Global Dynamic Positioning Systems market is projected to grow at a CAGR of 6.0% By 2031: Visiongain Reports Ltd
Visiongain Reports Ltd
7 min read
Visiongain Reports Ltd
Visiongain has published a new report entitled the Dynamic Positioning Systems 2021-2031. It includes profiles of Dynamic Positioning Systems and Forecasts Market Segment by Equipment Class (Class-I, Class-II, Class-III) Market Segment by Technology (Conventional Technology, Next-generation Technology, Other Technology) Market Segment by Function (Power System, Control System Computers, Thruster System, Position Reference Systems, Environmental & Motion Sensors, Operator Control Stations) Market Segment by End-Use (Original Equipment Manufacturer (OEM), Aftermarket, Other End-Use) Market Segment by Application (Commercial, Industrial, Military, Other Application) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global dynamic positioning systems market was valued at US$5247 million in 2020 and is projected to grow at a CAGR of 6.0% during the forecast period 2021-2031. Around 90% of global trade is transported by the international shipping industry. The global economy relies heavily on shipping. Intercontinental trade, bulk transportation of raw materials, and the import/export of affordable food and manufactured commodities would all be impossible without shipping. Seaborne trade is continuing to grow, resulting in lower freight costs for consumers all around the world. The industry's prospects for continued growth remain bright, thanks to the increasing efficiency of shipping as a mode of transportation and further economic liberalisation.
How has COVID-19 had a significant negative impact on the Dynamic Positioning Systems Market?
The pandemic of COVID-19 forced shipping and maritime industries to encounter the harshest conditions as workers in these sectors were shut down for the safety and prevention of the COVID-19 escalation. This setback was created also by the stall of cargos of all types by water and air during the quarantine period (isolation period) as it may be possible to spread the virus from one port to another by transporting cargas on ships or by air. This extensive pandemic has created significant harms not only from the ports in China (where the virus is claimed to originate) but also in ports worldwide for shipping and maritime industries. Every commercial chain, including the main trade in imports and exports, has a collapse. In this period of terrible events and in this urgent circumstance, the entry of containers and vessels operating from other ports, especially those delivered from China, was also prohibited by several countries. The logistics and operations of these sectors have been hindered by such slowed activities. During this bad period, many workers and employees are detained on ships because of quarantine or other prescription safety concerns. The ports also operate at a low capacity and the storage facilities are overloaded.
How this Report Will Benefit you?
Visiongain’s 451+ page report provides 340 tables and 322 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global dynamic positioning systems market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Dynamic Positioning Systems. Get the financial analysis of the overall market and different segments including equipment class, technology, function, end-use, application, and capture higher market share. We believe that high opportunity remains in this fast-growing dynamic positioning systems market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Increasing Operations in the Offshore Shipping Industry
Due to a drop in oil consumption around the world, the COVID-19 pandemic has had a huge influence on the market. The market's growth has also been hampered by the interruption of demand caused by the travel ban and movement limitations. During the forecast period, factors such as increased deepwater development activities fueled by diminishing output from existing fields are expected to boost the offshore drilling market. Furthermore, the enhanced feasibility of offshore oil and gas projects in recent times has been aided by the decrease in CAPEX and OPEX for offshore oil and gas projects as a result of lower operating costs in various locations. Aside from that, the current uptick in offshore decommissioning activities has resulted in a surge in demand for offshore support vessels. During the forecast period, however, factors such as rising demand for dynamic positioning (DP) drilling rigs and increasing pressure on day rates are likely to severely constrain the market for offshore support vessels.
Advancements being made to make the technology ‘autonomous’ with a minimal human interface.
The development of the DP system has been aided by targeted and continual technological improvement, particularly in navigation. Though this system has advanced to the point of becoming state-of-the-art, it is still improving, with advances being made to make the technology more "autonomous" with a minimal human interface. This effort is allowing the fantasy of an autonomous ship to become a reality. Though the actual autonomous ship may be a few years away, there are several benefits that encourage its use, as well as some drawbacks that require further research before the technology can be employed for autonomous ships.
The DNV GL classification society has given the Wärtsilä technology group type clearance for their SceneScan position reference system. SceneScan provides a paradigm shift from traditional DP reference systems as the world's first laser-based targetless relative dynamic positioning (DP) reference system. It can operate without the use of pre-placed positioning targets, giving it a lot more operating flexibility than traditional systems. It also saves money because it doesn't require reflector targets. DP reference systems are normally used on offshore vessels, however the SceneScan type approval tests were conducted onboard the ‘Kairos,' an LNG bunker tanker owned by Bernhard Schulte KG in Germany.
Development in controllers
As the demand for petroleum-related products grew significantly, the petroleum sector was forced to relocate offshore. This resulted in new operational requirements and, as a result, new vessel types such as anchor handling, supply, seismic, and cable laying vessels. Traditional anchors were utilised to keep the ship's position in limited water depths when drilling began offshore, while vessels manually operated the propulsion system in deep water. Because this ‘manual' manipulation was prone to human mistake, the demand for a more dependable technique arose, leading to the development of the DP system. The guiding system, the high-level motion control algorithm, the thrust allocation (TA) algorithm, and the low-level thruster controller are all part of a DP system's real-time control framework
Competitive Landscape
The major players operating in the dynamic positioning systems market are Kongsberg Gruppen Asa, Abb Ltd, General Electric Company, Wartsila Oyj Abp, Rolls-Royce Holdings PLC, AB Volvo, Twin Disc, L3Harris Technologies, Inc., Praxis Automation Technology, Moxa, Sonardyne International Ltd., Xenta Systems, Thrustmaster of Texas, Inc., Royal IHC, Reygar, RH Marine, Marine Technologies plc, Raytheon Technologies, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: dev.visavadia@visiongain.com
About Visiongain
Visiongain is one of the fastest-growing and most innovative independent market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10 year forecasts, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports means that you can have a bespoke piece of market intelligence customized to your very own business needs.
Contact: Dev Visavadia PR at Visiongain Reports Limited Tel: + 44 0207 336 6100 Email: dev.visavadia@visiongain.com
