Westford USA, April 10, 2023 (GLOBE NEWSWIRE) -- The market for Dynamic Positioning Systems (DPS) is poised to grow at a CAGR of 10.6% over the forecast period (2022-2030) and reach a value of USD 16.1 billion by 2030. Several factors fuel the market's growth, including the increasing demand for offshore drilling, technological advancements in DPS systems, and stringent government regulations, are fueling the market's growth. The growing demand for renewable energy and exploration activities in deep water and ultra-deep water also contribute to the market's expansion. According to a survey conducted by DNV GL, a technical advisor to the oil and gas industry, 59% of oil and gas industry respondents identified offshore drilling as their primary area of growth for the next five years, highlighting the increasing focus on offshore drilling and exploration.
SkyQuest's latest research findings indicate that 78% of oil and gas executives plan to increase their investment in deepwater exploration and production activities in the coming years. Advancements in technology, such as the use of DPS, are enabling companies to explore and produce oil and gas in deeper waters, as global deepwater and ultra-deepwater exploration and production activities are expected to increase significantly in the coming years, due to the depletion of shallow water reserves and the increasing demand for oil and gas. The report also notes that deepwater exploration activities have increased by more than 30% in the past decade.
Browse in-depth TOC on "Dynamic Positioning System Market"
- Pages - 242
- Tables - 88
- Figures - 72
In modern offshore operations, particularly in the oil and gas industry, Dynamic Positioning Systems (DPS) play a crucial role. These systems help vessels to maintain a stable position and heading, even in harsh weather conditions, and perform complex operations such as drilling, construction, and maintenance. The growing demand for offshore exploration and production activities has made the importance of DPS more significant than ever. DPS provides safer and more efficient operations, enabling the industry to meet the rising energy demand while minimizing environmental impact.
Prominent Players in Dynamic Positioning System Market
- Kongsberg Gruppen AS
- Caterpillar Inc.
- Wärtsilä Corporation
- Rolls-Royce Holdings plc
- General Electric Company
- ABB Ltd.
- L3Harris Technologies, Inc.
- Marine Technologies LLC
- Navis Engineering Oy
- Norr Systems AB
- Praxis Automation Technology B.V.
- Reygar Ltd.
- RH Marine Netherlands B.V.
- Wartsila Guidance Marine Ltd.
- Marine Technologies LLC
- MTU Friedrichshafen GmbH
- Nautilus Marine Service GmbH
- Oceaneering International, Inc.
- Sea Machines Robotics, Inc.
- ST Engineering Limited
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Oil and Gas Industry Segment to Drive Higher Sales as it is Used across various aircraft types, including commercial, military, and general aviation
SkyQuest's recent analysis has shown that the Oil and Gas Industry segment in the Dynamic Positioning System emerged as a significant contributor to the rapid growth of the Dynamic Positioning System market in 2021. This trend is expected to continue from 2022 to 2030, driven by the increasing demand for offshore drilling activities and the rise in deepwater and ultra-deepwater exploration. The growing adoption of autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) for underwater exploration is also expected to increase the demand for DPS in the industry.
Europe is forecasted to emerge as a dominant player in the Dynamic Positioning System market from 2022 to 2030, according to research analysis. SkyQuest has projected a CAGR of 4.82% during the forecast period for the region, driven by the presence of major players, suppliers, rising budgets, and surging demand. Initiatives such as Kongsberg and Wilhelmsen's joint venture to develop the world's first autonomous shipping company, which utilizes dynamic positioning technology for unmanned ship operations, demonstrate the region's technological advancement. Rolls-Royce's recent launch of a new DP system, the Unified Bridge Control system, which integrates various navigation and control systems into a single platform for enhanced efficiency and safety, is another example of the region's innovation in the industry.
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Class 2 Type Segment to Exhibit Strong Growth Due to its Highly Advanced and Equipped Multiple Redundancy Systems
According to SkyQuest's analysis, the Dynamic Positioning System market was dominated by the Class 2 Type segment in 2021, and this segment is expected to continue its leadership position from 2022 to 2030. These systems are equipped with advanced features and have multiple redundancy systems, making them suitable for complex offshore operations such as drilling and production activities. Furthermore, their cost-effectiveness in moderate to harsh weather conditions has made them a popular choice in the offshore oil and gas industry.
SkyQuest has projected that the Asia Pacific region will experience significant growth in the Dynamic Positioning System market, with a projected CAGR of 7.07% during the forecast period, indicating that the region will maintain its leading position in the market by 2030. This expansion is driven by the adoption of advanced technologies and the implementation of favorable government regulations in the region, which support the growth of the offshore industry.
A comprehensive analysis of the major players in the Dynamic Positioning System market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Dynamic Positioning System Market
- The Norwegian chemical company Yara recently reported that the Yara Birkeland, the first ever fully autonomous and zero-emission cargo ship, successfully completed its inaugural journey in Norway. This cutting-edge vessel is equipped with advanced sensors and computer systems that allow it to be operated either autonomously or through remote control.
- Volvo Penta has expanded its marine leisure offerings by providing its Dynamic Positioning System (DPS) across its twin V6 and V8 propulsion packages. This move will make DPS available in Volvo Penta's complete marine leisure line. The update will be released worldwide, providing the broadest coverage of this automated feature in the marine industry. This new development offers greater automation in everyday boating, providing more boaters with increased control and a sense of security on the water.
Key Questions Answered in Dynamic Positioning System Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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