Marine dynamic positioning system market to reach $2.13bn by 2022
The Global 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. According to a new report published by Allied Market Research, Europe dominated the global market in 2015, accounting for a market share of over 32.0%. 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. Komal Sharma, Research Analyst at Allied Market Research said: "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," Komal added. 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 substantiate the anticipated lead of the region post 2020. 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.