DUBLIN, Nov 14, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Dynamic Positioning Systems Market by Subsystem, Application, Equipment Type, and Region - Global Forecast to 2021" report to their offering.
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. 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. Based on region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East, Africa, and the Rest of the World. Asia-Pacific is estimated to lead the market 2016. Emerging economies, such as China and India is estimated to drive the Asia-Pacific dynamic positioning systems market. Increase in the number of offshore patrol vessels and technological advancements are expected to fuel the demand for dynamic positioning systems in the region. 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. Products offered by various companies in the market have been listed in the report. The recent developments section of the report includes recent and important developments by various companies between 2014 and 2016.