Market Overview:
Marine actuators and valves are essential components used onboard ships and vessels for operations related to fluid control, temperature control, and regulating fluid flow. They find applications in engine controls, fire safety, ballast system, bilge, and others.
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:
Adoption of smart valves and actuators - Integration of advanced automation and remote data collection capabilities in marine actuators and valves is one of the key trends. Smart valves can analyze fluid properties like temperature, pressure, composition in real-time and actuators can perform functions based on analyzations. This improves operations efficiency and safety. Rising focus on reducing emissions is also driving demand for smart marine actuators and valves with enhanced monitoring and control features.
Segment Analysis
The global marine actuators and valves market is segmented by type, application, and region. Based on type, the market is segmented into actuators and valves. The valves segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Valves find widespread application in controlling fluid flow in marine vessels. The growing international marine trade and increasing maritime tourism are leading to high demand for valves in shipbuilding and repair activities.
By application, the market is divided into commercial and defense. The commercial segment is further divided into offshore support vessels, cargo and cruise ships, and others. The commercial segment accounted for the largest share of the global market in 2022 due to robust growth in international maritime trade and tourism. The defense segment is also growing due to increasing maritime security expenditure by governments across the world.
Key Takeaways
The Global Marine Actuators And Valves Market Size was valued at US$ 3812.11 Mn in 2023. It is expected to reach US$ 5132.42 Mn by 2030, exhibiting a CAGR of 6.2% during the forecast period. Growing international marine trade and maritime tourism are driving the growth of the market.
Regionally, Asia Pacific dominated the global market in 2023 and is projected to continue its dominance during the forecast period. The high concentration of shipbuilding yards and expanding maritime trade in China, South Korea, Japan, and India are propelling the growth of the regional market.
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. Major players are focusing on new product launches and integrating advanced technologies to gain a competitive edge in the market.
For More Insights, Read: https://www.newsstatix.com/marine-actuators-and-valves-market-size-share-and-growth-forecast-2023-2030/
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