by The Marine Actuators And Valves Market is estimated to be valued at US$ 3812.11 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Marine actuators and valves are electro-mechanical devices used in marine vessels for opening and closing applications in different vessel systems such as fuel, ballast, bilge, and hydraulic. They are equipped with features such as corrosion resistance, leak proof operation, and durability to withstand harsh marine environments. Key applications of marine actuators and valves include propulsion and machinery control, bilge and ballast control, and fluid transfer monitoring.
Market Dynamics:
Rapid industrialization and economic growth in emerging economies have increased international trade via shipping. This has augmented the demand for new ships as well as maintenance and upgrade of existing vessels, driving the need for marine actuators and valves. Moreover, tightening environmental regulations regarding marine emission and ballast water treatment are further propelling the market demand. For instance, the International Maritime Organization (IMO) regulates emission from ships through conventions such as MARPOL. Compliance with such regulations necessitates installation of efficient and eco-friendly actuators and valves.
Segment Analysis
The marine actuators and valves market is dominated by the hydraulic segment owing to its extensive use across naval vessels and commercial ships. Hydraulic actuators help control engine functions, handle ballast systems, steer rudders and other ship operations. Their ability to withstand harsh marine conditions and produce high torque with little power consumption has made them ideal for marine applications.
PEST Analysis
Political: Regulations regarding emission norms from ships are becoming stricter globally, driving demand for efficient actuators and valves to control engines and exhaust systems.
Economic: Growth in global seaborne trade has increased the demand for new cargo ships and tankers, positively impacting the marine actuators and valves market.
Social: Rising maritime tourism and water sports activities are augmenting the construction of cruise liners, ferries and watercrafts, thereby influencing market growth.
Technological: Advancements in positioning systems and digital technologies such as remote monitoring and predictive maintenance of actuators have improved functionality.
Key Takeaways
Global Marine Actuators And Valves Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period 2023 to 2030, due to increasing international seaborne trade and marine vessel construction. The market size is projected to reach US$ 6896.05 Mn by 2030 from US$ 3812.11 Mn in 2023.
Regional analysis
The Asia Pacific region dominated the market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to the presence of leading marine actuator manufacturers and shipbuilders in China, Japan and South Korea. Countries such as India are also witnessing substantial growth in the shipbuilding industry.
Key players
Key players operating in the marine actuators and valves market are AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., BÃ1⁄4rkert Fluid Control Systems, Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Flowserve Corporation, Rotork Plc, and Honeywell International Inc. These players are focusing on new product innovations and partnerships with OEMs to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
