Dynamic Positioning System Market Segmentation and Key Players Overview
The global dynamic positioning system market size was USD 8.49 billion in 2023. The market is set to rise from USD 9.33 billion in 2024 to USD 17.48 billion by 2032 at a CAGR of 8.2% during 2024-2032.
An advanced computer-controlled technology, known as Dynamic Positioning (DP) enables vessels to hold their position and direction automatically, eliminating the necessity for anchors. This system plays a vital role in offshore operations, especially in areas where deep waters or underwater obstacles make conventional anchoring unfeasible. Dynamic positioning is highly preferred in different maritime industries, mainly in the offshore oil and gas sector. Rapid innovations in sensors and the integration of artificial intelligence into dynamic positioning systems are bolstering market expansion.
The COVID-19 pandemic had a detrimental effect on market growth due to supply chain disruptions and a lack of components essential for producing dynamic positioning systems. Decreased investments in advanced technologies owing to economic unreliability, hampered market expansion amid the pandemic.
Fortune Business Insights presents this information in their report titled "Dynamic Positioning System Market, 2024–2032."
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/dynamic-positioning-system-market-103535
List of Key Players Profiled in the Dynamic Positioning System Market Report
Kongsberg Gruppen (Norway)
Wartsila (Finland)
ABB Group (Switzerland)
Elcome International LLC (Dubai)
B. Volvo (Sweden)
Rolls Royce PLC (U.K.)
Navis Engineering (Finland)
Praxis Automation Technology B.V. (Netherlands)
Thrustmaster of Texas (U.S.)
Royal IHC (Netherlands)
Segmentation
DP Control Systems Led the Market with Their Increased Adoption in New Builds and Retro Fits for Vessels
By sub-system, the dynamic positioning system market is segregated into power system, thruster system, and DP control system. DP control system led the market as it comprises a series of hardware, software, and systems that keep a vessel in position. Rising demand for DP control systems in new builds and retro fits for vessels boosting segment growth.
Position Reference Sensors Commanded the Market Owing to Their Precision in Monitoring a Ship’s Horizontal Movements
On the basis of sensors, the market is categorized into position reference sensors, wind sensors, motion sensors, and gyro compass. Position reference sensors commanded the global market, owing to their precision in monitoring a ship’s movements on the horizontal plane and location. Integrated into DP systems, they enable automated control over the ship’s surge and sway, enhancing stability and maneuverability.
Growing Focus on Preventing a Single Fault in an Active System Boosted the Demand for Class 2 Equipment
In terms of equipment type, the market is classified into class 1, class 2, and class 3. The class 2 segment dominated the global market, driven by advancements in equipment and improved redundancy systems that safeguard against single-point failures, ensuring continuous position and heading control. With ongoing system upgrades, this segment is poised for further growth.
New Builds Dominated the Market Due to Rising Production of New Ships by OEMs Across Commercial and Defense Sectors
On the basis of solution, the dynamic positioning system market is bifurcated into new builds and retro fits. The new builds segment took the lead in the global market, driven by the rising production of new ships by OEMs across commercial and defense sectors, unlocking profitable prospects. In September 2022, Kongsberg Digital delivered DP simulators to MOL Marine & Engineering, enabling MOL’s Tokyo-based training center to become Japan’s first NI-accredited facility for dynamic positioning courses.
Rising Emphasis on Maintaining Precise Positioning in Marine Environments Boosted DPS Adoption in Commercial Vessels
In terms of application, the market is divided into commercial and military. The commercial segment captured the highest dynamic positioning system market share as DP systems play a key role in offshore vessels, pipelay, cable lay, trenching, and dredging, ensuring operational stability by maintaining precise positioning in marine environments.
From the regional ground, the market is classified into North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage
The dynamic positioning system market research report presents a complete market examination, highlighting essential elements, including the competitive environment and noticeable product categories. Furthermore, the report provides valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes several aspects that have fostered market expansion in recent times.
Drivers and Restraints
Rapid Innovations are Shaping the Future ofDynamic Positioning Systems
Dynamic positioning systems are advancing rapidly, driven by breakthroughs in technology and sustainability initiatives. As digitalization and automation become central to maritime and offshore sectors, these innovations promise safer, more efficient, and eco-friendly operations, including:
Sensor Fusion Technique: By combining inputs from various sensors, this method delivers a clearer environment picture, ensuring accurate and stable control.
Energy-Efficient Propulsion Systems: Cutting-edge electric and hybrid propulsion solutions offer greater agility, reduce emissions, and bolster operational redundancy, making them essential to the future of DPS.
On the other hand, substantial initial capital investments are impeding the dynamic positioning system market growth.
Regional Insights
Rapid Growth of Seaborne Trade Augmented Market Growth in Asia Pacific
The dynamic positioning system market in Asia Pacific is valued at USD 3.17 billion in 2023 due to increased DPS adoption in several sectors and rapid growth of seaborne trade. Increasing investments in the offshore shipping sector, mainly in China, India, and Japan, are also fueling market expansion in the region.
The market in Europe is witnessing significant growth as a result of technological innovations, rise in maritime activities, and surge in defense expenditures. Furthermore, strict rules about safety and environmental standards are pushing operators to invest in markets.
Competitive Landscape
Top Players Focus on Strategic Partnerships to Strengthen Their Market Presence
Leading players focus on strategic partnerships and collaborations to share resources, reduce risks, and improve technological capacities. Recent contract awards to companies, including Praxis Automation, highlight a growing industry-wide push toward enhancing maritime safety and seamless technology integration. This trend reflects the increasing pressure on operations driven by current geopolitical challenges.
Key Industry Development
- September 2023: Praxis Automation secured a long-term collaboration with Rawabi Vallianz Offshore Service (RVOS), a major Saudi offshore support provider. Under the agreement, Praxis will equip both existing and new vessels in the RVOS fleet with dynamic positioning systems and customized digital solutions. The fleet’s transformation will be executed in approved phases, making a pivotal step forward in advancing maritime innovation and safety across the Gulf region.