NEW YORK, Oct. 10, 2016 /PRNewswire/ -- "Increase in the number of offshore patrol vessels is the key factor driving the dynamic positioning systems market"
The dynamic positioning systems market is projected to grow from USD 1.62 billion in 2016 to USD 1.82 billion by 2021, at a CAGR of 2.36% during the forecast period. The market is mainly driven by factors, such as increase in the number of offshore patrol vessels, technological advancements, and expansion in oil & gas refineries worldwide. However, factors, such as lack of competent dynamic positioning system operators, system complexity, and high maintenance of mechanical systems are expected to restrain the growth of this market.
"Based on equipment type, the Class 2 segment is estimated to account for the largest share of the dynamic positioning systems market during the forecast period"
Class 2 dynamic positioning systems are widely used, and thus, this segment is estimated to account for the largest market share during the forecast period. End users of Class 2 dynamic positioning systems are cruise ships, shuttle tankers, container vessels, bulk carriers, cable laying vessels, pipe-laying vessels, floating production storage and offloading (FPSO), platform supply vessels, Anchor Handling Tug Supply (AHTS), mine sweepers, and survey ships.
"Based on application, the merchant vessels segment is estimated to account for the largest share of the dynamic positioning systems market during the forecast period"
Based on application, the merchant vessels segment is estimated to account for the largest share of the dynamic positioning systems market during the forecast period. Export of goods, raw materials, such as coal and iron ore, and crude oil to different countries through tankers, bulk carriers, and container ships is expected to fuel the growth of the merchant vessels segment.
"The Asia-Pacific region is estimated to account for the largest market share; Africa to grow at the highest CAGR during the forecast period"
Asia-Pacific is one of the largest markets for dynamic positioning systems. Growth of marine trade, tourism, and oil & gas explorations sectors in the region is expected to drive the Asia-Pacific dynamic positioning systems market. Increased demand for oil energy from the Asia-Pacific region will continue to drive investments in offshore oil & gas projects, which, in turn, will increase the demand for offshore vessels.
Break-up of profile of primary participants in the dynamic positioning systems market:
- By Company Type - Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation – C level – 35%, Director level – 25%, Others – 40%
- By Region – North America - 45%, Europe – 20%, Asia-Pacific – 30%, RoW – 5%
Major companies profiled in the report include General Electric Company (U.S.), Rolls-Royce plc. (U.K.), ABB Group (Switzerland), L-3 Communications Holdings, Inc. (U.S.), Wartsila Oyj Abp (Finland), and Konsberg Gruppen ASA (Norway), among others.
This research report categorizes the dynamic positioning systems market into the following segments and subsegments: On the basis of equipment type (Class 1, Class 2, and Class 3), application (passenger ships, merchant vessels, offshore vessels, and naval vessels), subsystem (power systems, thruster systems, DPS control systems, and sensors), and maps these segments and subsegments across major regions worldwide, namely, North America, Europe, Asia-Pacific, the Middle East, Africa, and the Rest of the World.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analyses —industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments of the dynamic positioning systems market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on dynamic positioning systems offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the dynamic positioning systems market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the markets for dynamic positioning systems across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the dynamic positioning systems market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the dynamic positioning systems market
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