Valley Cottage, NY -- (SBWIRE) -- 07/11/2019 -- Increase in the range of applications along with the advancement of dynamic positioning (DP) technologies is fueling the growth in the dynamic positioning system market. Dynamic positioning system is a computer controlled system which automatically controls a vessel's position and heading completely by means of its own thrust, rudders and propellers. Generally, this systems are designed to meet classification rules based on guidelines issued by the international maritime organization. Dynamic Positioning system now have become critically important due to increase in activity of offshore oil industry, renewable energy and other related industries. To address this variety and needs of industries, the demand for dynamic positioning system is increasing. Dynamic position systems are difficult and consist of many sub-systems such as power system, thruster system, DP control system among others. Moreover, rising demand for production, storage, floating and offshore vessels, is escalating the growth in the global dynamic positioning system.The dynamic positioning systems market is expected to witness significant growth during the forecast period 2015-2025.
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Dynamic Positioning System Market Market: Drivers & Restraints
The prerequisite of advancement in technology (facilitates in deeper waters than vessels), increasing research & development initiatives by manufacturers is driving the demand of dynamic positioning systems. Dynamic positioning systems are better known for its safe and correct operations which are widely used for a variety of purposes in the offshore industry. It provides following benefits such as effective maritime operations, energy efficient system, helps in reducing operational costs and emissions, among others. Rising maritime trade in Asia-Pacific and Middle-East Africa along with deep-sea excavations is the fundamental growth driver in the Dynamic Positioning system market. Ensuring safety operations and push from the government side is also helping in increasing the degree of awareness among the users. Additionally, growth in the shipping industry is also up surging with significant opportunities in this market. However, high implementation cost, lack of reliable communication and complexity in system are the major setback for the dynamic positioning system market.
Dynamic Positioning SystemMarket: Segmentation
On the basis of equipment type, the global dynamic positioning system market can be broadly segmented into:
On the basis of components, the global dynamic positioning system market can be segmented into:
Power System (Includes Power management system, Electrical Boards, Electrical generators, Engines, Distribution system, UPS etc )
DP Control System (Positioning control system, Communication network, Vessels and environmental sensor systems and Positioning reference systems)
Thruster System (Thruster control units, Cabling and routing, Thruster drive units and auxiliaries, Main propellers and rudders)
On the basis of application, the global dynamic positioning system market can be segmented into:
Passenger Vessels (mega yachts and cruise ships)
Merchant Vessels (Shuttle tankers, container vessels and bulk carriers)
Platform Supply Vessel/Offshore Support Vessels (Cable Laying Vessels, pipe laying vessels, dredgers, drill, ships, floating production, shuttle tanker, among many others)
Naval Vessels and Operations (Mine Sweepers and Survey ships)
Dynamic Positioning SystemMarket: Region-wise Outlook
The global dynamic positioning system market is expected to register a CAGR of approximately 5 percent over the forecasted period 2015-2025. Depending upon geographic regions, global dynamic positioning system market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and Middle East & Africa. In terms of regions, Asia-Pacific accounts for the largest market share. Middle East and Africa market is projected to register a significant CAGR during the forecast period. Increasing maritime trade with technological updates is fueling the growth in Asia-Pacific and Middle East and Africa regions. Countries such as China, Saudi Arabia, UAE, South Korea, Japan, Russia, among others is expected to witness an upsurge in the demand for DP systems. Eastern Europe and Latin America are also forecast to register a significant growth in the global dynamic positioning system market during the forecast period 2015-2025.
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Dynamic Positioning SystemMarket: Key Players
Some of the players identified in the dynamic positioning system are L-3 Communications Holdings, General Electric Company, Rolls-Royce Plc, General Electric Company, Kongsberg Gruppen ASA, Navis Engineering, Norr Systems, Praxis Automation Systems, and Marine Technologies LLC, among many others.