Dynamic Positioning Systems Ma
English Public
Market Snapshot.
The dynamic positioning system (DPS) market is projected to reach USD 10 billion by 2035, from a market value of USD 8 billion in 2022. The dynamic positioning system (DPS) market is also growing at a CAGR of 12% between 2023 and 2035.
Market overview.
A computer-controlled system that automatically adapts to environmental forces such as wind and waves and helps to keep a vessel in a desired position is called a Dynamic Positioning System (DPS) A DPS controls a vessel's constantly operating thrusters. Rising global naval defence spending is a major factor fuelling the growth of the Dynamic Positioning Systems (DPS) market. According to the Congressional Budget Office, defence spending is expected to grow from approximately USD 596 billion in 2014 to USD 915 billion by 2031. The Navy and Air Force account for the largest share of the budget.
Key market trends.
Wärtsilä Corporation announced that its SceneScan system has won the Dynamic Positioning 2020 Award at the Offshore Support Journal (OSJ) annual awards function in London in February 2020.
In April 2019, ABB Ltd announced the integration of Dynamic Positioning 2 (DP2) functionality into its new ABB Ability Marine Pilot Control solution.
Growth factors.
The phenomenal growth of global maritime trade is a major factor fuelling the growth of the Dynamic Positioning Systems (DPS) market. According to the United Nations Conference on Trade and Development (UNCTAD), global maritime trade has increased by 3.2% since the pandemic, with shipments reaching 11 billion tonnes by 2021. The main reason for the development of maritime trade is that shipping is more economical than other modes of transport. However, this increase in maritime trade could boost shipbuilding worldwide and lead to market growth. Concerns over human error, which accounts for the majority of maritime accidents, and the rise in offshore drilling, which is increasing the number of oil rigs offshore, are also major factors driving the growth of the dynamic positioning systems (DPS) market. It is estimated that human error is involved in 75-96% of maritime accidents. Furthermore, the number of offshore oil drilling rigs will increase from approximately 175 in 2020 to 202 in 2021.
Themes.
As with other technologically advanced equipment, the lack of skilled labour to operate advanced technology is a major factor limiting the growth of the DPS market. It is estimated that the cumulative growth rate of GDP in G20 countries could exceed 11 trillion in the next few years due to the skills gap in digital technology. Furthermore, the very high maintenance costs of DPS and the complexity of the system are major factors limiting the growth of the DPS market.
Competitive environment
Major companies and manufacturers in the dynamic positioning systems (DPS) market include Kongsberg Gruppen ASA., General Electric Company, Wärtsilä Corporation, ABB Ltd, Rolls-Royce plc, AB Volvo Penta, Navis Engineering Oy, Marine Technologies, LLC, Praxis Automation Technology BV and NORR SYSTEMS PTE LTD. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies of these key companies in the global Dynamic Positioning Systems (DPS) market.
For more information on the market research report, visit: https://www.sdki.jp/reports/dynamic-positioning-systems-dps-market/60692
The dynamic positioning system (DPS) market is projected to reach USD 10 billion by 2035, from a market value of USD 8 billion in 2022. The dynamic positioning system (DPS) market is also growing at a CAGR of 12% between 2023 and 2035.
Market overview.
A computer-controlled system that automatically adapts to environmental forces such as wind and waves and helps to keep a vessel in a desired position is called a Dynamic Positioning System (DPS) A DPS controls a vessel's constantly operating thrusters. Rising global naval defence spending is a major factor fuelling the growth of the Dynamic Positioning Systems (DPS) market. According to the Congressional Budget Office, defence spending is expected to grow from approximately USD 596 billion in 2014 to USD 915 billion by 2031. The Navy and Air Force account for the largest share of the budget.
Key market trends.
Wärtsilä Corporation announced that its SceneScan system has won the Dynamic Positioning 2020 Award at the Offshore Support Journal (OSJ) annual awards function in London in February 2020.
In April 2019, ABB Ltd announced the integration of Dynamic Positioning 2 (DP2) functionality into its new ABB Ability Marine Pilot Control solution.
Growth factors.
The phenomenal growth of global maritime trade is a major factor fuelling the growth of the Dynamic Positioning Systems (DPS) market. According to the United Nations Conference on Trade and Development (UNCTAD), global maritime trade has increased by 3.2% since the pandemic, with shipments reaching 11 billion tonnes by 2021. The main reason for the development of maritime trade is that shipping is more economical than other modes of transport. However, this increase in maritime trade could boost shipbuilding worldwide and lead to market growth. Concerns over human error, which accounts for the majority of maritime accidents, and the rise in offshore drilling, which is increasing the number of oil rigs offshore, are also major factors driving the growth of the dynamic positioning systems (DPS) market. It is estimated that human error is involved in 75-96% of maritime accidents. Furthermore, the number of offshore oil drilling rigs will increase from approximately 175 in 2020 to 202 in 2021.
Themes.
As with other technologically advanced equipment, the lack of skilled labour to operate advanced technology is a major factor limiting the growth of the DPS market. It is estimated that the cumulative growth rate of GDP in G20 countries could exceed 11 trillion in the next few years due to the skills gap in digital technology. Furthermore, the very high maintenance costs of DPS and the complexity of the system are major factors limiting the growth of the DPS market.
Competitive environment
Major companies and manufacturers in the dynamic positioning systems (DPS) market include Kongsberg Gruppen ASA., General Electric Company, Wärtsilä Corporation, ABB Ltd, Rolls-Royce plc, AB Volvo Penta, Navis Engineering Oy, Marine Technologies, LLC, Praxis Automation Technology BV and NORR SYSTEMS PTE LTD. The study includes detailed competitive analysis, company profiles, recent trends and key market strategies of these key companies in the global Dynamic Positioning Systems (DPS) market.
For more information on the market research report, visit: https://www.sdki.jp/reports/dynamic-positioning-systems-dps-market/60692
by akiariku
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