CHICAGO, April 10, 2023 /PRNewswire/ — The Marine Actuators and Valves market size is projected to grow from USD 2.8 Billion in 2022 to USD 3.6 Billion by 2027, at a CAGR of 5.3% from 2022 to 2027 according to a new report by MarketsandMarkets™. The anticipated growth in seaborne trade and growing commercial and naval fleets worldwide is driving market expansion.
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Browse in-depth TOC on “Marine Actuators and Valves Market”
245 – Tables
59 – Figures
278 – Pages
Marine Actuators and Valves Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2022 |
$2.8 billion |
|
Estimated Value by 2027 |
$3.6 billion |
|
Growth Rate |
Poised to grow at a CAGR of 5.3% |
|
Market Size Available for |
2018–2027 |
|
Forecast Period |
2022–2027 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Platform, By Product, By Mechanism, By Material, By Design Characteristics, By Component, By Application, By Sales Channel, By Region |
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Geographies Covered |
North America, Europe, Asia-Pacific, Middle East Rest of the World |
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Key Market Challenge |
Power consumption, noise, and leakage issues associated with actuators and valves |
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Key Market Opportunities |
Growing use of inland waterways |
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Key Market Drivers |
Increased global seaborne trade |
Commercial Segment is expected to account for the largest share in 2022
Based on Ship Type, Commercial segment is projected to lead the marine actuators and valves market during the forecast period attributed to the growing demand for commercial vessels such as containers, bulk carriers, tankers, ferries, and cruise ships. . Increasing the level of shipboard automation and growing passenger traffic with the a rise of recreational boats can lead to an increased requirement for commercial ships vehicles, which, in turn, would is expected to create significant potential for the marine actuators and valves market during the forecast period.
The Electric Mechanism segment is projected to dominate market share in the system segment during the forecast period
Based on Mechanism , the electric segment is projected to dominate the market share during the forecast period. These actuators rely on electric energy as a prime power source which is readily available on the ship. They have a long lifecycle and high power storage capacity in terms of charge/discharge efficiency and low maintenance needs. Technological advancements in electric mechanism-based products have led to an increased demand for electric actuators as these products offer advantages such as lower maintenance and more leak-free operations.
The OEM segment is projected to dominate market share in the system segment during the forecast period
Based on Sales Channel, the OEM segment is projected to dominate the market share during the forecast period. The constantly growing global trade and tourism and the increasing quantity of ship deliveries to meet demand both have an impact on rising production rates of marine actuators and valves. The upcoming laws that aim to adopt sustainable practices in marine vessel operations are expected to be the driving reason behind fleet modernization initiatives, which will further fuel the growth of the marine actuators and valves market.
The Fuel and Propulsion System segment projected to lead Marine Actuators and Valves market during the forecast period
Based on Application, the Fuel and Propulsion System segment is projected to lead the Marine Actuators and Valves market during the forecast period. . Marine actuators and valves are generally used to control and regulate the flow of fuel, oil, or water in the fuel and propulsion systems. Marine actuators and valves can be installed in varieties of fuel and propulsion systems that are a part of water treatment plants, heat exchangers, fuel tanks, water separation systems, flow control systems, boilers, air dampers, steam superheaters, turbines, condensers, and generators. Growing shipbuilding activities in the world are expected to accelerate the demand for marine actuators and valves for fuel and propulsion systems.
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Asia Pacific is expected to account for the largest share in 2022
The marine actuators and valves market industry has been studied in North America, Europe, Asia Pacific, Middle East and Rest of the World. Asia Pacific accounted for the largest market share in 2022, and it is projected to witness 5.40% CAGR during the forecast period. The region accounts for more than 90% share of global shipbuilding business and is hub for major commercial and defense shipbuilding activities. The market for marine actuators and valves is expected to benefit from rising global trade operations, hybridization and electrification of marine vessels while the escalation of global geopolitical rifts is driving the race for superiority in terms of military capabilities, as evidenced by increased defense expenditure and divestments in the modernization of various defense vessels by countries. Furthermore, increased investment in R&D by major players and OEMs to manufacture superior energy storage systems to meet future sustainable and operational requirements will drive the market.
The Marine Actuators and Valves market has been studied for North America, Europe, Asia Pacific, Middle East, and Rest of the World. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the Marine Actuators and Valves market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, solutions, and services; key strategies; Contracts, partnerships, agreements, new product & service launches, mergers and acquisitions; and recent developments associated with the Marine Actuators and Valves market. Competitive analysis of upcoming startups in the Marine Actuators and Valves market ecosystem is covered in this report.
Key Market Players
Major players operating in the marine actuators and valves market include Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan).
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