Global Dynamic Positioning Systems Market to be Driven by Offshore Drilling by Oil and Gas Companies
TMR analysts address some of the key questions that companies in the dynamic positioning systems market need to ask:
Q. How is technology revolutionizing the global dynamic positioning systems market?
A. Technological advancements complying with the guidelines of the International Maritime Organization (IMA) are playing a pivotal role in the development of next generation dynamic positioning systems. Deep water drilling vessels and diving support vessels operate under extreme environmental conditions of wind, current, and waves. A dynamic positioning system is equipped with position reference sensors, wind sensors, gyrocompasses, and motion sensors to constantly update heading, position, attitude, and riser data. This data generated on a real-time basis is crucial to make adjustments regarding position and heading of the vessel. With the help of commands sent by dynamic positioning system, a vessel’s rudders, thrusters, and propellers can be adjusted. Advanced dynamic positioning systems are also able to offer predictive information to vessel operators to help them take effective decisions. The latest technology focuses on increasing energy efficiency of dynamic positioning systems to reduce operational costs and emissions.
Q. What are the major factors affecting the growth of the global dynamic positioning systems market?
A. The usage of dynamic positioning systems for offshore drilling by oil companies has significantly boosted the growth of the global dynamic positioning systems market. Dynamic positioning systems are being widely used across floating production storage and offloading vessels or FPSOs. Advancements in the usage of condition-based monitoring systems as a part of vessel maintenance strategies will pave way for the future growth of the market.
On the flip side, previously installed subsea structures on the seabed might play around with the proper functioning of dynamic positioning systems. This is one of the major drawbacks and restrains the large-scale deployment of dynamic positioning systems. Further, advanced dynamic positioning systems require competent operators to understand the system complexity. Dearth of technically skilled operators has restricted the usage of dynamic positioning systems by vessel owners.
Q. Which are the key regions holding growth opportunities for the global dynamic positioning systems market?
A. Asia Pacific and the Middle East and Africa are witnessing increased deep sea drilling for oil and gas exploration. Availability of oil and gas reserves under the seabed and cheap labour force has led oil and gas companies to focus on these regions. As a result, the global dynamic positioning systems market will witness significant demand from the emerging economies in Asia Pacific and the Middle East and Africa.