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Dynamic Positioning System (DPS) Market worth 1.82 Billion USD by 2021

The market is projected to grow from USD 1.62 Billion in 2016 to USD 1.82 Billion by 2021, at a CAGR of 2.36% during the forecast period. Various factors, such as increase in the number of offshore patrol vessels, technological advancements, and expansion in oil & gas refineries are expected to drive the growth of the dynamic positioning systems market.<br><br>The market is segmented on the basis of equipment type, application, subsystem, and region. The equipment type segment is further divided into Class 1, Class 2, and Class 3 dynamic positioning systems. Of these, the Class 3 segment is estimated to grow at the highest CAGR during the forecast period. Class 3 includes dynamic positioning systems that provide accuracy in a vessel’s position as compared to other class types. Companies prefer Class 3 dynamic positioning systems as they are technologically advanced and this is expected to fuel the demand for Class 3 DP systems.

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Dynamic Positioning System (DPS) Market worth 1.82 Billion USD by 2021

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  1. MarketsandMarkets Presents Dynamic Positioning System (DPS) Market worth 1.82 Billion USD by 2021 The dynamic positioning systems market is projected to grow from USD 1.62 Billion in 2016 to USD 1.82 Billion by 2021, at a CAGR of 2.36% during the forecast period.The market is projected to grow from USD 1.62 Billion in 2016 to USD 1.82 Billion by 2021, at a CAGR of 2.36% during the forecast period. The base year considered for the study is 2015 and the forecast period is from 2016 to 2021. Factors, such as increase in the number of offshore patrol vessels, technological advancements, and expansion in oil & gas refineries worldwide are expected to drive the dynamic positioning systems market. Browse 94 market data Tables and 94 Figures spread through 214 Pages and in-depth TOC on "Dynamic Positioning System (DPS) Market - Global Forecast to 2021"

  2. The market for lavatory oxygen systems is expected to witness the highest growth during the forecast period. A lavatory oxygen system provides oxygen to passengers occupying the aircraft lavatory during a cabin depressurization event. Recent lavatory oxygen systems are designed to match the descent profiles of oxygen generators that were previously installed in aircraft lavatories. In 2011, in a security-related decision, the FAA ordered aircraft operators to remove or disable the existing lavatory oxygen systems. However, in 2013, the FAA revised these regulations and mandated each aircraft type to install lavatory oxygen systems in aircraft lavatories for passenger safety. Download PDF Brochure@ http://bit.ly/2rBQfNJ Early buyers will receive 10% customization on reports. The market is segmented on the basis of mechanism, system, component, technology, and region

  3. Based on application, the merchant vessels segment is expected to grow at the highest rate during the forecast period Based on application, the merchant vessels segment of the dynamic positioning systems market is estimated to grow at the highest CAGR during the forecast period. Increasing use of dynamic position (DP) vessels for offshore drilling by oil industries is fueling the growth of the merchant vessels segment. Download PDF Brochure@ http://bit.ly/2rkiNuJ Early buyers will receive 10% customization on reports. The report also covers competitive developments, such as long-term contracts, new product launches and developments, and research & development activities in the market, in addition to business and corporate strategies adopted by key market players. All possible parameters that affect the market have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to acquire the final quantitative and qualitative data.

  4. Africa is projected to grow at the highest CAGR during the forecast period Africa is one of the fastest-growing markets for dynamic positioning systems due to increase in the end users of dynamic positioning systems. Africa’s economic development was fueled by activities related to extraction of massive energy sources. Due to the presence of a significant number of natural resources, various non-African companies are willing to contribute towards the development of the African maritime sector. Get More Information@ http://bit.ly/2qKPToW The marine port will serve as a gateway for East African landlocked countries, such as Uganda, Malawi, Rwanda, Burundi, Zambia, and the Democratic Republic of Congo. However, factors, such as lack of training given to operators for efficient use of dynamic positioning systems and fluctuations in the exchange rate of USD limit the growth of this market. Major players in the dynamic positioning systems market are General Electric Company (U.S.), Rolls-Royce plc. (U.K.), ABB Group (Switzerland), L-3 Communications Holdings, Inc. (U.S.), WartsilaOyjAbp (Finland), and Kongsberg Gruppen ASA (Norway).

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