Dynamic Positioning System Market By Equipment (Class 1, Class 2, Class 3), Application (Vessel For Passenger, Merchant Ships, Offshore Support Vessel), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Dynamic Positioning System Market Valuation – 2024-2031

The increasing demand for offshore exploration and production activities, together with the expansion of the offshore wind energy industry, is a major factor driving the dynamic positioning system market. As offshore activities become more sophisticated and ventures expand into deeper seas, there is an increased requirement for precise vessel location and manoeuvrability to assure safety, efficiency, and operational effectiveness to surpass revenue of USD  1.85 Billion in 2024 and reach USD 2.84 Billion by 2031.

Furthermore, technological improvements such as the integration of automation and artificial intelligence are improving the capabilities of dynamic positioning systems, which is boosting market expansion by providing increased performance and reliability in demanding maritime conditions. The dynamic positioning system market is expected to rise steadily in the coming years to grow at a CAGR of about 5.5% from 2024 to 2031.

Dynamic Positioning System MarketDefinition/ Overview

Imagine a world where ships can stay perfectly still, even in the roughest seas, all without dropping anchor. That's the magic of Dynamic Positioning Systems (DPS). These clever systems are like autopilots for location, keeping ships, rigs, and other floating structures right where they need to be. You'll find them everywhere in the offshore oil and gas world, helping with drilling, production, and all sorts of support tasks. DPS makes sure everything stays put, so operations can run smoothly and safely, even when the weather turns wild. But it's not just about oil and gas. Offshore wind farms, research vessels exploring the deep, and even fish farms rely on DPS to stay on target. Looking ahead, things are only going to get more impressive. Think AI, smarter sensors, and computer brains that can predict what's coming, all working together to make DPS even better. This means more efficient operations, a smaller footprint on the environment, and the ability to explore those super-deep, super-challenging underwater worlds.

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Will Increasing Demand for Offshore Exploration and Production Activities Drive the Dynamic Positioning System Market?

The increasing demand for offshore exploration and production activities, driven by the depletion of onshore reserves and the lucrative potential of offshore hydrocarbon reserves, is a significant driver fueling the dynamic positioning system (DPS) market. With offshore activities presenting obstacles such as inclement weather and deepwater drilling, DPS technology enables exact vessel location, hence improving safety and operational efficiency. As energy firms increasingly turn to offshore fields to fulfil global energy demands, DPS’s critical role in supporting safe and effective offshore operations fuels market growth.

Furthermore, the ability of DPS technology to keep offshore drilling rigs, production platforms, and support vessels in stable places is a key industry driver. DPS improves the feasibility of offshore exploration and production by ensuring safety, efficiency, and operational continuity in the face of difficulties such as extreme weather and depth drilling. As these operations become more critical to meeting global energy demands, the demand for DPS solutions rises, supporting market growth.

The growth of offshore wind energy projects is another significant driver of the DPS market. Offshore wind farms are being built in deeper oceans to harness stronger and more constant winds, resulting in increased energy output. Dynamic positioning systems are critical for installation, maintenance, and support vessels working on offshore wind farms. These technologies provide exact positioning of equipment and vessels during crucial activities such as turbine installation, cable laying, and maintenance duties, hence improving the overall efficiency and reliability of offshore wind power generation.

The increasing strictness of safety and environmental standards in the offshore industry emphasises the importance of dependable positioning systems in accident prevention and environmental protection. Dynamic Positioning Systems (DPS) are critical to improving safety because they provide real-time monitoring and control of vessel position and heading, reducing the danger of collisions, groundings, and other operational hazards. As regulatory scrutiny increases, demand for DPS solutions rises, propelling market growth as operators prioritise safety and environmental stewardship in offshore activities

Will Rising High Developing and Maintaining Cost Hinder the Growth of the Dynamic Positioning System Market?

The increasing costs of building and looking after DPS are becoming a real headache and could slow down the market's growth. As DPS technology gets better to handle those crazy-complex offshore jobs, the money needed for research, development, and new ideas just keeps climbing. This hits DPS providers hard in the wallet and might stop smaller players from even trying to get in the game. Plus, with everyone trying to find cheaper options because of competition, those high prices for setting up and keeping DPS running might make people think twice about using it. So, finding a good balance between making tech better and keeping costs down is a big challenge for the DPS market – we need smart ways to keep growing without breaking the bank.

Furthermore, the ongoing requirement for maintenance and updates to assure the dependability, accuracy, and safety of dynamic positioning systems (DPS) in harsh maritime environments raises the total cost of ownership. This financial burden can be especially burdensome for smaller businesses and operators with limited resources, potentially acting as a barrier to entry or adoption and thereby limiting market expansion. The high expenses of maintaining DPS may discourage potential users from investing in this technology, impeding market growth and innovation.

