Marine Dynamic Positioning System Global Market Report 2024

The marine dynamic positioning system market size has grown rapidly in recent years. It will grow from $4.07 billion in 2023 to $4.53 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to several factors. These include the increase in global seaborne trade, growth in offshore oil and gas exploration activities, expansion of the offshore wind energy sector, development of offshore wind farms, and the implementation of stringent maritime regulations.

The marine dynamic positioning system market size is expected to see rapid growth in the next few years. It will grow to $7 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The anticipated growth in the forecast period can be attributed to several factors. These include the increase in the number of dynamic position ships, particularly in survey and research vessels, the growing demand for renewable energy leading to expansion in offshore wind farms, the rising demand for unmanned surface vehicles in maritime operations, the overall growth in maritime transportation, and the increasing emphasis on safety measures. Major trends expected in the forecast period encompass advancements in offshore drilling technology, ongoing technological developments across the maritime industry, the adoption of autonomous operations for enhanced efficiency and safety, the integration of cloud connectivity to enable remote monitoring and management, and the utilization of machine learning algorithms for data analysis and decision-making.

The surge in offshore construction activities is set to drive the expansion of the marine dynamic positioning system market in the foreseeable future. Offshore construction activities encompass a wide array of operations and projects carried out in bodies of water, predominantly in the ocean, aimed at constructing, installing, or maintaining structures such as oil platforms, pipelines, bridges, and other marine infrastructure. This growth is propelled by the increasing adoption of renewable energy initiatives and advancements in technology facilitating intricate projects in deeper waters. Dynamic positioning (DP) systems play a crucial role by offering maneuverability to vessels and equipment, enabling them to operate in diverse locations and conditions without the need for fixed anchor points. These systems also ensure vessels maintain a safe distance from offshore structures and other vessels, thereby reducing the risk of collisions or damage. For example, reports published by the Office of Energy Efficiency and Renewable Energy, a US-based government agency, in August 2023, forecast that offshore wind pipelines in 2022 will reach 40,083 megawatts (MW), marking a 13.5% increase compared to the previous year. Consequently, the burgeoning offshore construction activities are fueling the growth of the marine dynamic positioning system market.

Leading players in the marine dynamic positioning system market are actively incorporating innovative technologies to enhance the training and proficiency of DP operators. One such technology is dynamic positioning (DP) simulators, which provide realistic training environments simulating various maritime conditions and scenarios. These simulators enable operators to hone their skills, enhance decision-making abilities, and acquaint themselves with DP systems and procedures in a secure and controlled environment. For instance, in March 2022, Mitsui O.S.K. Lines Ltd. (MOL), a Japan-based shipping company, and MOL Marine & Engineering Co. Ltd., a Japan-based marine technology services company, installed a Dynamic Positioning (DP) Simulator with a Dynamic Positioning System (DPS) at the MOL Head Office. The simulator serves as a training platform for MOL crewmembers of cable-laying ships and related engineers. Moreover, the group plans to extend DP training programs to customers and provide tailored training for various offshore development vessels, including those for offshore wind power projects. Additionally, it will offer research and consulting services for port and harbor improvement projects, navigation safety measures, and maritime construction safety standards.

In September 2023, Norwegian Electric Systems AS, a Norway-based provider of marine electrical engineering services, acquired Undheim Systems for an undisclosed sum. This strategic acquisition is poised to bolster Norwegian Electric Systems (NES) capabilities and autonomous navigation technology in marine dynamic positioning (DP) systems. Furthermore, it will expedite NES's plans to offer digital functionality catering to the global maritime market's needs for autonomous ship operations, thereby contributing to more efficient and safer vessel operations in the maritime industry. Undheim Systems, a Norway-based provider of dynamic positioning systems and software, brings valuable expertise and technology to augment Norwegian Electric Systems' offerings and reinforce its position in the marine dynamic positioning system market.

Major companies operating in the marine dynamic positioning system market are General Electric Company, The Volvo Group, General Dynamics Corporation, Siemens Energy AG, ABB Ltd., L3Harris Technologies Inc., Rolls-Royce plc, Wärtsilä Corporation, Kongsberg Gruppen ASA, Japan Radio Company (JRC), Mercury System Inc., Norr Systems Hydraulics Pte. Ltd., RH Marine Corp., Grid Dynamics Holdings Inc., AquaTech India Pvt. Ltd., Thrustmaster of Texas Inc., Master Boat Builders Inc., Praxis Automation Technology B.V., AquaGuard Positioning, C-MAR Group, Navis Engineering Oyj, BlueWave Products Inc., Vision Marine Technologies LLC, Seaquest Marine Resources Private Limited, SeaNav Technologies Pvt. Ltd., Reygar Ltd.

Asia-Pacific was the largest region in the marine dynamic positioning system market in 2023. The regions covered in the marine dynamic positioning system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the marine dynamic positioning system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A marine dynamic positioning system is a technology used by vessels to maintain their position or move in a specific direction using computers, thrusters, and position reference systems. This system ensures vessel stability in adverse weather conditions and during complex operations at sea. Dynamic positioning (DP) systems are essential across various maritime sectors, including diving, drilling, ROV operations, pipe-laying, cable-laying, FPSOs, and supply or multi-purpose support operations.

Key components of marine dynamic positioning systems include thruster systems, dynamic positioning control systems, sensors, and power systems. Thruster systems control the vessel's rise, influence, and rotation movements, facilitating applications such as station keeping, maneuverability, navigation, and dynamic positioning autonomy. These systems are utilized by industries including oil and gas, renewable energy, research, and surveys.

The marine dynamic positioning systems market research report is one of a series of new reports that provides marine dynamic positioning systems market statistics, including marine dynamic positioning systems industry global market size, regional shares, competitors with a marine dynamic positioning systems market share, detailed marine dynamic positioning systems market segments, market trends and opportunities, and any further data you may need to thrive in the marine dynamic positioning systems industry. This marine 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 marine dynamic positioning system market consists of revenues earned by entities by providing services such as consulting and training services, system testing, and installation and integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The marine dynamic positioning system market also includes sales position reference systems, joysticks, and redundancy 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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