PORTLAND, Oregon and PUNE, India, March 8, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Marine Dynamic Positioning System Market: Global Opportunity Analysis and Industry Forecast, 2014-2022," the marine dynamic positioning system market size is anticipated to reach $2,127 million by 2022 from $1,594 million in 2015, growing at a CAGR of 3.8% from 2016 to 2022. Europe dominated the global market in 2015, accounting for a market share of over 32.0%.
Summary of the Marine Dynamic Positioning System Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/marine-dynamic-positioning-systems-market
The growth of the global marine dynamic positioning system market is driven by increase in number of offshore patrol vessels, growth in offshore windmill farms, and rise in deployment of research vessels. In addition, increase in seaborne trade in terms of volume and value fuels the growth of the market. However, the anticipated downturn in the shipbuilding & offshore industries and high maintenance requirement for the mechanical components of the dynamic positioning system limit the market growth.
According to Komal Sharma, Research Analyst at Allied Market Research, "Although the downturn of the offshore industry is expected to adversely impact the growth of the marine dynamic positioning system market, however, increase in adoption of dynamic positioning system in other vessels fuels the market growth. Owing to this, the dynamic positioning system vendors are anticipated to struggle in terms of overall sales. However, the market participants intend to address this issue by means of product innovation and offer products with improved specifications and functionality for certain operations under one integrated system."
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By subsystem segment, thruster systems accounted for the major market share in 2015, and is expected to maintain this trend during the forecast period. This is attributed to the higher cost of the thruster systems and its long replacement cycle span. The control system and power system held second and third largest market share, respectively, in 2015.
Geographically, Europe accounted for the maximum revenue in 2015, and is anticipated to reach $609 million by 2022, owing to strong manufacturing base of dynamic positioning systems along with technical expertise. Moreover, Asia-Pacific is expected to lead the market by the end of forecast period. The future growth trends presented by China and other emerging countries of Asia-Pacific in terms of shipbuilding industry substantiates the anticipated lead of the region post 2020.
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KEY FINDINGS OF THE MARINE DYNAMIC POSITIONING SYSTEM MARKET STUDY:
- In 2015, thruster systems generated the highest revenue, accounting for over 34.0% of the global marine dynamic positioning system market.
- Class 3 segment is are expected to grow at the highest CAGR of 5.7% from 2016 to 2022.
- Offshore vessels held the major market share of around 44.0% in 2015, while naval vessels is expected to grow at 4.6% by 2022, owing to the increasing usage of DP systems.
- Europe accounted for the highest revenue, with UK dominating the market in 2015, accounting 32.0% of total revenue.
The key players profiled in the report are ABB, General Electric Co., Kongsberg Gruppen, Marine Technologies LLC, Moxa Inc, Navis Engineering Oy, AB Volvo Penta, Praxis Automation Technology B.V., Rolls Royce, and Wartsila Corporation.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/automotive-and-transportation/infotainment-navigation-and-telematics-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research