Dynamic Positioning Systems Market worth $10.5 billion by 2026 - Exclusive Report by MarketsandMarkets
CHICAGO, May 14, 2021 /PRNewswire/ -- According to the new market research report "Dynamic Positioning Systems Market by Equipment type (Class 1, class 2, class 3), Application (Bulk Carrier, Gas Tanker, Ferries, Cruise, Amphibious, Destroyer, Frigate), End use (OEM, Retrofit), Type, Sub-system, and Region - Global Forecast to 2026", published by MarketsandMarkets, the market is estimated to be USD 6.3 billion in 2021 and is projected to reach USD 10.5 billion by 2026, at a CAGR 10.7% from 2021 to 2026. Rise in offshore shipping industry and rise in naval based operations in military vessels are the major factors anticipated to boost the demand for marine batteries during the forecast period. The rise in seaborne trade across the globe, growing maritime tourism industry, and the development of autonomous vessels are the other factors anticipated to fuel the growth of the dynamic positioning system market.
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Class 1 Equipment type for Dynamic Positioning System projects highest CAGR from 2021 to 2026
By equipment type, the Class 1 equipment type of dynamic positioning system is projected to register highest CAGR during the forecast period. Small and medium commercial vessels are the ship type which are majorly equipped with class 1 dynamic positioning system. Class 1 dynamic positioning system equipment type has the ability to automatically maintain and hold the position of the vessel under specific environmental conditions. This equipment has a manual position control system. A single fault in this equipment may cause failure of the entire system.
Commercial application segment is projected to register highest CAGR from 2021 to 2026
By application type, the commercial segment of vessels is estimated to witness highest CAGR during the forecast period. The rise in this segment is attributed by factors such as rise in shipbuilding industries manufacturing commercial vessels in the Asia Pacific region, rise in seaborne trade around the globe and also the increasing water recreational activity throughout different regions. Commercial types of vessel includes research vessels, motorboats, dry cargo ships, passenger ferries and others are some of the vessels under the commercial shipping industry.