Northbrook, IL -- (SBWIRE) -- 05/17/2021 -- According to the new market research report "Dynamic Positioning Systems Market by Equipment type (Class 1, class 2, class 3), Application (Bulk Carrier, Gas Tanker, Ferries, Cruise, Amphibious, Destroyer, Frigate), End use (OEM, Retrofit), Type, Sub-system, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is estimated to be USD 6.3 billion in 2021 and is projected to reach USD 10.5 billion by 2026, at a CAGR 10.7% from 2021 to 2026. Rise in offshore shipping industry and rise in naval based operations in military vessels are the major factors anticipated to boost the demand for marine batteries during the forecast period. The rise in seaborne trade across the globe, growing maritime tourism industry, and the development of autonomous vessels are the other factors anticipated to fuel the growth of the dynamic positioning system 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 equipment type of dynamic positioning system is projected to register highest CAGR during the forecast period. Small and medium commercial vessels are the ship type which are majorly equipped with class 1 dynamic positioning system. Class 1 dynamic positioning system equipment type has the ability to automatically maintain and hold the position of the vessel under specific environmental conditions. This equipment has a manual position control system. A single fault in this equipment may cause failure of the entire system.
Commercial application segment is projected to register highest CAGR from 2021 to 2026
By application type, the commercial segment of vessels is estimated to witness highest CAGR during the forecast period. The rise in this segment is attributed by factors such as rise in shipbuilding industries manufacturing commercial vessels in the Asia Pacific region, rise in seaborne trade around the globe and also the increasing water recreational activity throughout different regions. Commercial types of vessel includes research vessels, motorboats, dry cargo ships, passenger ferries and others are some of the vessels under the commercial shipping industry.
OEM End Use segment is projected to register the highest CAGR from 2021 to 2026
By end use, the OEM segment is estimated to witness the highest CAGR during the forecast period. Original equipment manufacturers (OEMs) offer line fit and new product demand, thereby saving the time consumed in the installation of components post-delivery. Traditional dynamic positioning systems were not connected to administrative networks or the internet. Due to the increasing installation of automated DP systems on vessels/ships, Original Equipment Manufacturers (OEM) also offer remote diagnostics and maintenance.
Next generation type of dynamic positioning system is projected to register highest CAGR from 2021 to 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 be replacing the conventional dynamic positioning system in the near future. With the rise in testing and development of autonomous vessels for being used as commercially used vessel, the demand of high technology equipped dynamic positioning system is going up. These dynamic positioning systems will not only reduce the chances of error in the dynamic positioning system market but will also increase the efficiency of vessel operations.
By sub-system type, position reference and tracking systems is projected to register highest CAGR from 2021 to 2026
By sub-system type, the position reference and tracking systems is 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 hydro-acoustic position reference system, differential GPS reference system, taut wire reference system, and laser based reference system. Out of these the laser based reference system is the majorly used positioning reference and tracking system.
Browse in-depth TOC on "Dynamic Positioning Systems Market"
193 – Tables
47 – Figures
223 – Pages
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APAC region for dynamic positioning system market is projected to register the highest CAGR from 2021 to 2026
By region, APAC (Asia Pacific) is expected to witness substantial growth in the dynamic positioning system market during the forecast period. The analysis for the APAC region includes the economically growing countries such as China, India, Japan, and Others. Countries such as China and South Korea houses some of the largest commercial shipbuilding companies which is expected to drive the market in this region. Along with this country such as New Zealand is one the major country in this region which will see a rise in the dynamic positioning system market due to the increasing recreational water activities and commercial trade.
The dynamic positioning system market has been gaining traction over the past few 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 (US), Wartsila (Finland), Rolls Royce PLC. (UK), A.B Volvo (Sweden), Twin Disc (US), L3 Harris (US), Navis Engineering (Finland), Royal IHC (Netherlands), Marine Technologies LLC (US), Praxis Automation Technology (Netherlands), Norr Systems Pte Ltd. (Singapore), Moxa Inc. (Taiwan), Reygar (UK), Comex (France), Sonardyne (UK), Alphatron Marine (Netherlands), Undheim Systems (Norway), Wartsila Guidance Marine (UK), Thrustmaster of Texas (US), Xenta Systems (Italy), RH Marine (Netherlands), Raytheon Anschutz (Germany), Japan Radio Company Ltd. (Japan).
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Mr. Aashish Mehra
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