DUBLIN–(BUSINESS WIRE)–The “Global Dynamic Positioning Systems Market by Equipment type (Class 1, class 2, class 3), Application (Bulk Carrier, Gas Tanker, Ferries, Cruise, Amphibious, Destroyer, Frigate), End Use (OEM, Retrofit), Type, Sub-system, and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The dynamic positioning system 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% between 2021 and 2026.
The increase in seaborne trade across the globe, cargo ship industry and shipbuilding industries are driving the market growth of the dynamic positioning system market.
Based on end user, the OEM segment is anticipated to grow at a higher CAGR during the forecast period
Based on end user, the OEM segment is anticipated to grow at a higher CAGR than the aftermarket segment during the forecast period. Original equipment manufacturers (OEMs) offer line fit and new product demand, thereby saving the time consumed in the installation of components post-delivery. Shipowners are preferring OEM segment over aftermarket segment as the OEM segment offers valuable post Purchase maintenance and training which is considered to be very essential for the dynamic positioning system market.
Based on type, the next generation dynamic positioning system is projected 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.
North America is estimated to lead the dynamic positioning system market in 2021
The growth of the global trade industry in North America is one of the most significant factors contributing to the demand for dynamic positioning system in this region. Increasing investments in the naval operations and increasing offshore shipping industry are additional factors driving the growth of the dynamic positioning system market in North America.
Market Dynamics
Drivers
Increasing Operations in the Offshore Shipping Industry Technological Improvements in Monitoring and Dynamic Positioning Systems Increase in Seaborne Trade Across the Globe Restraints
Complex System and High Cost of Initial Installation High Maintenance Costs Opportunities
Laser-Based Dynamic Positioning Systems Autonomous Shipping Industry Challenges
COVID-19 Affecting the Shipping Industry Complex Systems Difficult to be Operated by Unskilled Operators Companies Mentioned
A.B. Volvo ABB Group Alphatron Marine Comex General Electric Company Japan Radio Company Ltd. Kongsberg Gruppen ASA L3Harris (US) Marine Technologies LLC Moxa Inc. Navis Engineering (Finland) Norr Systems Praxis Automation Technology Raytheon Anschutz Reygar RH Marine Rolls-Royce plc. Royal IHC Sonardyne Thrustmaster of Texas Twin Disc Undheim Systems Wartsila Guidance Marine Wartsila OYJ ABP Xenta Systems (Italy) For more information about this report visit https://www.researchandmarkets.com/r/6c9kv9