Global Dynamic Positioning System Market Size, Share, Growth Analysis, By Sub-system(Position reference tracking system; power systems, motors & drives; DP control systems), By Equipment(Class 1, Class 2), By Application(Commercial, and military) - Industry Forecast 2024-2031

Dynamic Positioning System Market size was valued at USD 6.5 billion in 2019, and it is expected to reach a value of USD 9.4 billion by 2031, at a CAGR of 10.6% over the forecast period (2024-2031).

Global dynamic positioning system market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Marine Technologies LLC (US)', 'Thrustmaster of Texas (US)', 'ABB Group (Switzerland)', 'General Electric Company (US)', 'Twin Disc (US)', 'Kongsberg Gruppen (Norway)', 'Raytheon Anschutz (Germany)', 'Moxa Inc. (Taiwan)', 'Reygar (UK)', 'A.B Volvo (Sweden)', 'Rolls Royce plc (UK)', 'Norr Systems Pte Ltd. (Singapore)', 'Sonardyne (UK)', 'Alphatron Marine (Netherlands)', 'Japan Radio Company Ltd. (Japan)', 'Navis Engineering (Finland)'

The use of water got increased for doing trade has resulted in a rise in naval problems between countries; the increase in naval boundaries issues such as the quarrel between China and Japan, the Philippines and China, and Ireland and UK; and due to that it rises the demand for dynamic positioning systems which provide exact information related to the location of the vessel present in the air or water. Moreover, the increase in the naval defence budgets by governments around the world turned the market growth.

The growing seaborne trade coupled with the expansion of the cargo shipping industry are increasing the trend for using dynamic positioning systems in the upcoming years.

North America dominated the global dynamic positioning systems market in 2021. All over growth of the bulk cargo traded and transported through sea routes has increased over the past few years, as ships are economical as compared to other means of transportation.