Market Overview:
Marine actuators and valves are used to control the flow, pressure, and level of liquids and gases onboard ships and vessels. They are an integral part of systems such as propulsion, piping, steering, and ballast control. Their advantages include reliability in water exposure and reliability of operation.
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 key trends:
One of the key trends in the marine actuators and valves market is growing adoption of electric actuators. Electric actuators are gaining popularity over pneumatic and hydraulic actuators due to advantages such as lower maintenance requirements and reduced risk of leakage. They also offer negligible vibration and noise levels. Moreover, growing international marine trade is necessitating construction of new ships, especially containerships and bulk carriers which is driving the need for marine actuators and valves for controlling cargo and ballast operations on the ships. Also, stringent maritime safety regulations regarding automation of marine systems are promoting adoption of advanced actuators and valves with integrated intelligence and controls.
SWOT Analysis
Strength: Marine actuators and valves provide reliable and durable control solutions that withstand harsh marine environments. They are designed to operate effectively in saltwater applications and extreme temperatures.
Weakness: High maintenance costs associated with repairs and replacements of marine actuators and valves due to frequent wear and tear from ocean conditions. They also have high energy consumption.
Opportunity: Growing maritime trade and transportation is driving the demand for new ships and vessels, presenting an opportunity for marine actuators and valves market to expand. Advancements in technologies enable the development of intelligent valve solutions.
Threats: Political uncertainties and global economic downturns could reduce maritime trade and shipping activities, negatively impacting the market. Stringent environmental regulations increase compliance costs.
Key Takeaways
The Global Marine Actuators And Valves Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing global maritime trade. The market size for 2023 is US$ 3812.11 Mn.
Regional analysis
The Asia Pacific region dominates the marine actuators and valves market owing to major shipbuilding activities in China and Japan. Countries such as India and South Korea are also contributing to the regional market growth. North America is another major market driven by oil & gas sector in the US and Canada.
Key players
Key players operating in the Marine Actuators And Valves market are AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Flowserve Corporation, Rotork Plc, and Honeywell International Inc. AVK Holding and Kitz Corporation dominate the marine valves segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
