Factors Driving the Market Growth:
– Increasing research & development initiatives
The prerequisite for technological advancement (enables deeper waters than ships), increasing manufacturers ‘ research and development projects drives the demand for dynamic positioning systems. Offshore oil & gas refinery has seen important development in recent years, due to market players ‘ development in investment to create sophisticated and innovative vessel operating technologies.
– Rising maritime trade
Increasing maritime trade in Middle East Africa and Asia-Pacific , along with deep-sea excavations, is the key driver of development in the market for dynamic positioning systems. Ensuring security activities and pushing from the public side also helps to raise awareness among consumers.
Factors Restraining the Market Growth:
– Downturn in the offshore industry
In the coming years, the expected downturn in the offshore industry and the weakening shipbuilding industry is expected to affect the general market for marine dynamic positioning systems. The deterioration of market situations for the offshore oil & gas sector and the fall in oil prices are some of the factors that restrict the development of the market. Moreover, worldwide oversupply, recessions, and changes in financial fundamentals restrict the shipbuilding industry’s development.
Market Segmentation 2019-2029:
The Dynamic Positioning System Market is segmented on Subsystem, Application, Equipment Type, and Regional basis.
– Power Systems
– Thruster Systems
– DP Control Systems
– Passenger Ship
– Merchant Vessel
– Offshore Vessel
– Naval Vessel
– Class 1
– Class 2
– Class 3
Focused regional forecasts and analysis explore the future opportunities:
– North America
– Global dynamic positioning system competitive environment is expected to be moderate over the period ranging 2019 – 2029 by virtue of limited manufacturers operating in this industry
– The market competition is expected to be on the basis of new product development and product pricing.
Major Market Players:
Rolls-Royce PLC, Marine Technologies LLC, Kongsberg Gruppen ASA, L-3 Communications corp., General Electric Co.,NORR Systems Pvt. Ltd., Navis Engineering Oy, AB Volvo Penta, and Praxis Automation and Technology B.V.