Moreover, the development of offshore operations into deeper waters and remote regions raises the difficulty of ensuring that dynamic positioning systems (DPS) are durable and adaptable to a variety of situations while maintaining high safety and regulatory requirements. This need for adaptability and compliance complicates the business, potentially impeding expansion, because DPS suppliers must constantly innovate to meet changing operational requirements and regulatory frameworks.

Category-Wise Acumens

Will Growing Demand for Class 2 System by the Commercial Maritime Industry Drive the Dynamic Positioning System Market?

The increasing demand for Class 2 dynamic positioning systems (DPS) in the commercial maritime industry has the potential to significantly boost market growth. Class 2 systems provide a level of redundancy and reliability that is appropriate for a variety of commercial boats, including offshore supply vessels, passenger ships, and boats.

The growing maritime industry, particularly in areas like as offshore wind generation, aquaculture, and marine transportation, increases the need for precise vessel placement and manoeuvrability to assure safety, efficiency, and operational continuity. Class 2 dynamic positioning systems (DPS), with their high positioning accuracy and redundancy, are excellent for these demanding applications. As industries prioritise dependability and compliance with demanding safety regulations, the adoption of Class 2 DPS is accelerating, promoting market growth and innovation to efficiently satisfy changing maritime needs.

Furthermore, the tightening of regulatory criteria for vessel safety and environmental protection is expected to encourage increased deployment of Class 2 dynamic positioning systems. With an emphasis on compliance and risk reduction, industries are increasingly turning to Class 2 DPS to meet their strict standards. These solutions provide increased dependability and redundancy, aligning with industry requirements while lowering operational risks connected with maritime activities. As regulatory scrutiny increases, demand for Class 2 DPS is expected to climb, contributing to market growth while maintaining compliance with developing regulatory frameworks.

Furthermore, advances in dynamic positioning system (DPS) technology, such as the incorporation of artificial intelligence and sensor fusion, are greatly improving the capabilities and dependability of Class 2 systems. These developments provide sophisticated functions such as predictive maintenance, adaptive control algorithms, and better situational awareness, making Class 2 DPS even more appealing to the commercial maritime sector. As DPS evolves to meet the changing needs of marine operators, fueled by technical advancement, the deployment of Class 2 systems accelerates, further strengthening their market position

Will Increasing Usage of  Offshore Support Vessel Propel the Dynamic Positioning System Market?

The increasing use of offshore support vessels is expected to greatly boost the dynamic positioning system (DPS) industry. These vessels support a wide range of offshore operations in the oil and gas, offshore wind energy, and maritime transportation sectors, including supply, towing, maintenance, and personnel transfers. Offshore operations are expanding internationally, driven by energy demand and the exploration of new offshore areas, increasing the requirement on offshore support boats.

Furthermore, dynamic positioning systems (DPS) play an important role in maintaining exact location and manoeuvrability for offshore support vessels, particularly in harsh marine conditions, ensuring safety, efficiency, and operational continuity. As the offshore support vessel industry grows due to increased offshore activities and the development of offshore wind farms, demand for DPS solutions is expected to rise. Operators prioritise safety and operational efficiency, which drives market expansion as they seek dependable DPS solutions to handle the demands of offshore operations successfully.

The increasing emphasis on safety and regulatory compliance in offshore operations is likely to fuel market growth for dynamic positioning system (DPS) solutions in the offshore support vessel segment. As offshore activities expand internationally, notably in areas like as oil and gas and offshore wind generation, the requirement for accurate positioning and manoeuvrability afforded by DPS technology grows. With operators prioritising safety and efficiency to satisfy regulatory standards and avoid operational risks, demand for DPS solutions is expected to increase, resulting in significant market growth in the coming years.

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Country/Region-wise

Will Increasing Demand for Offshore Wind Energy Sector in North America Drive the Dynamic Positioning System Market?

The growing demand for offshore wind energy in North America is likely to be a major driver of the dynamic positioning system (DPS) market. As countries in the region, particularly the United States, increase their efforts to transition to renewable energy sources, offshore wind offers a promising path for reaching sustainability goals while diversifying the energy mix. Offshore wind projects demand precise positioning and manoeuvrability during installation, operation, and maintenance phases, therefore DPS is crucial for assuring safety and operational efficiency in severe marine environments.

