Dynamic Positioning System Market Size to experience an impressive growth of 4.2%
February 10, 2020
Dynamic Positioning System Market is likely to witness an impressive CAGR of 4.2% during the forecast period. Increase in the number of offshore patrol vessels, technological progressions, and expansion in oil & gas refineries are the major factors expected to underpin the growth of the global dynamic positioning system market during the forecast period.
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Dynamic Positioning System Market Insights:
By Equipment Type:
Based on the equipment type, the market is segmented as class 1, class 2, and class 3. The Class 3 segment is estimated to register the highest growth during the forecast period. It includes dynamic positioning systems that deliver precision in a vessel’s position as compared to other class types. Owing to the technological advancements and preference of class 3 dynamic positioning systems, their demand is on the anvil, which is driving the growth of the segment.
By Application Type:
Based on the application type, the market is segmented as merchant vessels, offshore vessels, passenger ships, and naval vessels. The merchant vessels segment is estimated to be the largest application segment. The growth can be attributed to the increasing use of dynamic position (DP) vessels for offshore drilling by oil industries, which is bolstering the high growth of this segment.
By Region:
In terms of regions, Asia-Pacific dominated the market in 2018. It is anticipated that emerging economies, such as China and India will be the growth engines of the Asia-Pacific’s dynamic positioning systems market during the forecast period. The market is driven by the upsurge in the number of offshore patrol vessels and technological progressions, which are the prime drivers to propel the demand for dynamic positioning systems in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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