Telemetry Market Size, Trends, Growth Drivers, Scope

The Dynamic Positioning Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Dynamic Positioning Systems Global Market Report 2024, The dynamic positioning systems market size has grown strongly in recent years. It will grow from $6.8 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%.  The  growth in the historic period can be attributed to marine exploration and offshore activities, offshore energy industry expansion, demand for precision and safety, increased deepwater exploration, commercial shipping requirements..

The dynamic positioning systems market size is expected to see strong growth in the next few years. It will grow to $9.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.  The growth in the forecast period can be attributed to rise in offshore renewable energy, offshore infrastructure development, growth in autonomous vessels, focus on environmental sustainability, maritime safety and risk mitigation.. Major trends in the forecast period include focus on operational performance, continuous r&d and innovation, market expansion into emerging economies, cost-efficiency in operations, collaboration and industry partnerships..

An increase in seaborne trade globally is propelling the dynamic positioning systems market. Seaborne trade refers to the shipping of goods in containers via a sea route that enables the shipping of a large volume of goods at a low cost, and those shipping containers can also be further used to transport goods via road or rail. Due to the ship’s dynamic positioning system, it can maintain its position even in adverse weather. The computer receives information from position reference sensors about the position of the vessel and the strength and direction of the environment influencing that position. For instance, in 2021, according to the United Nations Conference on Trade and Development (UNCTD), global seaborne trade recovered in 2021 as volumes bounced back at an estimated rate of 3.2%. Therefore, an increase in seaborne trade across the globe is driving the growth of the dynamic positioning systems market.

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The dynamic positioning systems market covered in this report is segmented –

1) By Equipment Type: Class 1, Class 2, Class 3

2) By Component: Power System, DP Control System, Thruster System

3) By Application: Passenger Vessels, Merchant Vessels, Platform Supply Vessels/Offshore Support Vessels, Naval Vessels and Operations

4) By End Use: OEM, Aftermarket

Technological advancement is a key trend in the dynamic positioning systems market. Major players focus on innovation in dynamic positioning systems to develop a more accurate and efficient positioning system and gain a competitive edge in the market. For instance, in March 2022, Mitsui O.S.K. Lines Ltd, a Japan-based transport company and MOL Marine & Engineering Co., Ltd, a Japan-based company that offers customized maritime consulting services, announced that a Dynamic Positioning (DP) Simulator with a Dynamic Positioning System (DPS) will be installed on the ground floor of the MOL Head Office in June. The simulator will provide sophisticated Dynamic Positioning Training for special purpose DP ships for various offshore development projects such as Cable-laying Ships and Offshore Wind Power Projects.

The dynamic positioning systems market report table of contents includes:

 

1. Executive Summary
2. Dynamic Positioning Systems Market Characteristics
3. Dynamic Positioning Systems Market Trends And Strategies
4. Dynamic Positioning Systems Market – Macro Economic Scenario
5. Global Dynamic Positioning Systems Market Size and Growth

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31. Global Dynamic Positioning Systems Market Competitive Benchmarking
32. Global Dynamic Positioning Systems Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Dynamic Positioning Systems Market
34. Dynamic Positioning Systems Market Future Outlook and Potential Analysis
35. Appendix

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