23 September 2019
Dynamic Positioning System Market Report 2019-2029: Forecasts by Subsystem (Power Systems, Thruster Systems, DP Control Systems and Sensors), Application (Passenger Ship, Merchant Vessel, Offshore Vessel, and Naval Vessel), Equipment Type (Class 1, Class 2, Class 3), by Region and Analysis of Leading Companies indicates that the Global Dynamic Positioning System Market was valued at $ 3.7 billion by 2029
Growth in the marine dynamic positioning system sector is driven by growth in offshore windmill facilities, increase in the amount of offshore patrol vessels, and increase in research vessel deployment. Moreover, growth in international trade through ocean routes and rise in offshore business operations fuel market growth. The anticipated downturn in the shipbuilding & offshore sectors, however, and heavy maintenance requirements for mechanical parts of the dynamic positioning scheme restrict the development of the industry.
Dynamic positioning system (DPS) involves position reference sensors, in combination with gyrocompasses, motion sensors, and wind sensors, that provide the computer system with data about the magnitude, position, and direction of environmental forces to preserve the position and equilibrium of the ships. The dynamic positioning system is also used to form mooring structures for energy efficiency in conjunction with mooring and anchoring. Factors such as increased amount of offshore patrol vessels, technological advances and global expansion in oil & gas refineries are anticipated to drive the market for dynamic positioning systems.
Due to an increase in the amount of dynamic positioning vessels such as survey vessels, drilling vessels, supply vessels, diving support vessels and many more, the dynamic positioning system industry has experienced rapid development in past few years. In addition, the technological enhancement and use of dynamic positioning ships by the petroleum sectors for offshore drilling also boosts the demand for dynamic positioning systems.
Growing deep-sea excavations and rising sea trade with the areas of Asia-Pacific and Africa are boosting market growth. Moreover, during offshore oil and gas activities, security activities across deep ocean waters accelerate demand for dynamic positioning systems in the Asia-Pacific region.
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