Rising Seaborne Trade Activities to Create Growth Prospects, Assisting Marine Valves and Actuators Market to Top US$ 3.7 Bn by 2022
The latest study Fact.MR offers detailed analysis on the global marine valves and actuators market, highlighting key governing factor during the forecast period of 2022 to 2032. The survey provides exclusive insights into emerging trends and opportunities boosting marine valves and actuators sales across different segmentation including, technology type, vessel type, and regions.
NEW YORK, June 9, 2022 /PRNewswire/ — Total sales in the global marine valves and actuators market are estimated to total US$ 3.7 Bn by 2022. The demand for marine valves and actuators is expected to exceed US$ 5.8 Bn by the end of 2032, in comparison to the US$ 3.5 Bn registered in 2021.
On account of growing technological advancements and the introduction of advanced marine valves and actuators, the market is projected to exhibit growth at a CAGR of 4.5% during the forecast period 2022-2032.
With growing expenditure on leisure & recreational activities, a swift rise in sales of marine vessels such as cruise ships, boats, ferries, and yachts is being witnessed worldwide. For instance, according to the National Marine Manufacturers Association, in 2020, around 329,000 boats were sold across the U.S., exhibiting 13% more sales than in 2019.
As marine valves and actuators are extensively used in marine vessels, growing sales of marine automobiles are projected to create opportunities for growth in the market.
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There is a rapid surge in international trade activities owing to rising globalization. Manufacturers are consumers are adopting sea routes for trading, on account of its relatively low cost compared to other modes.
For instance, according to the United Nations Conference on Trade & Development (UNCTAD), over 80% of international trade in goods was carried out via sea routes in terms of volume. As marine valves and actuators play a vital role in loading and offloading of liquid goods, rising seaborne trade activities are estimated to bolster sales in the market.
Key Takeaways:
- The U.S. is estimated to dominate the market in North America, with sales growing at a 4% CAGR during the assessment period.
- India will emerge as a highly remunerative market for marine valves and actuators, exhibiting growth at a robust 8.2% CAGR through 2032.
- China is forecast to account for a dominant share in the East Asia market, with demand projected to increase at a CAGR of 7% between 2022 and 2032.
- Demand for marine valves and actuators in the U.K. will rise at 5.3% CAGR, driven by increasing sales of marine vehicles across the country.
- Based on technology type, the valves segment will remain most sought after, accounting for around 77.5% of the overall sales by 2022.
Growth Drivers:
- Ongoing expansion in the shipbuilding industry and launch of government initiatives for constructing underwater pipelines for liquid goods transportation is anticipated to favor demand.
- Increasing advancement in maritime warfare techniques and deployment of advanced military-grade maritime vessels such as frigates, corvettes, and destroyers is expected to fuel sales.
Restraints:
- Implementation of stringent regulatory policies mandating the quality check and release of the marine inline check valve and actuators might limit sales.
- High cost of pneumatic actuator systems and wastage of energy by delivering more pressure than required are factors restricting demand for pneumatic actuators.
Competitive Landscape:
Key manufacturers operating in marine valves and actuators market are developing more advanced solution to increase their revenue in the market. Some players are focusing on adopting inorganic growth strategies such as collaboration, mergers and acquisitions to expand their business in the global market.
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For instance,
- In June 2021, Neles Corporation, a Finnish low control solutions manufacturer announced the launch of a new range of versatile butterfly valve range including Neldisc™ metal seat and Wafer-Sphere™ soft seat for superior performance with a minimized environmental footprint.
- In 2018, Honeywell International Inc. announced acquiring two technology-based companies Ortloff Engineers and Transnorm (Germany) for over US$ 500 Mn. The acquisition has assisted the company to enhance warehouse automation platforms and developing highly proprietary technology for achieve a foothold in the market.
Key Companies Profiled by Fact.MR
- AVK Holdings A/S
- Bürkert Fluid Control Systems
- Emerson Electric Co
- Flowserve Corporation
- Honeywell International Inc.
- KITZ Corporation
- Rotork Plc
- Schlumberger Limited
- Tyco International Ltd.
- Watts Water Technologies, Inc.
More Valuable Insights on Marine Valves and Actuators Market
A recent survey conducted by Fact.MR offers a 360-degree view of the global marine valves and actuators market for the assessment period of 2022 to 2032. The study also provides insights into key factors influencing sales in marine valves and actuators market through detailed segmentation as follows:
By Technology Type:
- Actuators
- Pneumatic Actuators
- Hydraulic Actuators
- Manual Actuators
- Electric Actuators
- Mechanical Actuators
- Hybrid Actuators
- Valves
- Linear Motion Valves
- Globe Valve
- Gate Valve
- Diaphragm Valve
- Pinch Valve
- Rotary Motion Valves
- Ball Valve
- Butterfly Valve
- Eccentric Plug Valve
- Specialty Valve
- Self-actuated Valve
By Vessel Type:
- Passenger Ships & Vessels
- Dry Cargo Vessels
- Tankers
- Dry Bulk Carriers
- Special Purpose Vessels
- Service Vessels
- Fishing Vessels
- Off-Shore Vessels
- Yachts
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Marine Valves and Actuators Market Report
- What will be the demand outlook of marine valves and actuators market in 2022?
- What will be the growth rate of the global marine valves and actuators market during 2022-2032?
- Which are key drivers bolstering the growth in marine valves and actuators market?
- Which are the factors hindering the growth in the marine valves and actuators market?
- Which region is expected to exhibit the fastest growth in the global marine valves and actuators market during 2022-2032?
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