The global dynamic positioning system market size is projected to showcase promising growth owing to the increasing expansion of the oil and gas industry globally, observes Fortune Business Insights™ in an upcoming report, titled, “Dynamic Positioning System Market Size, Share & Industry Analysis, By Sub-Systems (Power Systems, DPS Control Systems, Sensors, Thruster Systems), By Application (Merchant Vessels, Offshore Vessels, Naval Vessels, Passenger Ships), By Equipment Type (Class 1, Class 2, Class 3) and Regional Forecast 2023-2030. These systems control vessels’ position and heading automatically. An impressive increase in the demand for crude oil worldwide is estimated to boost the requirement of dynamic positioning systems.
The COVID-19 contagion has been a nightmare to the global oil and gas industry. Global shutdowns amid the pandemic have drastically decreased the demand for crude oil in the global market. In April 2020, the crude oil features dropped zero for the first time. Key players in the industry are taking unprecedented measures to devise strategies that will help in overcoming the crisis. At Fortune Business Insights, we are committed to help you in devising various strategies to overcome the crisis.
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Drivers & Restraints-
High Demand for Offshore Patrol Vessels to Drive Growth
The increasing demand for offshore patrol vessels from key industry players is estimated to drive the growth of the global dynamic positioning system market. In addition, the rapid expansion of the global oil and gas industry projected to strengthen the demand for the same. For instance, as per a report by IBISWorld, one of the leading business intelligence companies, in 2019, the oil and gas drilling sector reached the value of nearly USD 3.3 trillion. However, the high maintenance cost associated with the system is forecast to hinder the growth of dynamic positioning systems.
High Consumption of Oil and Gas in Major Countries to Help Asia Pacific Dominate
Asia Pacific holds the largest share of the global dynamic positioning system market due to the high consumption of oil and gas in the region. Countries including China, Japan, and India are focusing on expanding domestic oil and gas production in order to cut down the bills associated with oil imports. For instance, Oil and Natural Gas Corporation (ONGC), an Indian public sector multinational crude oil and gas company, is projected to make an investment of nearly USD 11 billion over the next three years in order to ramp up gas production by nearly 30% in the country.
The market in North America is projected to grow potentially in the forecast timeline owing to the rapidly increasing oil and gas exploration activities in the region. In addition, technological advancements in naval operations are estimated to further enhance the growth of dynamic positioning systems in the region.
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Launching innovative Products to Aid Key Players Gain Prominence
Key Players in the global dynamic positioning system market are embarking on introducing innovative products in order to gain prominence over other enterprises. For instance, in 2017, General Electric launched SeaLyte Vessel Control System (VCS) and SeaLyte DP. These systems offer standardized and structured packages for end users. They offer features including reduced hardware, limited complexity, and lower cost.
- In June 2019, Rawabi Vallienz Offshore Services signed a contract with Praxis Automation Technology to deliver a complete solution of its dynamic positioning system for the fleet of offshore supply vessels operating outside of Saudi Arabia. Under this contract, the company will retrofit 14 ships with two systems.
- In May 2018, Global Maritime and UniSea signed a five-year contract with SorstadFarstad’s offshore supply vessel to provide dynamic positioning assurance software services. These services make dynamic positioning easier and help in reducing vessel downtime.
A List of Key Manufacturers Operating In the Dynamic Positioning System Market Report:
- General Electric
- Rolls-Royce plc
- Marine Technologies, LLC
- Navis Engineering
- Norr Systems Pte Ltd.
- Praxis Automation Technology B.V.
- Moxa Inc.
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