Marine Dynamic Positioning System Market Overview:
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 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.
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
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.
- The report provides an in-depth analysis of the marine dynamic positioning system market across major geographies and the estimated revenues generated during the forecast period.
- The projections in the report are based on analysis of the current trends and highlight the market potential for the period of 2016‐2022, in terms of value.
- The report conducts extensive analysis of the market by closely following key product positioning and monitoring the top contenders within the industry.
- The report also provides quantitative and qualitative trends to help the stakeholders to understand the situations prevailing in the market.
Marine Dynamic Positioning System Market Key Segmentation
- Control System
- Power System
- Thruster System
- Others (Sensing Systems and Measurement Systems)
By Equipment Class
- Class 1
- Class 2
- Class 3
- Naval Vessels
- Offshore Vessels
- Others (Commercial and Passenger)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- AB Volvo Penta
- General Electric Co.
- Kongsberg Gruppen ASA
- Marine Technologies LLC
- Moxa Inc.
- Navis Engineering Oy
- Praxis Automation
- Rolls-Royce PLC
- Wartsila Corporation
Other Companies in Value Chain
- Guidance Marine
- Master Boat Builders Inc.
- RH Marine
- Thrustmaster of Texas, Inc.
*Profiles of these players are not included. The same will be included on request