PUBLISHER: The Business Research Company | PRODUCT CODE: 1414369
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414369
“Marine Actuators And Valves Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on marine actuators and valves market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for marine actuators and valves? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The marine actuators and valves market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Marine actuators serve as devices that convert energy into motion, functioning as a crucial control element within ship systems. Concurrently, marine valves play an indispensable role in the marine industry by regulating the flow of liquids and gases on ships and offshore structures. Both of these components contribute to motion generation by transforming energy and signals within the system.
The primary products within the category of marine actuators and valves include various types of valves, such as quarter-turn and multi-turn valves, and actuators, including linear and rotary actuators. Valves, as controlling devices, facilitate the regulation of diverse fluids such as liquids and slurries in pipes or other equipment, finding application in nearly all machinery on ships for fluid control. These valves are constructed from materials such as stainless steel, aluminum, alloys, and others, and operate through pneumatic, hydraulic, electric, hybrid, mechanical, and manual mechanisms. They are employed for defense and commercial applications, catering to end-users that include original equipment manufacturers (OEMs) and the aftermarket.
The marine actuators and valves market research report is one of a series of new reports from The Business Research Company that provides marine actuators and valves market statistics, including the marine actuators and valves industry's global market size, regional shares, competitors with a marine actuators and valves market share, detailed marine actuators and valves market segments, market trends, and opportunities, and any further data you may need to thrive in the marine actuators and valves industry. This marine actuators and valves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine actuators and valves market size has grown strongly in recent years. It will grow from $3.48 billion in 2023 to $3.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be attributed to factors such as the upgrading of existing fleets, a boom in shipbuilding activities, emphasis on fuel efficiency, the growth of the cruise industry, the globalization of trade, and increased investments in naval forces.
The marine actuators and valves market size is expected to see strong growth in the next few years. It will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to an increased focus on environmental compliance, the expansion of offshore wind energy, advancements in autonomous ship development, a heightened emphasis on cybersecurity in maritime systems, and the adoption of additive manufacturing. Key trends expected in the forecast period include the integration of automation and smart technologies, initiatives for fuel efficiency and emission reduction, the utilization of LNG-powered vessels, the implementation of digital twins and simulation technologies, as well as innovations in materials for corrosion resistance.
The anticipated growth in global seaborne trade is poised to drive the expansion of the marine actuators and valves market. Seaborne trade involves the transportation of goods by sea between different countries or regions, measuring both dispatched and loaded goods. Marine actuators and valves play a pivotal role in ensuring the safe and efficient operation of ships by regulating fluid pressure flow in various ship systems. They also convert energy into controlled motion, crucial for stopping or holding objects on the ship. According to the United Nations Conference on Trade and Development (UNCTAD) in October 2022, global seaborne trade increased by 3.2% in 2021, reaching a value of 11.0 billion tons. The global commercial shipping fleet, including bulk carriers, oil tankers, container ships, general cargo ships, and other types, increased by 3.04% to 2,134,640 thousand dead-weight tons in 2021, compared to 2,071,638 in 2020. Hence, the rise in global seaborne trade is a driving force behind the growth of the marine actuators and valves market.
The expanding automotive industry is also expected to contribute significantly to the growth of the marine actuators and valves market. The automotive sector, encompassing various companies engaged in the design, manufacturing, marketing, and modification of motor vehicles, utilizes marine actuators and valves for applications such as exhaust gas recirculation (EGR) systems and cooling systems. The robustness and corrosion resistance of these components ensure efficient operation in harsh environments, extending the lifespan of vehicle components. According to MarkLines Co. Ltd. in January 2023, there were 1.287 billion units of light vehicles sold in the US in 2022, marking a 5.4% increase from the same period in 2021. Truck and SUV sales increased by 5.3% to 1.02 billion units, while passenger car sales rose by 5.7% to 0.266 billion units. Thus, the expanding automotive industry is a key driver propelling the growth of the marine actuators and valves market.
The integration of emerging technologies is a prominent trend gaining momentum in the marine actuators and valves market, with companies adopting new technologies to maintain their market standing. For instance, in June 2022, W&O Supply, a US-based maritime fittings provider, introduced a digital marine valve management service integrated with radio frequency identification technology (RFID). This technology enables operators to access information about various valves on their boards, minimizing delays in operations.
Major companies in the marine actuators and valves market are concentrating on developing next-generation analytic solutions to improve predictive maintenance and streamline operations for enhanced efficiency and reliability in maritime applications. These solutions involve incorporating advanced data analytics and AI-driven technologies to optimize performance in maritime systems. For instance, in January 2021, Rotork PLC, a UK-based manufacturer of electric, pneumatic, and hydraulic valve actuators and gearboxes, launched an advanced analytics program for the management of intelligent flow control assets. This cloud-based asset management system aims to enhance the reliability and availability of key assets, such as valves, across industries that employ flow control processes.
In September 2021, Fairbanks Morse Defense, a US-based naval engine supplier, acquired Hunt Valve Company Inc. for an undisclosed amount. This strategic acquisition aims to expand Fairbanks Morse Defense's service solutions for shipyards, industrial, and defense customers. Both companies seek to provide high-quality valves and actuators, along with aftermarket support services, to the U.S. Navy shipyards, U.S. Nuclear Navy, and U.S. Navy. Hunt Valve Company Inc. is a U.S.-based manufacturer and designer of electromechanical actuators and naval valves.
Major companies operating in the marine actuators and valves market report are Honeywell International Inc., Rotork plc, Emerson Electric Co., Curtiss-Wright Corporation, Flowserve Corporation, KITZ Corporation, Watts Water Technologies Inc., Burkert Fluid Control Systems, Schlumberger Limited, AVK Holding A/S, IMI plc, Rockwell Automation, Wartsila Oyj Abp, Bray International Inc., AUMA Industry & Marine GmbH, Moog Inc., Tyco International Ltd. (now Johnson Controls International plc), KSB SE & Co. KGaA, Bosch Rexroth AG, Danfoss A/S, Parker Hannifin Corporation, Alfa Laval AB, Weir Group plc, Eaton Corporation plc, Spirax-Sarco Engineering plc, Velan Inc., Hitachi Ltd., CIRCOR International Inc., Samson AG, ITT Inc.
Asia-Pacific was the largest region in the marine actuators and valves market in 2023. The regions covered in the marine actuators and valves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the marine actuators and valves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The marine actuators and valves market consists of sales of lead screw actuators, butterfly valves, and gate valves. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.