Dynamic Positioning Systems Market Worth $ 10.5 Billion By 2026
CHICAGO, May 14, 2021 / PRNewswire / – According to New Market Research Report “Dynamic Positioning Systems Market by Equipment Type (Class 1, Class 2, Class 3), Application (Bulk Carrier, Oil Tanker, Ferries, Cruise, Amphibious, Destroyer, Frigate), End Use (OEM, Modernization), Type, Sub -system and region – Global forecast to 2026“, published by MarketsandMarkets ™, the market is estimated at 6.3 billion USD in 2021 and should reach 10.5 billion USD by 2026, at a CAGR of 10.7% from 2021 to 2026. The boom in the offshore shipping industry and the increase in naval operations in military vessels are the main factors that are expected to drive the demand for marine batteries during the forecast period. The boom in maritime commerce across the globe, the growth of the maritime tourism industry and the development of autonomous vessels are the other factors predicted to fuel the growth of the dynamic positioning systems market.
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Class 1 equipment type for dynamic positioning system projects highest CAGR from 2021 to 2026
By equipment type, the class 1 dynamic positioning system equipment type is expected to register the highest CAGR during the forecast period. Small and medium-sized commercial vessels are the type of vessel which is mainly equipped with Class 1 dynamic positioning system. Class 1 dynamic positioning system equipment type has the ability to automatically maintain and maintain position. of the vessel under specific environmental conditions. This equipment has a manual position control system. A single fault in this equipment can cause failure of the entire system.
Commercial Applications Segment Expected to Record Highest CAGR from 2021-2026
Depending on the type of application, the commercial vessel segment is expected to experience the highest CAGR during the forecast period. The increase in this segment is driven by factors such as the increase in shipbuilding industries that manufacture commercial vessels in the Asia Pacific region, the increase in maritime trade around the world and also the increase in water recreation activities in different regions. Types of commercial vessels include research vessels, motor boats, dry cargo vessels, passenger ferries and others are among the vessels in the commercial shipping industry.
OEM End-Use Segment Expected to Record Highest CAGR from 2021-2026
By end use, OEM segment is expected to experience the highest CAGR during the forecast period. Original Equipment Manufacturers (OEMs) offer line adjustment and re-demand for products, saving the time required to install components after delivery. Traditional dynamic positioning systems were not connected to administrative networks or the Internet. Due to the increasing installation of automated DP systems on ships / vessels, Original Equipment Manufacturers (OEMs) are also offering remote diagnostics and maintenance.
Next Generation Dynamic Positioning System Type Expected To Record Highest CAGR From 2021-2026
By type, the next generation dynamic positioning system is projected with the highest CAGR during the forecast period. The next generation dynamic positioning system will soon replace the conventional dynamic positioning system. With the increase in testing and development of autonomous vessels for use as commercial vessels, the demand for dynamic positioning system equipped with high technology is increasing. These dynamic positioning systems will not only reduce the risk of error in the dynamic positioning systems market, but also increase the efficiency of vessel operations.
By type of subsystem, position reference and tracking systems are expected to register the highest CAGR from 2021 to 2026
By type of subsystem, the position reference and tracking systems are projected with the highest CAGR during the forecast period. The different types of position reference and tracking systems available for the dynamic positioning system are the hydroacoustic position reference system, the differential GPS reference system, the draw-wire reference system and the laser-based reference system. . Of these, the laser-based reference system is the most widely used positioning and tracking reference system.
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APAC Region for Dynamic Positioning Systems Market Expected to Record Highest CAGR from 2021-2026
By region, APAC (Asia Pacific) is expected to experience substantial growth in the dynamic positioning systems market during the forecast period. The analysis for the APAC region includes economically growing countries such as China, India, Japan, and others. Countries such as China and South Korea home to some of the largest commercial shipbuilding companies that are expected to drive the market in this region. With this country like New Zealand is one of the major countries in this region that will see an increase in the market for dynamic positioning systems due to the increase in recreational water sports and commercial trade.
The market for dynamic positioning systems has gained ground in recent years due to the presence of several established companies. Some of the major market players are Kongsberg Gruppen (Norway), ABB Group (Switzerland), General Electric Company (United States), Wartsila (Finland), Rolls Royce PLC. (UK), AB Volvo (Sweden), Twin Disc (United States), L3 Harris (United States), Navis Engineering (Finland), Royal IHC (Netherlands), Marine Technologies LLC (United States), Praxis Automation Technology (Netherlands), Norr Systems Pte Ltd. (Singapore), Moxa Inc. (Taiwan), Reygar (United Kingdom), Comex (France), Sonardyne (United Kingdom), Alphatron Marine (Netherlands), Undheim Systems (Norway), Wartsila Guidance Marine (United Kingdom), Thrustmaster of Texas (United States), Xenta Systems (Italy), RH Marine (Netherlands), Raytheon Anschutz (Germany), Japan Radio Company Ltd. (Japan).
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