April 20, 2024
Marine Actuators And Valves Market

Marine Actuators And Valves Market is in trends by increasing Marine Vessel Modernization

The marine actuators and valves market comprises hydraulic, pneumatic and electric actuators and valves used in marine applications for efficient operations of marine vessels and components. Marine actuators are essential equipment used for maneuvering of rudder, propeller, stern tube, hatch cover and other marine vessel components. Valves help regulate fluid flow and pressure in marine engines, machinery, and equipment. The growing modernization of existing marine fleets along with construction of new vessels is driving demand for reliable and efficient marine actuators and valves for optimal performance.

The Global Marine Actuators And Valves Market is estimated to be valued at US$ 4391.56 Mn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the marine actuators and valves market are Gucciogucci S.P.A., Harry Winston, Inc., Societe Cartier, Tiffany & Co., Compagnie Financiere Richemont SA, Buccellati Holding Italia SpA, Graff Diamonds Corporation, Bulgari S.p.A, K. Mikimoto & Co., Ltd., and Chopard International SA. These players are focusing on development of automated and electric actuators with IoT integration for remote monitoring capabilities.

The growing maritime trade and offshore energy exploration & production activities are fueling demand for commercial vessels, cruise ships, oil tankers and drilling platforms. This is propelling manufactures to increase production of marine actuators and valves to equip the expanding global fleet. Rapid urbanization and economic growth in developing Asian countries are also boosting investments in port, dredging and other maritime infrastructure projects, thereby generating lucrative opportunities.

Globalization has intensified maritime trade activities across key shipping routes. Manufacturers are expanding their geographical presence in emerging markets through partnerships and acquisitions to gain access to new ship building contracts. Regions witnessing increased demand include East and South Asia, Middle East, Latin America and Africa due to surge in industrialization and investments in energy and transportation sectors.

Market key trends

One of the key trends in the Marine Actuators And Valves Market Size is the increasing adoption of electric actuators. The implementation of stricter emission norms by IMO is propelling ship owners to replace pneumatic and hydraulic systems with electric alternatives for enhanced fuel efficiency and reduced emissions. Electric actuators offer improved operational flexibility, precise controllability and virtually eliminate environmental hazards associated with leakages. Major players have developed customized electric actuators integrated with IoT, remote diagnostics and position sensing capabilities for predictive maintenance of marine vessels and systems. This trend is expected to significantly contribute to the revenue growth of electric actuators over the forecast period.

Porter’s Analysis
Threat of new entrants: The Marine Actuators And Valves Market requires high upfront investments in R&D and manufacturing facilities which makes the entry difficult for new players.
Bargaining power of buyers: There exist a large number of buyers in the marine industry which gives them higher bargaining power to negotiate on price and demand better services.
Bargaining power of suppliers: The components and raw materials required for manufacturing marine actuators and valves are available from a few specialized suppliers which gives them higher bargaining power over manufacturers.
Threat of new substitutes: Though some digital and electric alternatives exist, there are limited product substitutes for traditional hydraulic and pneumatic marine actuators and valves currently.
Competitive rivalry: The market is dominated by a few large players and regional mid-sized companies who fiercely compete on product quality, features, pricing and service/support.

Geographical Regions
North America currently accounts for the largest share of the global marine actuators and valves market in terms of value owing to presence of many shipbuilding yards and companies.
Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising seaborne trade, increasing shipbuilding activities in countries like China and India, and growth of offshore exploration projects in South China Sea.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it