The global dynamic positioning systems market is on a promising trajectory, poised for substantial growth with an estimated value of US$ 8.2 billion in 2022. This impressive journey is characterized by a robust Compound Annual Growth Rate (CAGR) of 11.6% from 2022 to 2032, ultimately anchoring the market at a substantial valuation of US$ 10.3 billion by 2032.
A key catalyst behind this noteworthy expansion is the escalating demand for dynamic positioning systems, prominently observed in the Asia-Pacific region. The surge in demand is primarily propelled by safety considerations associated with offshore oil and gas activities conducted in deep ocean waters. The Asia-Pacific region, housing some of the world's largest ports and marked by significant geopolitical conflicts among nations, has witnessed a notable increase in the requirement for dynamic positioning systems.
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Dynamic Positioning System Market: Drivers & Restraints
The prerequisite of advancement in technology (facilitates in deeper waters than vessels), increasing research & development initiatives by manufacturers is driving the demand of dynamic positioning systems. Dynamic positioning systems are better known for its safe and correct operations which are widely used for a variety of purposes in the offshore industry. It provides following benefits such as effective maritime operations, energy efficient system, helps in reducing operational costs and emissions, among others.
Rising maritime trade in Asia-Pacific and Middle-East Africa along with deep-sea excavations is the fundamental growth driver in the Dynamic Positioning system market. Ensuring safety operations and push from the government side is also helping in increasing the degree of awareness among the users. Additionally, growth in the shipping industry is also up surging with significant opportunities in this market. However, high implementation cost, lack of reliable communication and complexity in system are the major setback for the dynamic positioning system market.
Dynamic Positioning System Market: Region-wise Outlook
The global dynamic positioning system market is expected to register a CAGR of approximately 5 percent over the forecasted period 2022-2033. Depending upon geographic regions, global dynamic positioning system market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and Middle East & Africa. In terms of regions, Asia-Pacific accounts for the largest market share. Middle East and Africa market is projected to register a significant CAGR during the forecast period. Increasing maritime trade with technological updates is fueling the growth in Asia-Pacific and Middle East and Africa regions.
Countries such as China, Saudi Arabia, UAE, South Korea, Japan, Russia, among others is expected to witness an upsurge in the demand for DP systems. Eastern Europe and Latin America are also forecast to register a significant growth in the global dynamic positioning system market during the forecast period 2022-2033.
Dynamic Positioning System Market: Key Players
- Moxa Inc.
- Kongsberg Gruppen
- Navis Engineering
- Praxis Automation Technology B.V.
- General Electric
- Norr Systems Pte Ltd.
- Marine Technologies, LLC
- Rolls-Royce plc
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
Market Segments Covered:
By Equipment Type:
- Class 1
- Class 2
- Class 3
- Power System
- DP Control System
- Thruster System
- Passenger Vessels
- Merchant Vessels
- Platform Supply Vessels/Offshore Support Vessels
- Naval Vessels and Operations
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa