(I-BusinessNews.Com, May 19, 2021 ) The Dynamic Positioning System Market Report provides an analysis of the market from 2019 to 2026. It discusses industry and technology trends prevailing in the market, along with the drivers, restraints, opportunities, and challenges. The market is projected to grow from USD 6.3 billion in 2021 to USD 10.5 billion by 2026, at a CAGR of 10.7% during the forecast period. The market in Asia Pacific is expected to witness substantial growth during the forecast period, especially in countries such as China, Japan, New Zealand, and India, due to the increasing demand for various vessel operation in the region. The rise in the shipbuilding industry in China and Japan along with Recreation marine activities in New Zealand is also a significant factor attributed to the anticipated growth of the dynamic positioning system market.
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Based on equipment type, the class 2 DP System segment is anticipated to grow at the highest CAGR during the forecast period. A class 1 DP System is used in those vessels where chances of accident are very less and the intensity of harm or loss will be very less, it also does not have redundancy which means loss of position may occur with slightest fault in the system. Whereas a class 2 DP System has redundancy which means that a single fault in the system would not cause the dynamic positioning system to fail and the vessel will continue to position itself. A class 3 DP System is the most reliable DP system as the system can withstand even fire or flood in any one vessel compartment without the system being failed.
Based on the type of ship, the dynamic positioning system can be classified into two types which are commercial ship type dynamic positioning system and military ship type dynamic positioning system. The commercial ship type is anticipated to grow at the highest CAGR during the forecast period. The commercial ships include various vessels such as bulk carrier, cruises, gas tankers, dredgers, and many more which are equipped with dynamic positioning system. While, the military ship types include vessel such as frigates, corvettes, destroyers, mine sweepers and others which are equipped with dynamic positioning system for heading and stable positioning on water surface.
Based on end user, the dynamic positioning system market has been divided into two sections which are OEMs and aftermarket. The aftermarket end user for the dynamic positioning system is anticipated to grow at the highest CAGR during the forecast period. The aftermarket is expected to grow more than the OEM market in case of dynamic positioning system because the class of the dynamic positioning system with which the vessel must be equipped with is decided according to the working and operational activity of the particular vessel. Hence, aftermarket end user will be higher growth as compared to the OEM market for dynamic positioning system.
Based on region, the dynamic positioning system has been segmented into four regions, namely, North America, Europe, Asia Pacific, and Rest of the World. The market in Asia Pacific is anticipated to register the highest CAGR during the forecast period due to the presence of major shipbuilding industry in China and South Korea, such as China Shipbuilding Industry Corporation (CSIC), Hyundai Heavy Industries ( South Korea), Samsung Heavy Industries (South Korea). The market growth in this region is also attributed to the rise in global trade through the Asia Pacific, ocean routes. The major vessel in the region of Asia Pacific are Cargo Vessels, Offshore vessels, and dredgers in the country such as India where rise in port operations will be seen in the near future.
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