Dynamic positioning system is computer controlled system that aids ships to maintain their position in deep sea. Dynamic positioning system comprises of a positioning system, computer system, and thrusters. Moreover, vessels equipped with dynamic positioning system are independent of anchors and automatically maintain their position and heading through propellers and thrusters.
Several countries have increased their naval capabilities through purchase of several advanced vessels and equipment. For instance, in November 2021, Italian Coast Guard entered into a contract with Fincantieri for supply of UAM multirole offshore patrol vessel, which is expected to be equipped with dynamic positioning system. Henceforth, greater deployment of offshore patrol vessels is expected to drive the growth of the market.
The market is driven by increase in seaborne trade across the globe, rise in number of dynamic position ships such as survey & research vessels, advancements in offshore drilling technology, and greater deployment of offshore patrol vessels. However, complexity associated with the system and high maintenance costs hinder the growth of the global marine dynamic positioning system market. On the contrary, technological advancements, increase in development of autonomous ships, and introduction of laser-based dynamic positioning systems are expected to create ample growth opportunities for the global marine dynamic positioning system market.
The marine dynamic positioning system market is segmented on the basis of subsystem, equipment class, application, sales channel, and region. By subsystem, the market is categorized into control system, power system, and thruster system. By equipment class, it is fragmented into class 1, class 2, and class 3. On the basis of application, it is classified into naval vessels, offshore vessels, and others. On the basis of sales channel, the market is classified into original equipment manufacturer and retrofit. Moreover, it summarizes the details about revenue generated across regions such as North America, Europe, Asia-Pacific, and LAMEA.
Several countries have increased their naval capabilities through purchase of several advanced vessels and equipment. For instance, in November 2021, Italian Coast Guard entered into a contract with Fincantieri for supply of UAM multirole offshore patrol vessel, which is expected to be equipped with dynamic positioning system. Henceforth, greater deployment of offshore patrol vessels is expected to drive the growth of the market.
The market is driven by increase in seaborne trade across the globe, rise in number of dynamic position ships such as survey & research vessels, advancements in offshore drilling technology, and greater deployment of offshore patrol vessels. However, complexity associated with the system and high maintenance costs hinder the growth of the global marine dynamic positioning system market. On the contrary, technological advancements, increase in development of autonomous ships, and introduction of laser-based dynamic positioning systems are expected to create ample growth opportunities for the global marine dynamic positioning system market.
The marine dynamic positioning system market is segmented on the basis of subsystem, equipment class, application, sales channel, and region. By subsystem, the market is categorized into control system, power system, and thruster system. By equipment class, it is fragmented into class 1, class 2, and class 3. On the basis of application, it is classified into naval vessels, offshore vessels, and others. On the basis of sales channel, the market is classified into original equipment manufacturer and retrofit. Moreover, it summarizes the details about revenue generated across regions such as North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global marine dynamic positioning system analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall marine dynamic positioning system opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global marine dynamic positioning system with a detailed impact analysis.
- The current marine dynamic positioning system is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Subsystem
- Control System
- Power System
- Thruster System
By Equipment Class
- Class 1
- Class 2
- Class 3
By Application
- Naval Vessels
- Offshore Vessels
- Others
By Sales Channel
- Oem
- Retrofit
By Region
- LAMEA
- Latin America
- Middle East
- Africa
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
Key Market Players
- ABB Ltd
- AB Volvo
- General Electric Company
- Kongsberg Gruppen ASA
- L3Harris Technologies, Inc.
- Marine Technologies, LLC
- Navis Engineering Oy
- Praxis Automation Technology B.V.
