Global Dynamic Positioning System Market is projected to be valued at USD 685 Million by 2025, with 4.02% CAGR during the forecast period, 2019–2025.
The dynamic positioning system helps in controlling a vessel’s position. Moreover, this system is typically used for offshore vessels in offshore drilling vessels, offshore support vessels, pipe-laying vessels, dredging vessels, and shuttle tankers.
In 2018, Asia-Pacific dominated the global dynamic positioning system market in terms of share: MRFR
The global market for Dynamic Positioning System Market has been segmented into five regions, namely North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The Asia-Pacific market is expected to hold the largest market share in the global dynamic positioning system market during the forecast period. The region is also expected to register the highest growth rate due to the increasing number of offshore patrol vessels. In Asia-Pacific, China is expected to be the fastest and largest market during the forecast period owing to technological advancement in offshore vessels.
The market in North America is expected to be the second-largest owing to increasing drilling activities in oil & gas industry. The market in the US is expected to lead in North America during the forecast period. Europe is also expected to grow at a high rate owing to the safety operations across deep ocean waters during offshore oil and gas operations. Germany is expected to be the largest and fastest growing country in Europe. Brazil and Saudi Arabia are the two leading countries that are expected to dominate the markets in South America and the Middle East & Africa, respectively.
The dynamic positioning system market in Europe is expected to be dominated by Germany owing to the technological advancement in dynamic positioning system. Moreover, companies such as ABB (Switzerland), General Electric (US), Kongsberg Gruppen (Norway), and Volvo Penta AB (Sweden) have presence in Germany which would drive the dynamic positioning system market in the country.
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The dynamic positioning system market in North America is dominated by the US owing to increasing demand for offshore patrol vessels in the country.
The global market for dynamic positioning system has been segmented based on subsystem, equipment class, application, and region. By subsystem, the global market has been divided into control system, thruster system, power system, and others. The control system segment is expected to dominate the global market and is likely to register the highest CAGR. Based on equipment class, the global market is segmented as class 10, class 2, and class 3. The class 3 segment is expected to register the highest CAGR during the forecast period as this segment includes dynamic positioning system that provide accuracy in a vessel’s position as compared to other class types. By application, the market has been segmented into merchant vessels, passenger vessels, naval vessels, and offshore vessels. The offshore vessel segment is expected to hold the largest market share during the forecast period.
The global market for dynamic positioning system is expected to grow at 4.02% CAGR during the forecast period.
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Scope of the Report
This report provides an in-depth analysis of the global Dynamic Positioning System Market Growth, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global dynamic positioning system market by subsystem, equipment class, application, and region.
- Control system
- Thruster system
- Power system
- Equipment Class
- Class 1
- Class 2
- Class 3
- Merchant Vessels
- Passenger Vessels
- Naval Vessels
- Offshore Vessels
- By Region
- North America
- Middle East & Africa
- South America
The key players operating in the Global Dynamic Positioning System Market are ABB (Switzerland), General Electric (US), Kongsberg Gruppen (Norway), Volvo Penta AB (Sweden), Moxa Inc. (Taiwan), Marine Technologies, LCC (US), Rolls Royce plc (UK), Praxis Automation (Netherlands), Wartsila Corporation (Finland), Navis Engineering Oy (Finland), L-3 Communications Holdings, Inc. (US), NORR Systems Pte Ltd (Singapore), Guidance Marine (UK), Master Boat Builders Inc. (US), and others.
Read More @ https://icrowdnewswire.com/2021/01/14/dynamic-positioning-system-market-2021-business-data-key-manufacturers-in-depth-analysis-product-development-and-upcoming-strategies-by-forecast-2025/
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