Dynamic Positioning Systems Market to Expand at 10.7% CAGR, Valued at USD 10.5 Billion by 2026

Posted by Sandeep Roy on August 29th, 2023

The Global Dynamic Positioning Systems (DPS) Market, as outlined in the report titled "Dynamic Positioning Systems Market by Equipment type, Application, End use, Type, Sub-system, and Region - Global Forecast to 2026," is projected to experience substantial growth over the forecast period. The market size, valued at USD 6.3 billion in 2021, is expected to reach USD 10.5 billion by 2026, growing at a Compound Annual Growth Rate (CAGR) of 10.7% from 2021 to 2026. The report identifies key drivers and trends shaping the market's expansion.

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Key Factors Driving Market Growth:

Offshore Shipping Industry Growth: The rise in the offshore shipping industry is a significant factor driving the demand for dynamic positioning systems. These systems enable vessels to maintain their positions effectively, making them crucial for offshore operations.

Naval Military Operations: Increasing naval-based operations, particularly in military vessels, are contributing to the demand for dynamic positioning systems. Their ability to maintain vessel positions accurately is valuable in military applications.

Seaborne Trade Expansion: The growth of global seaborne trade is propelling the need for reliable and efficient vessel positioning. Dynamic positioning systems enhance the safety and efficiency of maritime transportation.

Maritime Tourism Industry: The dynamic positioning system market is being positively impacted by the expanding maritime tourism industry, where cruise ships and other vessels require precise positioning for passenger safety and comfort.

Autonomous Vessel Development: The development of autonomous vessels is fostering the adoption of high-tech dynamic positioning systems. These systems improve operational efficiency and minimize errors in autonomous vessel operations.

Segment Highlights:

Class 1 Equipment Type: The Class 1 equipment type for dynamic positioning systems is projected to experience the highest Compound Annual Growth Rate (CAGR) from 2021 to 2026. This type is primarily utilized in small and medium commercial vessels, offering automatic position maintenance and manual control capabilities.

Commercial Application Segment: The commercial segment, encompassing vessels such as research vessels, motorboats, dry cargo ships, and passenger ferries, is expected to witness the highest CAGR. The Asia Pacific region's shipbuilding industry growth and increased seaborne trade contribute to this rise.

OEM End Use Segment: The Original Equipment Manufacturer (OEM) segment is estimated to register the highest CAGR. OEMs provide line-fit solutions and remote diagnostics, reducing post-delivery installation time.

Next Generation DPS Type: The next generation dynamic positioning system type is projected to exhibit the highest CAGR. As the maritime industry embraces autonomous vessels, the demand for advanced positioning technology is increasing.

Position Reference and Tracking Systems: Among sub-system types, position reference and tracking systems are anticipated to have the highest CAGR. Laser-based reference systems are the predominant choice within this category.

APAC Region: The Asia Pacific (APAC) region is expected to achieve the highest growth in the dynamic positioning system market. Countries like China, Japan, India, and New Zealand are driving this growth due to robust shipbuilding industries, commercial trade, and recreational water activities.

Key Market Players:

The dynamic positioning system market boasts the presence of several prominent companies. Notable players include Kongsberg Gruppen, ABB Group, General Electric Company, Wartsila, Rolls Royce PLC, A.B Volvo, Twin Disc, L3 Harris, and others.

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