Report says DP market set to grow significantlyPublications // July 31, 2015
A report published by research company Markets and Markets says the global dynamic positioning (DP) systems market is expected to reach US$1.48 billion by 2020, and will grow at a rate of 4.36 per cent year-on-year.
The report said that increasing use of DP vessels in the offshore oil and gas industry and the growing demand for DP equipment are the driving factors behind the growth in the market.
The report said the Asia-Pacific region will account for the major share of the market in 2015. China, Japan and South Korea are expected to be the fastest-growing countries in this region from 2015 to 2020.
Markets and Markets said Saudi Arabia and the UAE in the Middle East are also expected to witness an increase in demand for DP systems.
"The market has enormous potential for new technical advancements and is expected to grow at a steady rate during the forecast period,” said the authors of the report.