The United States government’s ambitious plans to create offshore wind farms along the Atlantic coast and in the Great Lakes region are expected to drive up demand for dynamic positioning system (DPS) technologies. These projects necessitate precise vessel positioning and manoeuvrability, making DPS critical to maintaining safety and operational efficiency in offshore wind energy operations. As the offshore wind industry in the United States grows rapidly, fueled by government assistance and private investment, demand for DPS technology is likely to skyrocket, creating huge prospects for market expansion and innovation in the region.

Will the Increasing Demand of oil and Gas Industry in Asia Pacific Drives the Demand for Dynamic Positioning System Market?

The rising need for oil and gas in the Asia Pacific area is likely to drive up demand for dynamic positioning systems (DPS). As oil and gas corporations increase their exploration and production efforts to fulfil the region’s expanding energy needs, offshore operations, such as drilling, production, and support activities, increase in parallel. DPS play an important role in assuring the safety, efficiency, and operational continuity of these offshore operations, especially in difficult marine environments.

Hey, with all the offshore activity ramping up in Asia Pacific – you know, expanding existing fields and hunting for new reserves – it's going to be a big deal for the dynamic positioning system (DPS) industry. Think about itall those oil and gas companies working further out at sea means they really need DPS to keep their vessels exactly where they need to be, easily maneuverable, and, most importantly, safe. This jump in demand for DPS tech shows that everyone's serious about boosting efficiency and hitting those tough safety targets when dealing with the challenges of working offshore. So, yeah, the DPS market is set to blow up as it becomes even more vital for supporting all the growing offshore work in the Asia Pacific area.

The stringent of regulatory norms and safety requirements in the Asia Pacific area emphasises the need of dynamic positioning systems (DPS) in guaranteeing compliance and eliminating operational risks for offshore activities. As oil and gas firms attempt to comply with these strict rules, the implementation of DPS becomes critical to ensuring operational integrity and safety standards. The growing demand for DPS solutions, driven by regulatory compliance requirements and the expansion of offshore activities, is likely to be a key driver of growth in the dynamic positioning system market in Asia Pacific.

Competitive Landscape

The dynamic positioning system market boasts a diverse competitive landscape, featuring a mix of innovative startups, established companies diversifying from related industries, and regional players catering to localized needs. Collaboration and partnerships among industry stakeholders are driving technological advancements and expanding the application scope of dynamic positioning systems across sectors such as offshore wind, marine research, and aquaculture. As regulatory frameworks evolve and sustainability concerns influence procurement decisions, the competitive dynamics of the market continue to evolve, presenting both challenges and opportunities for industry participants.

Some of the prominent players operating in the dynamic positioning system market include

  • KONGSBERG
  • Marine Technologies LLC
  • Praxis Automation
  • Moxa Inc
  • Navis Engineering
  • Norr System Pte Ltd
  • ABB
  • Alphatron Marine
  • L3 Harris Technologies
  • Wartsila Guidance.

Latest Developments

  • In October 2023, Praxis Automation, a global leader in ship automation, electrical propulsion, and dynamic positioning systems, has been awarded a long-term collaborative contract by Rawabi Vallianz Offshore Services (RVOS), a Saudi support service provider for the offshore industry. RVOS is one of Rawabi Energy’s offshore service providers.
  • In May 2024, Wärtsilä enhanced offshore dynamic positioning with a new high-performance thruster and propulsion control package. The company’s new high-performance thruster and propulsion control solution package combines Wärtsilä’s WST-E embedded electric steerable thruster and WST-R retractable thrusters, as well as an updated remote propulsion control system with an enhanced user interface ProTouch, to improve the accuracy and reliability of dynamic positioning (DP) operations.
  • In October 2023, (MOL) and MOL Marine & Engineering Co. (MOLMEC) announced that they launched a training programme using the Dynamic Positioning (DP) System simulator for crewmembers of self-elevating platform (SEP) vessels and service operation vessels (SOVs) that will support offshore wind power generation projects. DP system training options are rare in Japan, and by welcoming a large number of trainees, the MOL Group will help to ensure the safe operation of work vessels, which are essential for floating offshore wind generation projects.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2021-2031

Growth Rate

CAGR of  5.5% from 2024 to 2031

Base Year for Valuation

2024

HISTORICAL PERIOD

2021-2023

FORECAST PERIOD

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Equipment
  • Appliation
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

KONGSBERG, Marine Technologies LLC, Praxis Automation, Moxa Inc, Navis Engineering, Norr System Pte Ltd, ABB, Alphatron Marine, L3 Harris Technologies

Customization

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Dynamic Positioning System Market, By Category

 Equipment

  • Class 1
  • Class 2
  • Class 3

Application

  • Vessel For Passenger
  • Merchant Ships
  • Offshore Support Vessel

Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Research Methodology of Market Research

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