(MENAFN- market Press Release)
The Dynamic Positioning System Market is estimated to be USD 6.3 billion in 2021 and is projected to reach USD 10.5 billion by 2026, at a CAGR of 10.7% from 2021 to 2026. The growing seaborne trade and growing cargo shipping industry are among the major factors driving the dynamic positioning system market.
COVID-19 impact on the Dynamic Positioning Systems Market
Dynamic positioning system manufacturers are pushed to shut down production operations due to government-imposed lockdown to monitor the spread of COVID-19 worldwide. Ship and its component manufacturers are encountering operational problems due to supply chain disruption cause by the government restriction on transportation in the wake of COVID-19 pandemic. One of the major challenges faced by the shipping industry is the failure to maintain vessels which lead to operational failure. This results in delays and hindrances in the shipping industry due to irregular breakdowns. Travel restrictions due to the pandemic also was one of the major challenges for engineers in undertaking regular repairs. During the pandemic, key players such as ABB group (Switzerland), Wartsila (Finland), and General Electric Company (US) faced decline in revenue as compared to the previous fiscal year.
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generation dynamic positioning system segment to register the highest CAGR during the forecast period
Based on type, the next generation segment is projected to witness the highest CAGR during the forecast period. This segment will majorly be driven by the rise and development in the autonomous vessels. Currently, there are countries in many regions who are working on project to bring autonomous vessels into the commercial market. The dynamic positioning systems is essential for autonomous vessels because of the minimalistic human intervention gives rise to higher chances of error that could lead to accidents. Hence, shipowners and OEM manufacturers are working on next generation dynamic positioning system for autonomous vessels. So, this will be the major factors to drive growth in this segment for the forecasted period.
Class 2 Dynamic Positioning segment to register the highest CAGR during the forecast period
By equipment type, the class 2 dynamic positioning system segment is expected to witness the highest growth rate during the forecast period. Class 2 dynamic positioning system are used in various types of vessels such as commercial vessels like passenger ferries, cargo ships, dredgers and others are the types of vessels in which class 2 dynamic positioning system is used. The class 2 dynamic positioning system is redundant hence a single fault in the active system will not cause the dynamic positioning system to fail.
Asia Pacific estimated to lead the dynamic positioning system market in 2020
The dynamic positioning system market is expected to witness substantial growth in Asia Pacific during the forecast period. The growth of the shipbuilding industry in Asia Pacific is one of the most significant factors contributing to the demand for ships with increasing seaborne trade in the region. Increasing investments in offshore shipping industry and increasing recreational water activities in New Zealand are additional factors driving the growth of the dynamic positioning system market in Asia Pacific.
Key Market Players
The key players in the dynamic positioning system market include Kongsberg Gruppen (Norway), ABB Group (Switzerland), General Electric Company (US), Wartsila (Finland), Rolls Royce PLC. (UK), A.B Volvo (Sweden), Twin Disc (US), L3 Harris (US), Navis Engineering (Finland), Royal IHC (Netherlands), Marine Technologies LLC (US), Praxis Automation Technology (Netherlands), Norr Systems Pte Ltd. (Singapore), Moxa Inc. (Taiwan), Reygar (UK), Comex (France), Sonardyne (UK), Alphatron Marine (Netherlands), Undheim Systems (Norway), Wartsila Guidance Marine (UK), Thrustmaster of Texas (US), Xenta Systems (Italy), RH Marine (Netherlands), Raytheon Anschutz (Germany), Japan Radio Company Ltd. (Japan).
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