Report Id: SNS/A&D/1296 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Dynamic Positioning Systems Market is evaluated at USD 6.2 billion in 2021 and is expected to reach USD 11.76 billion by 2028, and grow at a CAGR of 9.5% over the forecast period 2022-2028.
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.
Increased seaborne trade all around the world
Advancement in technologies
The Offshore Shipping Industry's Operations are Growing
System complexity and initial installation costs
High Costs of Maintenance
Dynamic Positioning Systems Powered by Lasers
Shipping Industry with Self-Government
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.
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.
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.
Some of the major key players are as follows: 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.
KEY MARKET SEGMENTATION:
By Equipment Type:
Position reference and tracking system
DP control systems
motors and Drives
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 6.2 Billion|
|Market Size by 2028||US$ 11.76 Billion|
|CAGR||CAGR of 9.5% From 2022 to 2028|
|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
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Dynamic Positioning Systems Market, By Type
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
12. Dynamic Positioning Systems Market, By End-Use
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14.1 ABB Ltd
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
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