According to estimates, the global Dynamic Positioning Systems Market would be worth USD 8.2 billion in 2022.
During the forecast period of 2022 to 2032, the market is anticipated to grow at a CAGR of 11.6% to reach USD 10.3 billion by 2032. The prime factors driving the market are:
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 7.0 Billion |
| Expected Market Value (2022) | USD 8.2 Billion |
| Anticipated Forecast Value (2032) | USD 10.3 Billion |
| Projected Growth Rate (2022 to 2032) | 11.6% CAGR |
Overall Growth is Facilitated by the Progression of Marine Activities in the Asia Pacific Region:
Furthermore, the necessity for dynamic positioning systems in the Asia-Pacific region is increasing due to safety operations in deep ocean waters during offshore oil and gas activities.
In this region, demand for dynamic positioning systems has increased due to the existence of some of the largest ports in the world and major geopolitical conflicts between nations.
The drive and efforts by the governments in countries like India to ensure safety operations are also contributing to a greater level of user awareness. Additionally, the shipping sector is expanding rapidly and offers a lot of prospects.
The market is also flourishing in the Asia Pacific region as a result of increased maritime transport and escalating vessel demand in economically stable nations like China, South Korea and Japan.
The government is promoting marine tourism in nations like India, which will increase demand for new ships outfitted with cutting-edge technology. As a result, there will be a greater need for dynamic positioning systems.
The market in this region is also expanding as a result of rising offshore patrol vessel deployment and improvements in offshore drilling technology.
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The marine sector has also made ground-breaking inventions, and it eagerly awaits the opportunity to enable deployment. The development of autonomous ships has attracted the attention of several maritime industry participants.
These initiatives are being developed so that, in the future, it will be possible to move people and goods over navigable seas without the need for human participation. For instance, the Grovfjord Mek Verksted (GMV) Shipyard in Norway has chosen businesses like A. B. Volvo (Sweden) to build an autonomous ship fleet for the commercial sector.
A rise in the technical advancement of Dynamic Positioning Systems by various companies has led to regular cooperation for a technological lead in a particular area. The new products were introduced as a consequence of the rising demand for equipment that enhances operator attentiveness and amplifies vessel command execution.
To take advantage of the opportunities presented by floating production storage and offloading vessel operations, a large number of businesses are also experimenting with the technology. Players in the market are also developing laser-based dynamic positioning systems to expand their operations and create novel ideas.
Considering the ecology of marine, a number of firms favor a ban on deep-sea mining and do not use seabed metals in their supply chains. The majority of the global market participants are also focusing on creating zero-emission and completely autonomous cargo ships. These ships will include processors and sensors that will allow them to operate either remotely or independently.
Dynamic positioning system is a specially developed computer-controlled system that is capable of maintaining a vessel’s heading and position automatically by utilizing its own thrusters and propellers.
The urgent need to meet various classification norms based on the guidelines implemented by the International Maritime Organization is expected to drive the sales of dynamic positioning systems.
The ongoing innovations in the marine industry and the rapid development of autonomous ships by several key players globally owing to the rising maritime trade are estimated to accelerate the market.
The surging number of ship upgradation projects to transport passengers and cargo from one location to another without manual intervention is another vital factor that is set to augment the growth.
In February 2022, Yara, a Norwegian chemical company, announced that Yara Birkeland, the world’s first zero-emission and fully autonomous cargo ship completed its first maiden voyage in Norway.
It contains computers and sensors that enable the vessel to operate either via remote control or autonomously. The development of similar other innovative ships across the globe is set to drive the market.
As ships are considered to be economical, compared to the other means of transportation, the bulk cargo transported and traded through various sea routes worldwide has surged at a fast pace over the years.
As per the International Trade Administration (ITA), in 2018, nearly 70.93% of goods were transported through the sea in the U.S. alone. This trend is expected to continue throughout the forthcoming years, thereby propelling the sales of dynamic positioning systems.
Seaborne trade activities help in reducing freight costs and these are also suitable for transporting goods in bulk, as well as heavy goods efficiently. The rapid expansion of the e-commerce sector across the globe is another vital factor that is likely to drive the demand for maritime trade, thereby pushing the market.
The lack of skilled personnel for operating dynamic positioning systems is a vital hindrance to the growth in this market. These systems require an innovative computer controlled software solution to gain information about the position of thrusters and the effect of wind on the container.
At present, these systems are considered to be a crucial part of operations, especially in the offshore sector. They require highly skilled and specially trained operators to manage the complex systems.
These operators are set to play a significant role in the smooth operation of vessels equipped with dynamic positioning systems. Driven by the above-mentioned factors, the demand for dynamic positioning systems may get hampered in the upcoming years.
Asia Pacific is expected to dominate in the forthcoming years in terms of the dynamic positioning system market share. This growth is attributable to the presence of a well-established shipbuilding industry in China, Singapore, and Hong Kong. It is further set to result in the growth of seaborne trade and the high demand for ships.
According to the United Nations Conference on Trade and Development (UNCTAD), Asia is leading the maritime trade industry worldwide. The region accounted for 62% of goods unloaded and 41% of goods loaded in 2019. Thus, the ongoing expansion of maritime trade in the region is projected to bode well for the market.
Besides, the rising popularity of various recreational water activities and increasing investments in the offshore shipping industry, especially in New Zealand are some of the other vital factors that are likely to push the regional growth.
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The surging number of deep-sea operations in the U.K., Germany, and France is estimated to propel the dynamic positioning system market share in Europe. The presence of leading companies, such as Wärtsilä, KONGSBERG, Rolls-Royce plc., and ABB in the region is another crucial factor that is likely to augur well for the market.
In February 2022, for instance, U.S. automaker Rivian and France's Renault announced that they will exclude seabed metals from their supply chain and support a moratorium on deep-sea mining.
France aims to invest in seabed exploration activities to discover potential solutions for extracting metals sustainably. Similar other initiatives by key players in Europe are anticipated to spur the growth in this market.
Some of the most renowned players operating in the global dynamic positioning system market are Moxa Inc., Kongsberg Gruppen, Navis Engineering, Praxis Automation Technology B.V., General Electric, Norr Systems Pte Ltd., ABB, Marine Technologies, LLC, Wärtsilä, and Rolls-Royce plc.
The global market is highly fragmented with the presence of small and private enterprises, already established companies, and small-scale retailers, suppliers, and distributors.
Most of these market participants are focusing on investing huge sums for the development of cutting-edge products. Meanwhile, a few other players are engaging in joint ventures to co-develop new products to fulfill the high unmet needs of end-use industries.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 11.6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Equipment Type, Component, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | 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 |
| Customization | Available Upon Request |
FMI projects the global dynamic positioning system market to expand at an 11.6% value CAGR by 2032.
Asia Pacific is expected to be the most lucrative dynamic positioning system market.
Moxa Inc., Kongsberg Gruppen, Navis Engineering, Praxis Automation Technology B.V., General Electric, and Norr Systems Pte Ltd. are some of the prominent dynamic positioning system manufacturers.
| Market Size Value in 2023 | USD 143. 4 million |
|---|---|
| Market Forecast Value in 2033 | USD 256.8 million |
| CAGR (2023 to 2033) | 6.0% |
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