NEWARK, Del, July 26, 2023 (GLOBE NEWSWIRE) -- In 2022, the global Dynamic Positioning Systems Market is anticipated to be worth US$ 8.2 Billion. The Dynamic Positioning Systems industry is expected to develop at an 11.6% CAGR from 2022 to 2032, reaching US$ 10.3 Billion by 2032.
The marine sector is witnessing groundbreaking inventions, particularly in developing autonomous ships, which promise to revolutionize the transportation of people and goods over navigable seas without human involvement. Several maritime industry participants, including the Grovfjord Mek Verksted (GMV) Shipyard in Norway, have taken a keen interest in building autonomous ship fleets, with partnerships like A. B. Volvo (Sweden) chosen for this purpose.
There has been a significant rise in the advancement of Dynamic Positioning Systems, with various companies collaborating to gain a technological edge. There is high Dynamic Positioning System demand as they enhance operator attentiveness and improve vessel command execution.
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The floating production storage and offloading vessel operations have also spurred experimentation with advanced technology, including laser-based Dynamic Positioning Systems, to expand operations and generate innovative ideas.
In light of environmental concerns, some companies are opting for a ban on deep-sea mining and avoiding the use of seabed metals in their supply chains. Instead, the focus is shifting towards zero-emission and fully autonomous cargo ships equipped with processors and sensors capable of remote or independent operation.
The urgency to meet classification norms set by the International Maritime Organization is expected to boost the sales of Dynamic Positioning Systems. As the maritime trade continues to grow, ongoing innovations and rapid development of autonomous ships are likely to accelerate the Dynamic Positioning System industry further. The increasing number of ship upgrade projects for manual intervention-free transportation of passengers and cargo contributes to the Dynamic Positioning System market growth.
The growth of the Dynamic Positioning System business faces a significant hindrance due to the need for more skilled personnel capable of operating these complex systems effectively. These computer-controlled solutions require innovative software to monitor thruster positions and the impact of wind on the vessel.
As a crucial component of offshore operations, the demand for Dynamic Positioning Systems relies heavily on highly skilled and specialized operators. The lack of such personnel may impede the market's expansion in the coming years.
Key Takeaways from the Dynamic Positioning System Market Research Study:
- Between 2023 and 2033, Asia Pacific is expected to dominate in the Dynamic Positioning System market share.
- The presence of significant European firms, such as KONGSBERG, Rolls-Royce plc., and others, is a critical aspect that bodes well for the Dynamic Positioning System industry from 2023 to 2033.
- From 2023 to 2033, the Class 3 category is predicted to grow the quickest in equipment.
- The Offshore Vessels segment may be the most popular application type in the market between 2023 and 2033.
- The thruster system by component dominated the market in 2022, accounting for 43% of the market share.
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Major Dynamic Positioning System manufacturers made significant investments in research and development to boost their output capacity and create cutting-edge products that would contribute to the continued growth of the Dynamic Positioning System market.
Important market developments include new product lines, contractual agreements, mergers and acquisitions, capital expenditures, and strategic alliances with other organizations. The Dynamic Positioning System manufacturers employ organic and inorganic tactics to extend and reinforce their footprint. To thrive in a market that is only slightly fragmented, the Dynamic Positioning System sector must provide affordable and cutting-edge solutions.
One of the primary business tactics Dynamic Positioning System manufacturers use to give attractive benefits to their clients and capture untapped market share is manufacturing locally to enhance production capacity and minimize operational expenditures. The sector of Dynamic Positioning System has provided substantial benefits and technological improvements in surveillance.
- UniSea and Global Maritime Join Forces with SorstadFarstad to Reduce Vessel Downtime
A five-year agreement was inked in May 2018 between Global Maritime and UniSea with SorstadFarstad's offshore supply vessel to provide Dynamic Positioning (DP) assurance software services. The new program would simplify DP testing and shorten vessel downtime.
- Rawabi Vallianz Offshore Services and Praxis Automation Technology Form Strategic Partnership for DPS Solutions
To provide a comprehensive DPS solution for their fleet of offshore supply vessels operating out of Saudi Arabia, Rawabi Vallianz Offshore Services and Praxis Automation Technology entered into a deal in June 2019. The company will equip 14 ships with class 2 Dynamic Positioning Systems under the terms of the contract, which also calls for integration with the ship's power and control systems.
Top Companies in Dynamic Positioning System Industry
- Moxa Inc.
- Kongsberg Gruppen
- Navis Engineering
- Praxis Automation Technology B.V.
- General Electric
- Norr Systems Pte Ltd.
- ABB
- Marine Technologies, LLC
- Wärtsilä
- Rolls-Royce plc
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Dynamic Positioning System Market Segmentation
By Equipment Type
- Class 1
- Class 2
- Class 3
By Component
- Power System
- DP Control System
- Thruster System
By Application
- Passenger Vessels
- Merchant Vessels
- Platform Supply Vessels/Offshore Support Vessels
- Naval Vessels and Operations
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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