Dynamic Positioning System (DPS) is used for positioning marine vessels in the sea within a predefined limit. It is a computer-controlled system that includes thrusters, and position reference/units. The dynamic position systems primarily work on the principle of propulsion to work against the effects of displacing wave, current and wind action. Their demand has grown over the years owing to the necessity of keeping the vessel essentially in a fixed heading and position during offshore activities. The application of DP systems is principally useful in maintaining fixed position or track keeping during offshore activities in support vessels, drilling vessels, pipe laying and construction vessels, dredging vessels and shuttle tankers.
The Global Dynamic Positioning System (DPS) Market was valued at USD 1754.98 Mn in 2017 and is expected to reach US$ 1979.68 by 2022.
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Asia Pacific is Projected to have the Highest Growth During the Forecast Period, 2018 – 2026
The DPS market is growing in this region owing to the increasing deep-sea mines and the rising maritime trade with countries in this region. Additionally, safety operations across deep ocean waters during offshore oil and gas operations is heightening the demand for dynamic positioning systems in the Asia-Pacific region. The incorporation of advanced technologies and use of dynamic positioning systems for offshore drilling by the oil industry is boosting the demand of dynamic positioning systems in emerging economies as well. Furthermore, countries like Japan, South Korea, Australia, and Singapore are highly developed economies, with high levels of tech production storage space and off-loading vessel operations. All these aforementioned factors can be attributed to the high growth of dynamic positioning system market in Asia Pacific region.
Dynamic Positioning System Market is Fragmented with the Presence of Global and Regional Players
Some of the key participants in global Dynamic Positioning System Market are Kongsberg Gruppen ASA, General Electric, Wartsila Oyj ABP, ABB, Rolls-Royce, Navis Engineering, Marine Technologies, LLC, Praxis Automation Technology, Mitsui Engineering & Shipbuilding, and Guidance Marine amongst others.
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Key Questions Answered in This Report:
How the global Dynamic Positioning System market performed so far and how will it perform in the coming years?
What are the key regions in the global Dynamic Positioning System market?
Which are the popular product types in the global Dynamic Positioning System market?
What are the key transportation types in the global Dynamic Positioning System market?
What are the various stages in the value chain of the global Dynamic Positioning System market?
What are the key driving factors and challenges in the global Dynamic Positioning System market?
What is the structure of the global Dynamic Positioning System market and who are the key players?
What is the degree of competition in the global Dynamic Positioning System market?
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