 54.60 billion by 2030 and grow at a CAGR of 15.04% over the forecast period 2023-2030.
The Inertial Measurement Unit (IMU) Market Size was valued at USD 24.60 billion in 2022 and is expected to reach USD 69.68 billion by 2030 with a growing CAGR of 13.9% over the forecast period 2023-2030.
The LiDAR Drone Market Size is expected to grow from USD 186.23 million in 2023 to USD 1868.15 million by 2032 at a CAGR of 29.2% over the forecast period 2024-2032.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
