Dynamic Positioning Systems Market – Global Market Size, Strategic Growth Drivers, Risk Assessment Framework, Regulatory Landscape Review, Competitive Intensity Mapping & Long-Term Industry Outlook to 2030
Overview
The Dynamic Positioning Systems Market size was valued at USD 6.14 Billion in 2023 and the total Dynamic Positioning Systems revenue is expected to grow at a CAGR of 10.2% from 2024 to 2030, reaching nearly USD 12.13 Billion.
Dynamic Positioning Systems Market Overview:
The presence of different natural and human threats to vessels traveling on water and in the air has increased the demand for machinery to monitor their position. Dynamic Positioning consists of an integration of a variety of individual and computer-controlled systems that automatically maintain and detect the movement of vessels. Dynamic Positioning Systems provides computer-based solutions to operate and maintain the heading of propellers and thrusters of vessels. An increase in the preference for the computer-based system for monitoring and locating carriers has resulted in a growth in the Global Dynamic Positioning Systems Market.
Dynamic Positioning Systems Market Dynamics
An increase in the use of water for doing trade has resulted in a rise in naval issues between countries. An increase in naval boundaries issues like the dispute between China and Japan, the Philippines and China, and Ireland and UK has resulted in a rise in demand for Dynamic Positioning Systems that provide accurate information related to the location of the vessel present in the air or water. An increase in the naval defence budgets by governments around the world has resulted in a growth in the Global Dynamic Positioning Systems Market.
To know about the Research Methodology :- Request Free Sample Report
The International Tribunal for the Law of the Sea is an international arbitrary organization that resolves naval boundary disputes between countries. Annual report by this tribunal published in 2023 states that the total number of cases handled in the second decade of the 21st century is nearly double that of the number of cases handled in the entire 20th century. Increased maritime disputes result in the increased purchase of maritime surveillance machinery which is expected to boost the demand for Dynamic Positioning Systems around the world.
A report by UNCTAD published in August 2023 states that more than 80% of the volume of global trade in goods is carried through the sea. The rising demand for upgraded or technologically easy and developed medium for operating sea vessels has resulted in a rising demand for Dynamic Positioning Systems by the commercial maritime sector present in the world.
The rising preference for newly developed technologies like AI-based technology and Nano Positioning Systems holds a bright future in the Dynamic Positioning Systems Market. Increased updates in the technology and a rise in expenditure on the R & D for developing commercially reliable Dynamic Positioning Systems by leading firms have forecasted rapid growth in this market.
An increase in the development of technologies by different firms related to Dynamic Positioning Systems has resulted in frequent collaborations for a technological share in the specific region. To tap the commercially developed market of Europe, Kongsberg and Wood PLC agreed to share key positioning and monitoring tools in January to complete the world’s largest floating offshore wind farm.
Increased demand for machinery that magnifies vessel command execution and improves alertness of the operator has resulted in the launch of the new product, Dynamic Positioning 2 (DP2) by ABB in June.
Increased demand for safe maritime travel for people and goods acts as the driving factor for the growth of the Global Dynamic Positioning Systems Market.
Restraints:
Lack of awareness related to system-based technologies in the marine companies present in the developing and underdeveloped countries is the major restraining factor here.
The absence of technological infrastructure required for Dynamic Positioning Systems in many countries is limiting the growth of this market.
Dynamic Positioning Systems Market Segment Analysis:
The Global Dynamic Positioning Systems Market is segmented on the basis of
By Type, Increased demand for updates in the system-generated technology has forecasted Next Generation Dynamic Positioning Systems to dominate the market in the coming years. The rising preference for Next Generation software and Tracking system has resulted in a 6.3% increase in demand for Dynamic Positioning System in the year 2023 as compared to the duration of 2005-2018. The preference for low-cost detection equipment by the commercial sector present in developing countries has resulted in a 3.3% increase in demand for Conventional Dynamic Positioning Systems in the second decade of the 21st Century.
By Equipment Type, Separation of each system in the integrated machinery has forecasted Class 2 type Dynamic Positioning Systems to dominate the market in the coming years. The increased use by the commercial naval industry has resulted in an 8% increase in demand for Class 2 Type Dynamic Positioning Systems in the duration of 2017-2023.
By Sub-System, Increased geopolitical issues have predicted Position Reference & Tracking System to dominate the demand in Dynamic Positioning Systems in the forecasted period. Increased defence budgets have resulted in a 6.6% increase in demand for Dynamic Positioning Systems by countries like China, Japan, Vietnam, and India in the second half of this decade. The rising preference for automated vessels by the naval industry has resulted in a 3.4% increase in demand for the DP Control System in the second decade of the 21st Century.
By Application, An increase in the budget assigned for patrolling and protecting naval boundaries by developed nations has resulted in the Military segment as the major consumer for Dynamic Positioning Systems in the forecasted period. The global Defense sector has observed an 11.3% increase in demand for Dynamic Positioning Systems in the second decade of the 21st Century.
