NEWARK, Del, July 26, 2023 (GLOBE NEWSWIRE) -- In 2022, the global Dynamic Positioning Systems Market is anticipated to be worth US$ 8.2 Billion. The Dynamic Positioning Systems industry is expected to develop at an 11.6% CAGR from 2022 to 2032, reaching US$ 10.3 Billion by 2032.
The marine sector is witnessing groundbreaking inventions, particularly in developing autonomous ships, which promise to revolutionize the transportation of people and goods over navigable seas without human involvement. Several maritime industry participants, including the Grovfjord Mek Verksted (GMV) Shipyard in Norway, have taken a keen interest in building autonomous ship fleets, with partnerships like A. B. Volvo (Sweden) chosen for this purpose.
There has been a significant rise in the advancement of Dynamic Positioning Systems, with various companies collaborating to gain a technological edge. There is high Dynamic Positioning System demand as they enhance operator attentiveness and improve vessel command execution.
Learn everything you need to know about the market for Dynamic Positioning Systems globally. Request a sample copy today! https://www.futuremarketinsights.com/reports/sample/rep-gb-754
The floating production storage and offloading vessel operations have also spurred experimentation with advanced technology, including laser-based Dynamic Positioning Systems, to expand operations and generate innovative ideas.
In light of environmental concerns, some companies are opting for a ban on deep-sea mining and avoiding the use of seabed metals in their supply chains. Instead, the focus is shifting towards zero-emission and fully autonomous cargo ships equipped with processors and sensors capable of remote or independent operation.
The urgency to meet classification norms set by the International Maritime Organization is expected to boost the sales of Dynamic Positioning Systems. As the maritime trade continues to grow, ongoing innovations and rapid development of autonomous ships are likely to accelerate the Dynamic Positioning System industry further. The increasing number of ship upgrade projects for manual intervention-free transportation of passengers and cargo contributes to the Dynamic Positioning System market growth.
The growth of the Dynamic Positioning System business faces a significant hindrance due to the need for more skilled personnel capable of operating these complex systems effectively. These computer-controlled solutions require innovative software to monitor thruster positions and the impact of wind on the vessel.
As a crucial component of offshore operations, the demand for Dynamic Positioning Systems relies heavily on highly skilled and specialized operators. The lack of such personnel may impede the market's expansion in the coming years.
Key Takeaways from the Dynamic Positioning System Market Research Study:
- Between 2023 and 2033, Asia Pacific is expected to dominate in the Dynamic Positioning System market share.
- The presence of significant European firms, such as KONGSBERG, Rolls-Royce plc., and others, is a critical aspect that bodes well for the Dynamic Positioning System industry from 2023 to 2033.
- From 2023 to 2033, the Class 3 category is predicted to grow the quickest in equipment.
- The Offshore Vessels segment may be the most popular application type in the market between 2023 and 2033.
- The thruster system by component dominated the market in 2022, accounting for 43% of the market share.
Enjoy Up to 30% Savings by Handpicking Preferred Regions for Your Report Personalization! Define Your Project's Scope: https://www.futuremarketinsights.com/customization-available/rep-gb-754
Peek Behind the Curtain of Competitors: Branding and Promotional Strategies Uncovered.
Major Dynamic Positioning System manufacturers made significant investments in research and development to boost their output capacity and create cutting-edge products that would contribute to the continued growth of the Dynamic Positioning System market.
Important market developments include new product lines, contractual agreements, mergers and acquisitions, capital expenditures, and strategic alliances with other organizations. The Dynamic Positioning System manufacturers employ organic and inorganic tactics to extend and reinforce their footprint. To thrive in a market that is only slightly fragmented, the Dynamic Positioning System sector must provide affordable and cutting-edge solutions.
One of the primary business tactics Dynamic Positioning System manufacturers use to give attractive benefits to their clients and capture untapped market share is manufacturing locally to enhance production capacity and minimize operational expenditures. The sector of Dynamic Positioning System has provided substantial benefits and technological improvements in surveillance.
- UniSea and Global Maritime Join Forces with SorstadFarstad to Reduce Vessel Downtime
A five-year agreement was inked in May 2018 between Global Maritime and UniSea with SorstadFarstad's offshore supply vessel to provide Dynamic Positioning (DP) assurance software services. The new program would simplify DP testing and shorten vessel downtime.
