The global dynamic positioning system market size was USD 8.49 billion in 2023. The market is set to rise from USD 9.33 billion in 2024 to USD 17.48 billion by 2032 at a CAGR of 8.2% during 2024-2032.

An advanced computer-controlled technology, known as Dynamic Positioning (DP) enables vessels to hold their position and direction automatically, eliminating the necessity for anchors. This system plays a vital role in offshore operations, especially in areas where deep waters or underwater obstacles make conventional anchoring unfeasible. Dynamic positioning is highly preferred in different maritime industries, mainly in the offshore oil and gas sector. Rapid innovations in sensors and the integration of artificial intelligence into dynamic positioning systems are bolstering market expansion.

The COVID-19 pandemic had a detrimental effect on market growth due to supply chain disruptions and a lack of components essential for producing dynamic positioning systems. Decreased investments in advanced technologies owing to economic unreliability, hampered market expansion amid the pandemic.

Fortune Business Insights presents this information in their report titled "Dynamic Positioning System Market Size, Share, 2024–2032."

List of Key Players Profiled in the Dynamic Positioning System Market Report

• Kongsberg Gruppen (Norway)
• Wartsila (Finland)
• ABB Group (Switzerland)
• Elcome International LLC (Dubai)
• B. Volvo (Sweden)
• Rolls Royce PLC (U.K.)
• Navis Engineering (Finland)
• Praxis Automation Technology B.V. (Netherlands)
• Thrustmaster of Texas (U.S.)
• Royal IHC (Netherlands)

Information Source:

https://www.fortunebusinessinsights.com/dynamic-positioning-system-market-103535

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