USD 6.5 billion
Dynamic Positioning System Market Size, Share, Growth Analysis, By Sub-system(Position reference tracking system; power systems, motors & drives; DP control systems), By Equipment(Class 1, Class 2, class 3), By Application(Commercial, and military), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2042 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
88
|Figures:
72
Dynamic Positioning System Market Insights
Dynamic Positioning System Market size was valued at USD 6.5 billion in 2019, and it is expected to reach a value of USD 9.4 billion by 2031, at a CAGR of 10.6% over the forecast period (2024-2031).
Dynamic positioning has an integration of a variety of individual and computer-controlled systems which automatically maintains and detects the vessel's movement. Dynamic positioning systems help with computer-based solutions for operating and maintaining the propellers and thrusters of vessel headings.
The urgent requirement for meeting the various types of norms on the different guidelines implemented by the International Maritime Organization is, however, expected to drive the sales of dynamic positioning systems.
The preference for latest developed technologies including AI-based technology and Nano Positioning Systems is increasing; and thus, it holds a bright future in the dynamic positioning systems market. The rise in expenditure on the research and development for developing commercially reliable Dynamic Positioning Systems by leading firms have forecasted the swift growth in this market over the forecast period. The rising demand for upgraded medium for operating sea vessels has resulted in an increasing demand for dynamic positioning systems by the commercial maritime sectors available in the current time.
US Dynamic Positioning System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Class 2
Fastest Growth
Class 2
Growth Rate
10.6% CAGR
Global Dynamic Positioning System Market ($ Bn)
Country Share for North America Region (%)
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Dynamic Positioning System Market Segmental Analysis
Global dynamic positioning system market is segmented based on the sub-system, equipment, application, and region. Based on sub-system, the market is segmented into position reference tracking system; power systems, motors & drives; DP control systems. Based on equipment type, the market is segmented into class 1, Class 2, class 3. Based on application, it is categorized into commercial, and military. Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Dynamic Positioning System Market Analysis by Sub-System
Based on sub-system, dynamic positioning system market is segmented into position reference tracking system; power systems, motors & drives; DP control systems. The increased geopolitical issues have anticipated position reference & tracking system to lead the dynamic positioning systems demand during the given forecast period. In addition, the increase of defence budgets has resulted in a 6.6% hike in demand for dynamic positioning systems by different countries like Japan, China, Vietnam, and India in the second half of this decade.
Dynamic Positioning System Market Analysis by Equipment type
Based on type, dynamic positioning system market is segmented into class 1, Class 2, class 3. The class 2 dynamic positioning system segment is assumed to register the highest growth rate during the aforementioned forecast period. Class 2 dynamic positioning systems are found to be used in various types of vessels including commercial vessels such as passenger ferries, cargo ships, dredgers and others are the form of vessels, where class 2 dynamic positioning systems are used. The class 3 dynamic positioning system is needless, therefore, a little fault in the active system will not cause any failure in the dynamic positioning system.
Global Dynamic Positioning System Market By Equipment type
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Dynamic Positioning System Market Regional Insights
North America dominated the global dynamic positioning systems market in 2021. All over growth of the bulk cargo traded and transported through sea routes has increased over the past few years, as ships are economical as compared to other means of transportation.
Throughout the projected period, Asia Pacific is anticipated to experience significant expansion in the dynamic positioning system market. With rising seaborne trade in the region, one of the most important factors influencing the demand for ships is the expansion of the shipbuilding sector in Asia-Pacific. Additional factors influencing the growth of the dynamic positioning system market in Asia Pacific include rising investments in the offshore shipping sector and rising water recreation in New Zealand.
Global Dynamic Positioning System Market By Region
- Largest
- Fastest
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Dynamic Positioning System Market Dynamics
Dynamic Positioning System Market Drivers
Rise of Naval Trade and Defence to Boost Market Growth
- The use of water got increased for doing trade has resulted in a rise in naval problems between countries; the increase in naval boundaries issues such as the quarrel between China and Japan, the Philippines and China, and Ireland and UK; and due to that it rises the demand for dynamic positioning systems which provide exact information related to the location of the vessel present in the air or water. Moreover, the increase in the naval defence budgets by governments around the world turned the market growth.
Dynamic Positioning System Market Restraints
Lack of Skilled Workforce to Hinder Market Growth
- Awareness related to system-based technologies is lacking in the marine companies which are present in both developing and underdeveloped countries is the major restraining factor to the market growth. The lack of technological infrastructure which is needed for Dynamic Positioning Systems in many countries is limiting the growth of the market.
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Dynamic Positioning System Market Competitive Landscape
Global dynamic positioning system market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Dynamic Positioning System Market Top Player's Company Profiles
- ABB Group (Switzerland)
- General Electric Company (US)
- Twin Disc (US)
- Kongsberg Gruppen (Norway)
- Raytheon Anschutz (Germany)
- Moxa Inc. (Taiwan)
- Reygar (UK)
- A.B Volvo (Sweden)
- Rolls Royce plc (UK)
- Norr Systems Pte Ltd. (Singapore)
- Sonardyne (UK)
- Alphatron Marine (Netherlands)
- Japan Radio Company Ltd. (Japan)
- Navis Engineering (Finland)
Dynamic Positioning System Market Recent Developments
- In February 2022, a Norwegian chemical company named Yara declared that Yara Birkeland which is the world’s first zero-emission and fully autonomous cargo ship finished its first maiden voyage in Norway; and it contains computers and sensors for enabling the vessel to operate through remote control or autonomously
Dynamic Positioning System Key Market Trends
- The growing seaborne trade coupled with the expansion of the cargo shipping industry are increasing the trend for using dynamic positioning systems in the upcoming years.
Dynamic Positioning System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global dynamic positioning system market analysis, machinery that magnifies vessel command execution and improves alertness of the operator are in demand along with the rising demand for safe maritime travel for people and goods and these, however, are driving the growth of the global dynamic positioning systems market.
However, due to the lack of skilled workers for operating the systems, there may be difficulty in the growth, and the systems need a computer controlled software solution for grabbing information about the position of thrusters and the effect of wind on the container.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.5 billion |
| Market size value in 2031 | USD 9.4 billion |
| Growth Rate | 10.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Dynamic Positioning System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Dynamic Positioning System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Dynamic Positioning System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Dynamic Positioning System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Dynamic Positioning System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Dynamic Positioning System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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