Market Insights
The Dynamic Positioning System Market was estimated to grow from USD 5.67 billion in 2021 to USD 11.06 billion by 2028 at a CAGR of over 9.86% during the forecast period.
Market Drivers
Increase in the number of offshore patrol vessels, technological progressions, and expansion in oil & gas refineries are the major factors expected to underpin the growth of the global dynamic positioning system market during the forecast period.
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Dynamic Positioning System Market - Snapshot
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Growth (2022-2028)
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CAGR of 9.86% for the next five years
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Major Equipment Type
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Class 3
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Dominant Application Type
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Merchant vessels
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Region with the highest demand
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Asia-Pacific
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Key Players
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ABB Group, AB Volvo Penta, General Electric Company, Kongsberg Gruppen ASA, L-3 Communications Holdings, Inc., Marine Technologies LLC, Navis Engineering, Praxis Automation & Technology B.V., Rolls-Royce PLC, and Wartsila Oyj ABP.
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What is Dynamic Positioning System?
Dynamic Positioning System is the system that is controlled by the computer to maintain automatically the position of a vessel.
Dynamic Positioning System uses options such as power systems, thruster systems, DPS control systems, and sensors for the balancing and heading of the vessel. Merchant vessels, offshore vessels, passenger ships, and naval vessels are the application areas where dynamic positioning system is used.
Segment Analysis
Equipment Trends
The market is segmented as class 1, class 2, and class 3. The Class 3 segment is estimated to register the highest growth during the forecast period. It includes dynamic positioning systems that deliver precision in a vessel’s position as compared to other class types. Owing to the technological advancements and preference of class 3 dynamic positioning systems, their demand is on the anvil, which is driving the growth of the segment.
Application Trends
The market is segmented as merchant vessels, offshore vessels, passenger ships, and naval vessels. The merchant vessels segment is estimated to be the largest application segment. The growth can be attributed to the increasing use of dynamic position (DP) vessels for offshore drilling by oil industries, which is bolstering the high growth of this segment.
Regional Trends
Asia-Pacific dominated the market in 2021. It is anticipated that emerging economies, such as China and India will be the growth engines of the Asia-Pacific’s dynamic positioning systems market during the forecast period. The market is driven by the upsurge in the number of offshore patrol vessels and technological progressions, which are the prime drivers to propel the demand for dynamic positioning systems in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players
Some of the major players in the market are ABB Group, AB Volvo Penta, General Electric Company, Kongsberg Gruppen ASA, L-3 Communications Holdings, Inc., Marine Technologies LLC, Navis Engineering, Praxis Automation & Technology B.V., Rolls-Royce PLC, and Wartsila Oyj ABP.
Segmentation
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories.
by Sub-Systems Type:
- Power Systems (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Thruster Systems (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- DPS Control Systems (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Sensors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
by Equipment Type:
- Class 1 (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Class 2 (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Class 3 (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
by Application Type:
- Merchant Vessels
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Application Type Analysis: Bulk Carriers, Shuttle Tankers, and Container Vessels)
- Offshore Vessels
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Application Type Analysis: Drill Ships, Platform Supply Vessels, DSV (Diving Support Vessels), Dredging Ships, AHTS (Anchor Handling TUG Supply), FPSO (Floating Production, Storage & Offloading), Offshore Construction Vessels, Cable-Laying Vessels, Pipe Laying Vessels, and Accommodation Barges)
- Passenger Ships
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Application Type Analysis: Mega Yachts and Cruise Ships)
- Naval Vessels
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Application Type Analysis: Survey Ships and Mine Sweepers)
by Region:
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conduct more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Overview, industry life cycle analysis, supply chain analysis
- Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Trend and forecast analysis
- Segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
Customization Options
Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to 3 players)
- SWOT analysis of key players (up to 3 players)
Market Segmentation
- Current market segmentation of any one of the equipment types by application type.
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
