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 market includes the design and manufacture of aircraft, rockets, missiles, and spacecraft that operate in space. Defence equipment refers to weapons, arms, and equipment that are used for military purposes. The study conducted in this report provides an in-depth analysis of the aerospace and defences industry in Europe.

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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.

Competitive Landscape-

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.

Industry Developments-

  • 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.

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A List of Key Manufacturers Operating In the Dynamic Positioning System Market Report:

  • General Electric
  • ABB
  • Rolls-Royce plc
  • Wartsila
  • Marine Technologies, LLC
  • Navis Engineering
  • Norr Systems Pte Ltd.
  • Praxis Automation Technology B.V.
  • Moxa Inc.
  • Others

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By Emelia Murison

Emelia Murison is a freelance writer and editor with a passion for innovation and technology. She covers breaking industry news, #SpaceForGood, and product reviews for the group. She also provides copywriting services to startups around the world – one of which introduced her to the world of Aerospace.