Portland, OR -- (SBWIRE) -- 07/06/2018 -- Although the downturn of the offshore industry is expected to adversely impact the growth of the marine dynamic positioning system market, however, increase in adoption of dynamic positioning system in other vessels fuels the market growth. Owing to this, the dynamic positioning system vendors are anticipated to struggle in terms of overall sales. However, the market participants intend to address this issue by means of product innovation and offer products with improved specifications and functionality for certain operations under one integrated system.
The Marine Dynamic Positioning System Market size is anticipated to reach $2,127 million by 2022 from $1,594 million in 2015, growing at a CAGR of 3.8% from 2016 to 2022. Europe dominated the global market in 2015, accounting for a market share of over 32.0%.
Geographically, Europe accounted for the maximum revenue in 2015, and is anticipated to reach $609 million by 2022, owing to strong manufacturing base of dynamic positioning systems along with technical expertise. Moreover, Asia-Pacific is expected to lead the market by the end of forecast period. The future growth trends presented by China and other emerging countries of Asia-Pacific in terms of shipbuilding industry substantiates the anticipated lead of the region post 2020.
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The expected downturn in the offshore industry and the weakening shipbuilding industry are anticipated to impact the overall marine dynamic positioning system market in the coming years. The deterioration in the market conditions for offshore oil & gas industry and decline in oil prices are some of the reasons that restrain the market growth. In addition, global oversupply, recessions, and change in economic fundamentals limit the growth of the shipbuilding industry.
Key Findings of the Marine Dynamic Positioning System Market:
In 2015, thruster systems generated the highest revenue, accounting for over 34.0% of the global Marine Dynamic Positioning System Market. Class 3 segment is are expected to grow at the highest CAGR of 5.7% from 2016 to 2022. Offshore vessels held the major market share of around 44.0% in 2015, while naval vessels is expected to grow at 4.6% by 2022, owing to the increasing usage of DP systems. Europe accounted for the highest revenue, with UK dominating the market in 2015, accounting 32.0% of total revenue.
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Key Players of the Marine Dynamic Positioning System Market:
The key players of the Marine Dynamic Positioning System Market are ABB, General Electric Co., Kongsberg Gruppen, Marine Technologies LLC, Moxa Inc, Navis Engineering Oy, AB Volvo Penta, Praxis Automation Technology B.V., Rolls Royce and Wartsila Corporation.