According to a new report published by Allied Market Research, titled, Marine Dynamic Positioning System Market by Subsystem, Equipment Class, and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022, the marine dynamic positioning system market size is anticipated to reach $2,127 million by 2022 from $1,594 million in 2015, growing at a CAGR of 3.8% from 2016 to 2022. Europe dominated the global market in 2015, accounting for a market share of over 32.0%.
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The growth of the global marine dynamic positioning system market is driven by increase in number of offshore patrol vessels, growth in offshore windmill farms, and rise in deployment of research vessels. In addition, increase in seaborne trade in terms of volume and value fuels the growth of the market. However, the anticipated downturn in the shipbuilding & offshore industries and high maintenance requirement for the mechanical components of the dynamic positioning system limit the market growth.
By subsystem segment, thruster systems accounted for the major market share in 2015, and is expected to maintain this trend during the forecast period. This is attributed to the higher cost of the thruster systems and its long replacement cycle span. The control system and power system held second and third largest market share, respectively, in 2015.
Geographically, Europe accounted for the maximum revenue in 2015, and is anticipated to reach $609 million by 2022, owing to strong manufacturing base of dynamic positioning systems along with technical expertise. Moreover, Asia-Pacific is expected to lead the market by the end of forecast period. The future growth trends presented by China and other emerging countries of Asia-Pacific in terms of shipbuilding industry substantiates the anticipated lead of the region post 2020.
Key Findings of the Marine Dynamic Positioning System Market
- In 2015, thruster systems generated the highest revenue, accounting for over 34.0% of the global marine dynamic positioning system market.
- Class 3 segment is are expected to grow at the highest CAGR of 5.7% from 2016 to 2022.
- Offshore vessels held the major market share of around 44.0% in 2015, while naval vessels is expected to grow at 4.6% by 2022, owing to the increasing usage of DP systems.
- Europe accounted for the highest revenue, with UK dominating the market in 2015, accounting 32.0% of total revenue.
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.