United States, Rockville, MD, May 16, 2022 (GLOBE NEWSWIRE) -- The marine valves and actuators market is anticipated to reach a valuation of US$ 5.8 Bn by 2032 from US$ 3.7 Bn in 2022, rising at a CAGR of 4.5% during the forecast period.
Rapid globalization, rising demand for marine valves and actuators in the marine sector, and a significant increase in foreign trade have all aided the global expansion of the marine valves and actuators market share.
Furthermore, due to increased global trade, the sales of marine valves and actuators are increasing. As a result, the demand for marine valves and actuators is also growing rapidly.
The demand for marine valves and actuators is anticipated to grow as the marine sector is increasingly using advanced valves and actuators due to recent technological advancements, creating a great market opportunity.
In the last 50 years, rampant globalization has resulted in a surge in worldwide trade and cultural exchange. Due to this factor, the sales of marine valves and actuators grew immensely.
Furthermore, the demand for marine valves and actuators is anticipated to rise as shipping has become the most preferred mode of transportation due to its low cost and minimal carbon footprint. As a result, the overall number of dry cargo vessels, tankers, bulk carriers, and service vessels has expanded dramatically, aiding in the growth of the marine valves and actuators market. The use of pneumatic actuator systems typically wastes more energy by delivering more pressure than the requirement of the actuator. Moreover, the amount of fluid lost in the
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Furthermore, as the number of ships has grown, so has the number of valves and actuators that govern ship operations. As a result, these factors are projected to propel the sales of marine valves and actuators and boost the overall marine valves and actuators market during the forecast period.
The demand for marine valves and actuators is being fueled by increasing demand for innovative goods that provide improved performance and dependability while minimizing environmental impact.
The sales of marine valves and actuators are rising as they govern everything that happens on a ship in the marine industry. The operating environment for these valves and actuators is harsh, with salt spray, high temperatures, vibrations, and chemical pollution.
The demand for marine valves and actuators is anticipated to rise rapidly as they can survive these harsh circumstances, comply with stringent regulatory policies, and are robust, low-maintenance, and energy-efficient. As a result of these factors, the global marine valves and actuators market share are likely to increase over the forecast period.
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Furthermore, the sales of marine valves and actuators are growing as they are critical for vessel piping system maintenance. Internal diagnostics in actuators and remote-controlled valves allow for planned maintenance.
The demand for marine valves and actuators is high as they are low-maintenance and energy-efficient. Furthermore, reduced maintenance saves money by ensuring a reliable and efficient operation and reducing downtime. The global marine valves and actuators market is likely to be driven by low-maintenance valves and actuators.
Key Takeaways
- By type, the valves segment is projected to dominate the marine valves and actuators market with a CAGR of 5.2% through 2032.
- On the basis of vessel type, the passenger ships and ferries segment is anticipated to lead the marine valves and actuators market with a CAGR of 5.0% through 2032.
- During the forecast period, Asia Pacific is predicted to lead the global market for marine valves and actuators.
- The Asia Pacific (APAC) region has experienced tremendous economic growth as well as the expansion of the shipbuilding industries in recent years, resulting in increased maritime traffic. The development in seaborne trade has resulted in a surge in demand for ships that convey produced items to various parts of the world.
- As a result, the growing sales of marine valves and actuators in the Asia Pacific region has been aided by an increase in the number of ships. Due to the obvious ongoing territorial battles in the region, the marine valves and actuators in the military sector, particularly the navy, is expected to grow.
- China and India are projected to be the most profitable marine valves and actuators market during the forecast period.
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Competitive Landscape
Emerson Electric Co, Flowserve Corporation, Honeywell International Inc., KITZ Corporation, and Rotork Plc are the key players in the marine valves and actuators market.
To further increase their presence in the marine valves and actuators market, these companies have used a variety of growth methods including acquisitions, expansions, new product releases, and partnerships and collaborations.
Recent Developments
Schlumberger Limited, a U.S.-based provider of international oilfield services, was acquired by Shearwater GeoServices Holding AS in August 2018.
Emerson Electric Co paid US$ 3.15 billion for Pentair plc's Valves and Control unit in April 2017.
Honeywell announced two technology-oriented acquisitions in 2018, totaling more than USD 500 million, with Transnorm (Germany) and Ortloff Engineers, Ltd. (US). Transnorm was purchased in order to improve warehouse automation platforms and get a foothold in the European industry.
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