Dynamic positioning (DP) market for surface ship navigation to hit $1.48 billion by 2020
DALLAS, 11 June 2015. The worldwide market for dynamic positioning systems in commercial and military surface ships will reach $1.48 billion by 2020 after growing at a combined annual growth rate of 4.36 percent, predict analysts at market researcher MarketsandMarkets in Dallas.
Dynamic positioning, or DP, is a computer-controlled shipboard electronics system that helps surface vessels maintain their positions and headings automatically by using their own propellers and thrusters.
Increasing use of 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, MarketsandMarkets analysts say.
DP technology combines information from position reference sensors, wind sensors, motion sensors, and gyrocompasses, and feeds the combined information to a computer that helps control the vessel's position.
Vessel types that use DP include naval amphibious assault ships, mine sweepers, and military survey ships, surface and semi-submersible mobile offshore drilling vessels, oceanographic research vessels, and cruise ships.
MarketsandMarkets outline their predictions in the 166-page report Dynamic Positioning Systems (DPS) Market - Forecasts to 2020. The report segments the market by equipment type, application, and region.
The geographical analysis includes North America, Europe, Asia-Pacific, the Middle East, Latin America, and Africa. DP applications include naval mine sweepers and survey ships; passenger ships; merchant vessels; and offshore vessels.
This research study covers trends in condition-based monitoring systems, such as advancements in the usage of condition-based monitoring systems as a part of vessel maintenance strategies.
The Asia-Pacific region will account for the major share of the market in 2015. China, Japan, and South Korea will be the fastest-growing countries in this region from 2015 to 2020. Emerging economies like Saudi Arabia and the United Arab Emirates will witness an increase in demand for dynamic positioning systems.
Dynamic growth in the shipping industries in Africa and Latin America will present companies with significant opportunities in this market.
Key companies profiled in the report include General Electric, L-3 Communications, Rolls-Royce, Kongsberg Gruppen, Navis Engineering, Marine Technologies, Norr Systems, Praxis Automation System, and Norr Systems.
For more information contact MarketsandMarkets online at www.marketsandmarkets.com.