According to the new market research report, now available on ASDReports,"Dynamic Positioning Systems (DPS) Market by Equipment Type (Class 1, Class 2, Class 3), Sub-system (Power Systems, Thruster Systems, DP Control Systems, Sensors), Application (Passenger Ships, Merchant Vessels, Offshore Vessels, Naval Vessels), and Region - Forecasts to 2020", The global dynamic positioning systems market is expected to reach $1.48 Billion by 2020, growing at a CAGR of 4.36%.
This report segments the market on the basis of equipment type, application, and region. The geographical analysis section of this report contains a detailed classification of this market and includes North America, Europe, Asia-Pacific, the Middle East, Latin America, and Africa, encompassing the top countries that account for the majority share of the market. On the basis of application, this report segments the market on the basis of naval vessels encompassing passenger ships (cruise ships and mega yachts), merchant vessels (shuttle tankers, container vessels, and bulk carriers), offshore vessels (cable laying vessels, pipe laying vessels, OCVs, DSVs, drill ships, dredging ships, FPSO, PSVs, AHTS, and accommodation barges), and naval vessels (mine sweepers and survey ships).
The report also provides a detailed description regarding the industry, market, and technology trends that prevail in the dynamic positioning systems market. This research study provides vital information on key technology trends, such as usage of condition-based monitoring systems, which is affecting the market. It is expected that advancements in the usage of condition-based monitoring systems as a part of vessel maintenance strategies would shape and influence the market until 2020.
Increasing usage of Dynamic Position (DP) vessels for offshore drilling by oil industries and the growing demand of class-3 dynamic positioning equipment over the coming years are the key driving factors aiding the growth of the market. The Asia-Pacific region is expected to account for the major share of the market in 2015. China, Japan, and South Korea are expected to be the fastest-growing countries in this region from 2015 to 2020. Saudi Arabia and UAE in the Middle East are identified as emerging economies, which are expected to witness an increase in demand for dynamic positioning systems. The growing maritime industry in the Middle Eastern region and the growing usage of dynamic positioning systems for offshore drilling ships stand as the key drivers for the growth of the market in this region. Additionally, the ongoing dynamic growth of the shipping industry in Africa and Latin America is expected to present companies with significant opportunities in this market.
Key players profiled in this market include General Electric Company, L-3 Communications Holdings, Rolls-Royce Plc., Kongsberg Gruppen ASA, Navis Engineering, Marine Technologies LLC, Norr Systems, Praxis Automation System, and Norr Systems. A competitive landscape with respect to the aforementioned players and their market shares has also been provided in the report.
In a nutshell, this market has enormous potential for new technological advancements and is expected to grow at a steady growth rate during the forecast period.
Source: ASDReports - Market Research
Date: Jul 3, 2015