- Rawabi Vallianz Offshore Services and Praxis Automation Technology Form Strategic Partnership for DPS Solutions
To provide a comprehensive DPS solution for their fleet of offshore supply vessels operating out of Saudi Arabia, Rawabi Vallianz Offshore Services and Praxis Automation Technology entered into a deal in June 2019. The company will equip 14 ships with class 2 Dynamic Positioning Systems under the terms of the contract, which also calls for integration with the ship's power and control systems.
Top Companies in Dynamic Positioning System Industry
- Moxa Inc.
- Kongsberg Gruppen
- Navis Engineering
- Praxis Automation Technology B.V.
- General Electric
- Norr Systems Pte Ltd.
- ABB
- Marine Technologies, LLC
- Wärtsilä
- Rolls-Royce plc
Before making a purchase, contact our research analyst for insights. Market share analysis and extensive benchmarking of the competition: https://www.futuremarketinsights.com/checkout/754
Dynamic Positioning System Market Segmentation
By Equipment Type
- Class 1
- Class 2
- Class 3
By Component
- Power System
- DP Control System
- Thruster System
By Application
- Passenger Vessels
- Merchant Vessels
- Platform Supply Vessels/Offshore Support Vessels
- Naval Vessels and Operations
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
Ultra Short Base Line Positioning System Market Analysis: The global ultra-short baseline positioning system market is anticipated at US$ 135.3 million in 2022. Demand is likely to remain high for bridge expansion joints during the assessment period. This is due to the increased demand for offshore equipment garnering US$256.8 Billion in 2033, recording a CAGR of 6.0% from 2023 to 2033.
Produced Water Treatment Systems Market Review: The global produced water treatment systems market is estimated to be worth around US$ 4.29 Billion in 2022. With rising oil and gas activities across the world, the overall market is projected to grow at a CAGR of 5.8% between 2022 and 2029, surpassing a valuation of US$ 6.38 Billion by 2029.
Water Desalination Equipment Market Forecast: The global water desalination equipment market was valued at US$ 8.4 Billion in 2022. It is estimated to grow at a CAGR of 8.2% from 2022 to 2032. The market is likely to reach a valuation of US$ 20 Billion by the end of 2032.
Water Softening Systems Market Overview: The global water softening systems market is anticipated at US$ 11.6 Billion in 2022. Demand is likely to remain high for water softening systems during the assessment period. This is due to the increased technological advances and industrialization globally and garnering US$ 23.3 Billion in 2033, recording a CAGR of 6.6% from 2023 to 2033.
Navigation, Imaging and Positioning Solutions Market Share: The global navigation, imaging, and positioning solutions market is projected to reach a valuation of over US$ 7 Billion in 2022. Increasing adoption of these solutions in homes, hospitals, and warehouse management will drive sales at a stupendous 27% CAGR, pushing the market valuation to approximately US$ 24 Billion in 2032.
Water Treatment System Market Review: The global demand for the water treatment market stood at US$ 66,094 Million in 2022 and is slated to increase at a CAGR of 6.8% to reach a valuation of US$ 111,922 Million by the end of their forecast period.
Water Treatment Market Size: Demand for potable water is experiencing exponential rise annually, with growing global population and pollution levels. Water bodies that have been the conventional sources of drinking water for individuals are also getting affected by alarming rates of ecological burden. Water treatment systems are affordably priced to enhance their reach across varied economic strata of consumers.
Dust Extractor Market Key Trends: The global dust extractor market is anticipated at US$ 2.2 Billion in 2022. Demand is likely to remain high for dust extractor during the assessment period. This is due to the increased application in end-use industries and garnering US$ 5.3 Billion in 2033, recording a CAGR of 8.6% from 2023 to 2033.
Combi Ovens Market Sales: The global combi ovens market is anticipated at US$ 1.9 Billion in 2022. Demand is likely to remain high for combi ovens during the assessment period. This is due to the increased demand for technologically advanced kitchen equipment and garnering US$ 5.8 Billion in 2033, recording a CAGR of 10.7% from 2023 to 2033.
Motor Generator Set Market Demand: The global motor generator set market is anticipated at US$ 2.6 Billion in 2022. Demand is likely to remain high for motor generator set during the assessment period. This is due to the increased demand for energy efficiency and garnering US$ 4.5 Billion in 2033, recording a CAGR of 5.3% from 2023 to 2033.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
Contact Us:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
LinkedIn | Twitter | Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
