Dynamic Positioning Systems Global Market Report 2024

The global dynamic positioning systems market has grown strongly in recent years. It will grow from $6.8 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historical period can be attributed to factors such as marine exploration and offshore activities, expansion in the offshore energy industry, the demand for precision and safety in maritime operations, increased focus on deepwater exploration, and requirements in commercial shipping.

The global dynamic positioning systems market is expected to see strong growth in the next few years. It will grow to $9.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected expansion during the forecast period is driven by the increase in offshore renewable energy, offshore infrastructure development, the surge in autonomous vessels, and a heightened emphasis on environmental sustainability, maritime safety, and risk mitigation. Noteworthy trends anticipated in this period involve a concentrated effort on operational efficiency, ongoing research and development, innovative initiatives, market penetration into emerging economies, operational cost-effectiveness, and fostering collaboration through industry partnerships.

The drug discovery services market is set to experience significant growth due to the increasing focus on drug discovery trials. Clinical trials have become a crucial aspect of the drug development life cycle, ensuring the safe and effective delivery of drugs. With a heightened emphasis on drug development and healthcare innovation, the global demand for drug discovery trials is on the rise. ClinicalTrials.gov reported a substantial increase from 325,771 clinical trials in March 2021 to 362,501 in 2021, highlighting the growing significance of drug discovery trials. This trend is expected to propel the drug discovery services market forward.

The drug discovery services market is anticipated to witness growth driven by the rising prevalence of chronic diseases. Chronic diseases, characterized by long-lasting health conditions, necessitate ongoing management. Drug discovery services play a pivotal role in identifying and developing new medications for the treatment of chronic diseases. According to the National Library of Medicine, the US is expected to experience a 99.5% increase in the number of individuals aged 50 and older with at least one chronic condition, reaching 142.66 million by 2050. This increase in chronic diseases is poised to contribute significantly to the growth of the drug discovery services market.

Technological advancements emerge as a key trend shaping the drug discovery services market. Major companies in drug development services are responding to market demand by integrating robotics and automated screening to enhance the overall speed of drug discovery. This technological progression provides key players with a competitive edge. For instance, Arctoris Ltd., a UK-based platform company, introduced Ulysses in February 2021. This fully automated robotic platform enhances drug discovery by generating high-quality, measurable, and auditable datasets swiftly, facilitating informed decision-making in the early stages of drug development.

Major companies in the drug discovery services market are concentrating on product innovations and developing new solutions to strengthen their market positions. The focus is on enhancing efficiency through process visualization and centralized data management. An example is Fujitsu's launch of the bio drug design accelerator platform in May 2023. This platform supports peptide drug discovery scientists in pharmaceutical companies by streamlining the 'design, make, test, analyze' (DMTA) cycles. It aims to contribute to faster and more efficient drug discovery by visualizing amino acid sequences and organizing research results for peptide drug development, showcasing the industry's commitment to innovative solutions.

In January 2023, Sygnature Discovery, a prominent UK-based integrated Drug Discovery firm, successfully concluded the acquisition of SB Drug Discovery for an undisclosed sum. This strategic move is expected to provide mutual strategic advantages, facilitating the expansion of both companies and enhancing their respective capabilities. The acquisition aligns with Sygnature's strategic plan, demonstrating a commitment to ongoing investment in the expansion of its leading integrated drug discovery solutions. SB Drug Discovery, the acquired company, is a UK-based entity specializing in providing crucial data for novel drug development through services such as cell line generation, assay development, and compound screening.

Major companies operating in the dynamic positioning systems market report are Moxa Inc., Kongsberg Gruppen AS, Praxis Automation Technology B.V., General Electric Company, Norr Systems Pte. Ltd., ABB Ltd., Marine Technologies LLC, Wärtsilä Oyj Abp, Rolls-Royce Holdings PLC, AB Volvo PLC, L-3 Communications Holdings Inc., RH Marine Group, Twin Disc Incorporated, Koninklijke IHC, Reygar Ltd., Sonardyne International Ltd., COMEX SA, Navis Engineering LLP, Advanced Navigation Pty Ltd., Teledyne Technologies Inc., Applanix Corporation, Underwater Engineering S.A.L., C-Nav Positioning Solutions, Denar Ocean Engineering Ltd., Marine Management Limited, Alphatron Marine BV, L3Harris Technologies Inc., Wartsila Guidance Marine BV, and Thrustmaster of Texas Inc.

North America was the largest region in the dynamic positioning systems market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the dynamic positioning systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dynamic positioning systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Dynamic positioning systems are categorized into three classes such as class 1, class 2, and class 3. Class 1 equipment is employed for tracking, maneuvering, maintaining a fixed position, and changing location. Class 1 signifies equipment without redundancy, and any single failure in the equipment may result in a loss of position. Components of dynamic positioning systems include a power system, DP control system, and thruster system. These systems find applications in various vessel types, including passenger vessels, merchant vessels, platform supply vessels or offshore support vessels, and naval vessels and operations. The end-users of dynamic positioning systems encompass original equipment manufacturers (OEMs) and aftermarket vendors.

This report provides dynamic positioning systems market statistics, including dynamic positioning systems industry global market size, regional shares, competitors with a dynamic positioning systems market share, detailed dynamic positioning systems market segments, market trends and opportunities, and any further data you may need to thrive in the dynamic positioning systems industry. This dynamic positioning systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The dynamic positioning systems market consists of sales of position reference and tracking systems, power systems, motors, and drives, and DP control systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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