Dynamic Positioning System Market to experience a healthy CAGR of 4.2%
February 18, 2020
Dynamic Positioning System Market Overview:
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.
Report Overview:
This report, from Stratview Research, studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Dynamic Positioning System Market Segment Insights:
Class 3 Segment: The growth engine
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.
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https://www.stratviewresearch.com/toc/735/dynamic-positioning-system-market.html
Dominance of: The Merchant Vessels Segment
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.
A highly/moderately/fragment consolidated Market
Some of the major players in the dynamic positioning system market are ABB Group, AB Volvo Penta, General Electric Company, Kongsberg Gruppen ASA, L-3 Communications Holdings, Inc., Marine Technologies LLC, Navis Engineering, Praxis Automation & Technology B.V., Rolls-Royce PLC, and Wartsila Oyj ABP.
Regional Hegemony of Asia-Pacific
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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