AU_171832
|
Pages: 150
|
Feb 2017 | 4089 Views
|
|
|
Author(s) :
Priya Shahi & Komal Sharma
|
Tables: 50
|
Charts: 62
|
Formats*: |
|
Global marine dynamic positioning system market size is expected to reach $2,127 million in 2022 from $1,594 million in 2015, growing at a CAGR of 3.8% from 2016 to 2022. The predetermined tracks in the deep waters for the vessels to be followed are maintained by the use of marine dynamic positioning system. The consistent calibration between the desired location and the measured location ensures accurate vessel positioning. This not only helps the vessels to maintain certain position and heading but also safeguards the ship.
Marine dynamic positioning system is vital for the offshore vessels so that a small envelop of position is maintained. Drilling vessels, diving support vessels, supply vessels, floating, production vessels, storage vessels, and offloading vessels (FPSOs) are some of the ships equipped with dynamic positioning systems.
The growth of the marine dynamic positioning system industry is driven by the growth in offshore windmill installations, increase in the number of offshore patrol vessels, and rise in deployment of research vessels. In addition, growth in international trade via sea routes and increase in operations in the offshore market fuel the growth of the market. However, the expected downturn in the shipbuilding & offshore industries, and high maintenance requirement for mechanical components of the dynamic positioning system restrain the market growth.
The offshore oil & gas refinery sector witnessed significant growth in the past few years, owing to growth in investments by the market players to develop advanced and innovative systems for efficient operations of vessels. For instance, Farstad Shipping used the latest generation of dynamic positioning systems in its newly constructed vessel, Far Sleipner. However, high implementation cost and dearth of reliable communication & operators are the major restraints that hamper the market growth
Market Segmentation
Get more information on this report : Request Sample Pages
Market Trends Related to the Ecosystem
The expected downturn in the offshore industry and the weakening shipbuilding industry are anticipated to impact the overall marine dynamic positioning system market in the coming years. The deterioration in the market conditions for offshore oil & gas industry and decline in oil prices are some of the reasons that restrain the market growth. In addition, global oversupply, recessions, and change in economic fundamentals limit the growth of the shipbuilding industry.
Geographical Scenario
Get more information on this report : Request Sample Pages
Europe was the highest contributor to the global marine dynamic positioning system market with around 32.0% of the total market share in 2015, and is anticipated to lose the dominance to Asia-Pacific by the end 2022. This shift in market share is primarily attributed to the decline in shipbuilding industry in Europe while the dependence on trade and utilizing sea route aggravates the importance of maritime industry in Asia-Pacific nations. The high focus of India on changing security strategies along with China is anticipated to fuel the deployment of naval vessels, thereby, supporting the dynamic positioning system market.
Top Investment Pockets
Get more information on this report : Request Sample Pages
The investment opportunities across various applications are identified by analyzing parameters such as ongoing developments, product availability, technological viability, growth in the revenue in the future, and the rate of adoption. Others include yacht, commercial, and passenger vessels that presents lucrative opportunities for dynamic positioning system market, thereby, becoming the most attractive market for DP systems in the forthcoming years.
The key players profiled in the report are ABB, General Electric Co., Kongsberg Gruppen, Marine Technologies LLC, Moxa Inc., Navis Engineering Oy, AB Volvo Penta, Praxis Automation Technology B.V., Rolls Royce, and Wartsila Corporation. Other players in the value chain include Thrustmaster of Texas, Inc., JRC, Guidance Marine, and Master Boat Builders Inc.
Key Benefits
Key Companies
Other Companies in Value Chain
*Profiles of these players are not included. The same will be included on request
The dynamic positioning system was first introduced in 1960s to track predetermined routes in the deep waters. It evolved with the notion to suppress the first-order wave-induced motion created by high currents. With the help of advancement in technology and participation of the some of the early innovators in the field of dynamic positioning such as Honeywell and Kongsberg, higher level of sophistication in vessel control was achieved. Introduction of control system with advanced features such as DP-assisted position mooring systems, automatic maneuvering in shallow water & harbor areas, formation sailing, and automatic collision avoidance provided lucrative opportunities for the industry.
Presently, all the offshore vessels being deployed in the sea are equipped with dynamic positioning system. The ability to operate with positioning accuracy fuels the adoption of dynamic positioning system in vessels. In addition, restriction offered by the existing subsea structure on the seabed for anchoring is another factor that necessitates the installation of these systems.
As per the directive of various association such as International Maritime Organization (IMO), American Bureau of Shipping (ABS), and others, the offshore ships need to be equipped with dynamic positioning systems. The overall international trade volume is expected to grow in the coming years owing to growth in seaborne shipment. This is anticipated to have a positive impact on the volume of vessels being deployed in the sea, thus driving the growth of the market. Ships that are integrated with dynamic positioning systems include drilling vessels; diving support vessels; supply vessels; floating, production, storage, and offloading vessels (FPSOs); and others.
The major players operating in the market are General Electric Co., Kongsberg Gruppen, Marine Technologies LLC, Moxa Inc, Navis Engineering Oy, AB Volvo Penta, Praxis Automation Technology B.V., Rolls Royce, and others. These players are now focusing on providing integrated products with improved specification and functionality for certain operations under one system itself. For instance, in December 2016, Navis Engineering launched updates for its product AP4000, which include capability to interface with voyage data recorder (VDR), bridge alert management (BAM), bridge navigational watch alarm system (BNWAS), and external alarm system in main control unit, so no separate interface box is needed.
Enterprise
License/PDF
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high level data integrity, accurate analysis and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.