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(USGovernment-News.Com, April 09, 2024 ) According to the latest market research, the Global Dynamic Positioning System Market is anticipated to experience substantial growth, reaching a value of USD 10.5 billion by 2026. The market is estimated to have been worth USD 6.3 billion in 2021. This growth is expected to be driven by various factors, including the rise in offshore shipping industry activities, increased naval operations utilizing DPS technology, and the expansion of seaborne trade and maritime tourism globally. Additionally, advancements in autonomous vessel development are anticipated to further fuel the demand for DPS solutions.
Class 1 Equipment Type Leads Growth: The Class 1 equipment type of dynamic positioning system is projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This equipment type is primarily utilized in small and medium commercial vessels, offering automatic position maintenance capabilities under specific environmental conditions.
Commercial Segment Shows Promising Growth: Within the application segment, commercial vessels are expected to witness the highest CAGR. Factors contributing to this growth include increased shipbuilding activities, particularly in the Asia Pacific region, rising seaborne trade, and the growing popularity of water recreational activities across different regions.
OEM Segment Drives Market Expansion: The original equipment manufacturer (OEM) segment is anticipated to register the highest CAGR among end-use segments. OEMs provide line fit solutions and cater to the demand for new products, saving time on component installation post-delivery. Moreover, the integration of automated DPS systems on vessels enables remote diagnostics and maintenance, further driving OEM demand.
Next-Generation DPS Solutions Gain Traction: Next-generation DPS systems are projected to witness significant growth, surpassing conventional systems in the near future. These advanced systems, equipped with high-end technology, are expected to enhance operational efficiency and reduce errors in vessel operations. The increasing development and testing of autonomous vessels contribute to the rising demand for next-generation DPS solutions.
Position Reference and Tracking Systems Exhibit Strong Growth: Within sub-system types, position reference and tracking systems are expected to register the highest CAGR. Various technologies such as hydro-acoustic, differential GPS, taut wire, and laser-based systems contribute to accurate positioning and tracking in DPS applications.
APAC Emerges as a Key Growth Region: The Asia Pacific (APAC) region is poised to experience significant growth in the DPS market. Economically growing countries like China, India, Japan, and others, along with major shipbuilding companies in China and South Korea, are driving market growth in the region. Additionally, countries like New Zealand are witnessing increased demand due to rising recreational water activities and commercial trade.
Key Market Players: Several established companies dominate the DPS market, including Kongsberg Gruppen, ABB Group, General Electric Company, Wartsila, Rolls Royce PLC, and others. These players offer a range of DPS solutions catering to various industry needs.
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