Dynamic Positioning Systems Market by Class Type (Class 1, Class 2, and Class 3), Sub-system (Power Systems, DP Control Systems, Thruster Systems, and Others), Application (Commercial and Military); Global Market Size Estimates and Forecast (2022-2030)
The market is expected to cross US$ 6.92 billion mark in 2022 and is projected to hit US$ 12.34 billion by 2030, recording a CAGR of 10.1% during the forecast period.
Dynamic positioning systems market has been significantly growing due to the rise in Development of Unmanned Vessel
The growing demand for unmanned vessels across different military forces propelled by the rising military expenditure for the procurement of unmanned vessels for different military operations such as maritime patrol and coastal ISR applications. For instance, in January 2022, Both UK and turkey government announced the adoption of unmanned patrol boats for ensuring safety of harbors and high value assets. Such instances are catalyzing the procurement of unmanned vessels which is leading to increasing in adoption of dynamic positioning systems across the world.
The class 2 segment is expected to grow with a significant rate in the global dynamic positioning systems market in the forecast period. Class 2 DP system is redundant, thus a single fault in the system will not lead to a complete failure of the system. This factor is influencing the rising adoption class 2 DP system across commercial vessels such as passenger ferries, and cargo ships amongst others. Companies like Wartsila and Kongsberg Maritime amongst are engaged in offering class 2 DP systems.
Within the report, the dynamic positioning systems market is segmented into class type, sub-system, application, and geography. By class type, the market is further segmented into class 1, class 2, and class 3. Based on sub-system, the dynamic positioning systems market is segmented into power systems, DP control systems, thruster systems, and others. By application, the market is categorized into commercial and military. Geographically, the dynamic positioning systems market is sub segmented into North America, Europe, Asia Pacific, and Rest of World (RoW).
The Adoption of Automation Across the Shipping Industry will Boost the Global Dynamic Positioning Systems Market
A dynamic positioning system is a system that automatically controls a ship’s position and direction using active thrust. Components such as motion sensors, wind sensors, motion sensors and compasses enable the system to provide real-time information of the ship’s position, direction, magnitude, and other external factors affecting it. With the rapidly increasing adoption of marine transportation, dynamic positioning systems are highly being applied across both commercial and military vessels.
North America Accounted for a Significant Share in the Global Dynamic Positioning Systems Market.
The increasing adoption of marine transportation across North American countries like US for transporting goods that are majorly consumed by the country’s population on daily basis. According to the Bureau of Transportation, maritime transportation contributes more than 30% of the total import and export of the country. This is directly increasing the demand for marine vessels from the commercial sector of the country. These factors are expected to contribute to the growth of the dynamic positioning systems market across North America.
Recent Strategic Developments in Dynamic Positioning Systems Market
The dynamic positioning systems market has undergone several significant developments, and a few of these have been mentioned below:
- Kongsberg Maritime, in January 2021, was awarded a contract by Wood PLC (UK) to supply key positioning and monitoring systems to Equinor’s Hywind Tampen floating wind farm.
- ABB in June 2019 announced the launch of its new product dynamic positioning 2 (DP2) functionality for ABB Ability Marine Pilot Control. The product is designed to magnify vessel command execution and enable operators to be attentive and safer.
The dynamic positioning systems market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Kongsberg Maritime; Wartsila; Thrustmaster of Texas, Inc.; Sirehna; Navis Engineering Oy; VERIPOS; Marine Electronics; Twin Disc, Incorporated; L3Harris Technologies, Inc.; and General Electric are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Power System manufacturers
- DP control system manufacturers
- Thruster system manufacturers
- DP sensor manufacturers
- Government bodies, such as regulating authorities and policy makers
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented based on:
The List of Companies
- L3 Harris Technologies
- General Electric
- Wartsila
- Kongsberg Maritime
- Marine Electronics