The global 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 play a vital role in various operations aboard ships. They help in managing fluids and gases flow pertaining to engine operations, ballast control, bilge and tank level control etc. providing safety, efficiency and reliability.
Market key trends:
Growing maritime trade activity globally is majorly driving the growth of marine actuators and valves market. International seaborne trade grew at around 4% in 2019 representing more than 80% of global merchandise trade by volume as per United Nations Conference on Trade and Development (UNCTAD). Moreover, rising offshore oil & gas production is also fueling the demand for offshore support vessels thereby positively impacting the adoption of marine actuators and valves in such vessels. Furthermore, stringent maritime regulations regarding safety are forcing shipowners and operators to frequently inspect, test and replace the ageing valves and actuators which is one of the important trends in the market.
Manufacturers are focusing on integrating actuators and valves with advanced technologies including remote monitoring, preventive maintenance, and predictive failure capabilities. This helps optimize performance, reduce downtimes, and enhance safety. For example, some actuators can send alerts to monitoring systems for issues like low battery so they can be replaced or recharged before failure. Valve manufacturers are also developing customizable solutions with modular designs to meet diverse and customized requirements of marine vessels.
SWOT Analysis
Strength: Presence of several major players with strong technological capabilities and global distribution networks.
Weakness: Higher costs compared to conventional actuators and valves. Require regular maintenance and repair.
Opportunity: Growing demand for retrofitting existing vessels with smart valves and actuators. Investments in new shipbuilding programs across regions.
Threats: Vulnerable to risks associated with economic slowdowns impacting marine transportation industry. Stringent regulatory norms regarding emission control can constrain growth.
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 investments in naval fleet expansion programs globally.
Regional analysis:
The Asia Pacific region dominated the market in 2023 with over 30% share, led by countries like China, India, Japan, and South Korea. The region is expected to continue its dominance, growing at the fastest pace during the forecast period due to rising maritime trade, increase in domestic shipbuilding activities, and rising investments in offshore energy projects.
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, Â Flowserve Corporation, Rotork Plc, and Honeywell International Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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