10:14 AM Dynamic Positioning System Market Size to Grow at a CAGR of 4.2% |
Dynamic Positioning System Market is expected to grow at a CAGR of 4.2% during the next five years, according to a newly added report by Stratview Research. 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. The report offers detailed insights in relevant market segments, their growth rates, latest market trends, forecasts, and other important details. The market has been segmented in four ways and the report has more than 150 figures and tables providing the most comprehensive information about the market segments and their growth prospects for the forecast period.
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As per the report, among different equipment types, 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. 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.
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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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The report further mentions about the key manufacturing players 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. who are emerging fast and their roles in the growing market. It also portraits the important mergers, acquisitions, and other current happenings in the dynamic positioning system market that can be helpful for the interested clients in analysing the market and taking right decisions accordingly.
Salient Features of the Report The report on dynamic positioning system market is a well-researched work after analysing of various data from different reliable sources. The report included some of the salient features such as:
About Stratview Research: Stratview Research is a global research company offering custom research and marker research reports for interested client in different sectors such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Healthcare & Life Sciences, and Oil & Gas. All the reports generated are based on proper data collected from reliable sources and are scrutinized carefully before releasing so that the interested clients and companies can make the most out of it. For inquiries, Contact: Ritesh Gandecha Stratview Research E-mail: sales@stratviewresearch.com Direct: +1-313-307-4176 |
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