- Reygar Ltd
- Wärtsilä Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MARINE DYNAMIC POSITIONING SYSTEM MARKET, BY SUBSYSTEM
CHAPTER 5: MARINE DYNAMIC POSITIONING SYSTEM MARKET, BY EQUIPMENT CLASS
CHAPTER 6: MARINE DYNAMIC POSITIONING SYSTEM MARKET, BY APPLICATION
CHAPTER 7: MARINE DYNAMIC POSITIONING SYSTEM MARKET, BY SALES CHANNEL
CHAPTER 8: MARINE DYNAMIC POSITIONING SYSTEM MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Marine Dynamic Positioning System Market,' the marine dynamic positioning system market was valued at $5.6 billion in 2020, and is estimated to reach $17.6 billion by 2030, growing at a CAGR of 12.54% from 2021 to 2030.Asia-Pacific is expected to dominate the global marine dynamic positioning system market owing to increase in seaborne trade in the region. Moreover, in countries such as India, the government is taking initiatives to promote maritime tourism, which in turn is expected to create demand for new ships to be equipped with latest technology. Thus, increasing the demand for dynamic positioning system. Advancements in offshore drilling technology, and greater deployment of offshore patrol vessels also contribute to the market growth in the region.
Introduction of laser-based dynamic positioning systems, increase in development of autonomous ships, and technological advancements are factors expected to create new growth opportunities for marine dynamic positioning system market during the forecast period. However, factors such as complexity associated with the system and high maintenance costs are expected to hamper the market growth.
On the basis of subsystem, the marine dynamic positioning system industry is segmented into control system, power system, and thruster system. In 2020, the thruster system accounted for a major share. The thruster system is a vital component of a dynamic positioning system, and is responsible for maintaining the heading and position of the vessels by acting against the changes occurring underneath the water surface. These systems function by the means of thrust force and thrust direction.
On the basis of equipment class, the marine dynamic positioning system market is segregated into class 1, class 2, and class 3. Class 2 dynamic positioning system are utilized in several types of vessels, such as commercial vessels, including container ships, ferries, cruise, and cargo ships. The class 2 dynamic positioning system has redundancy, so that no single fault in active system can cause dynamic positioning system to fail.
The application segment has been divided into naval vessels, offshore vessels, and others. The naval vessels are are used in applications such as mine countermeasures, amphibious landing, submarine rescue, and pollution control. Installation of dynamic positioning system on these aid the vessel to gain accuracy, thereby enhancing security. Various advanced nations such as the U.S., China, and Japan use dynamically positioned vessels within their naval, coast guard, and auxiliary fleets.
On the basis of sales channel, the market is classified into original equipment manufacturer and retrofit. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 Impact Analysis
The COVID-19 crisis created uncertainty in the market, massive slowing of supply chain, falling business confidence, and increase in panic among the customer segments. Governments of different regions announced total lockdown and temporarily shutdown of industries, thereby adversely affecting the overall production and sales.
The impact of the COVID-19 pandemic resulted in temporarily shut down of shipyards, which in turn, resulted in decreased demand for marine dynamic positioning system. Reduced trade activities and ship production during the pandemic also hampered the market growth. Higher fuel prices and poor market conditions during the pandemic resulted in scrapping of older ships by ship owners to avoid losses. For instance, in 2020, Irving Shipbuilding temporarily shut down the Halifax shipyard for three weeks leading to delay in delivery of ships underway at the shipyard. Reduced offshore activities, and decreased defense budget also led to limited sale of marine dynamic positioning system during the pandemic.
KEY FINDINGS OF STUDY
- By subsystem, the control system segment is anticipated to exhibit significant growth in the near future.
- By equiment class, the class 3 segment is expected to register a significant growth during the forecast period.
- By application, the naval vessel segment is expected to register a significant growth during the forecast period.
- By sales channel, the original equipment manufacturer segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Companies Mentioned
- ABB Ltd
- AB Volvo
- General Electric Company
- Kongsberg Gruppen ASA
- L3Harris Technologies, Inc.
- Marine Technologies, LLC
- Navis Engineering Oy
- Praxis Automation Technology B.V.
- Reygar Ltd
- Wärtsilä Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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