BMI Observes Sustainable Manufacturing Trends in Dynamic Positioning Systems Market
The Dynamic Positioning Systems 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.
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.
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- L3 Harris Technologies
- General Electric
- Kongsberg Maritime
- Marine Electronics
In this report, the market has been segmented based on:
- Class Type
- Class 1
- Class 2
- Class 3
- Power Systems
- DP Control Systems
- Thruster Systems
- North America
- Asia Pacific (APAC)
- Rest of 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.
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 latest Dynamic Positioning Systems Market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the most noticeable players in this market. The study offers a thorough analysis of the key persuading factors, market figures in terms of revenues, segmental data, regional data, and country-wise data. This study can be described as most wide-ranging documentation that comprises all the aspects of the evolving Smart home market.
The research report provides deep insights into the market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of Dynamic Positioning Systems Market during the forecast period, i.e., 2022–2030. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.
The research provides answers to the following key questions:
What is the estimated growth rate of the market for the forecast period 2022–2030? What will be the market size during the estimated period?
What are the key driving forces responsible for shaping the fate of the Dynamic Positioning Systems Market during the forecast period?
Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Smart home market?
What are the prominent market trends influencing the development of the Dynamic Positioning Systems Market across different regions?
What are the major threats and challenges likely to act as a barrier in the growth of the Smart home market?
What are the major opportunities the market leaders can rely on to gain success and profitability?
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Smart home market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Dynamic Positioning Systems Market segments and regions.
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