By End User, Increased demand for technologically advanced naval vessels and air carriers has resulted in Original Equipment Manufacturers remaining the prime customers for Dynamic Positioning Systems. An increase in demand for naval and aerial equipment has resulted in a 7.2% increase in demand for Dynamic Positioning Systems by the governments in developing nations in 2023 as compared to the duration of 2011-2018. The rising demand to upgrade the existing machinery by the commercial sector has resulted in a 12.3% increase in demand for Dynamic Positioning Systems in the year through the medium of Aftersales.
An increase in the preference for automated naval vehicles has resulted in making the Military sector the major consumer of Dynamic Positioning Systems. Increased tensions between superpowers have resulted in a 6% increase in demand for Dynamic Positioning Systems by navies of countries like China, the USA, and Russia. An increase in the preference for oceans as a cost-efficient medium for doing trade has resulted in an 11.6% increase in demand for Dynamic Positioning Systems by the commercial maritime industry in the duration.
Dynamic Positioning Systems Market Regional Insights
The presence of a big navy industry in the defense and commercial sectors has resulted in making North America the biggest market for the Global Dynamic Positioning Systems Market. Increased preference for automated technology by merchants present in this region has resulted in a 12.5% increase in demand for Dynamic Positioning Systems by the commercial naval sector present in this region.
The presence of some of the world’s big ports and the presence of various geopolitical issues between countries has resulted in a 9.3% increase in demand for Dynamic Positioning Systems in Europe in the duration of 2012-2018.
A rise in issues like terrorism, smuggling, trade of unethical goods, and naval boundaries issues has resulted in a 6.5% increase in demand for Dynamic Positioning Systems by Navy governments present in the region of Asia-Pacific.
The role of trade intermediary for the eastern and western hemispheres has resulted in a rise of commercial naval industry in the Middle East and Africa. The rise in the preference for advanced technology by maritime traders and constant conflicts amongst countries present in this region has resulted in a 4.3% increase in demand for Dynamic Positioning Systems by countries like Iran, UAE, and Qatar in the year 2023.
The South American market is showing a low growth rate, the reason for which is the absence of technological infrastructure in most of the countries present in this region.
The objective of the report is to present a comprehensive analysis of the global Dynamic Positioning Systems market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Dynamic Positioning Systems market dynamics, structure by analyzing the market segments and Project the global Dynamic Positioning Systems market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Dynamic Positioning Systems market make the report investor’s guide.
Global Dynamic Positioning Systems Market Scope: Inquire before buying
| Global Dynamic Positioning Systems Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 6.14 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 10.2% | Market Size in 2030: | USD 12.13 Bn. |
| Segments Covered: | by Type | Conventional Next Generation |
|
| by Equipment Type | Class 1 Class 2 Class 3 |
||
| by Sub System | Power Systems Motors & Drivers DP Control Systems Position Reference & Tracking Systems |
||
| by Application | Commercial Military |
||
| by End User | OEM Aftermarket |
||
Dynamic Positioning Systems Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Dynamic Positioning Systems Market, Key Players are:
1. Marine Technologies, LLC
2. L3 Harris Technologies
3. Twin Disc
4. General Electric Company
5. Thrustmaster of Texas
6. Wartsila Guidance Marine
7. Sonardyne
8. Reygar
9. Rolls Royce PLC
10. Raytheon Anschutz
11. Kongsberg Gruppen
12. Undheim Systems
13. Navis Engineering
14. Alphatron Marine
15. Praxis Automation Technology
16. Royal IHC
17. Xenta Systems
18. ABB Group
19. Norr Systems Pte. Ltd.
20. Moxa Inc.
21. Japan Radio Company Ltd.
FAQs:
1) What was the Global Dynamic Positioning Systems Market size in 2023?
Ans: The Global Dynamic Positioning Systems Market size was USD 6.14 Billion in 2023.
2) Which is the dominating region for the Global Dynamic Positioning Systems Market?
Answer: The presence of a big Marine Industry has resulted in making North America the biggest market for Dynamic Positioning Systems.
3) What are the opportunities for technological development in the Global Dynamic Positioning Systems Market?
Answer: The installation of an AI-based working mechanism provides an excellent opportunity for technological development in the Global Dynamic Positioning Systems Market.
4) Which factor acts as the driving factor for the growth of the Global Dynamic Positioning Systems Market?
Answer: An increase in the preference for marine trade by a large number of traders acts as the major driving factor for the growth of the Global Dynamic Positioning Systems Market.
5) What factors are restraining the growth of the Global Dynamic Positioning Systems Market?
Answer: The factor of human error by the individual operating the said machinery act as the major restraining factor for the growth of the Global Dynamic Positioning Systems Market.