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:
The marine actuators and valves market comprises of equipment that facilitates operations in the marine industry. Actuators enable valve operations which includes opening, closing and throttling of valves used in various applications such as fuel, cooling, ballast water among others. This helps in efficient operations and management of marine vessels.
Market key trends:
One of the key trends fuelling the growth of the marine actuators and valves market is increased adoption of hydraulic and electric actuators. Hydraulic actuators offer high power-to-weight ratio and are widely adopted for applications requiring high torque and force. Development of compact and lightweight hydraulic actuators with enhanced capabilities has gained traction in the marine industry. Moreover, shift towards automation and development of smart ships is promoting use of electric actuators controlled by programmable logic controllers (PLCs). This is expected to propel the demand for marine actuators and valves during the forecast period.
Segment Analysis
The marine actuators and valves market is segmented into product type and application. Based on product type, the solenoid valves segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Solenoid valves are small and compact and help control the fluid movement accurately and easily. They are widely used across various marine vessels for controlling the flow of fluids.
By application, the deck equipment segment accounted for the largest share in 2022. Marine actuators and valves play a crucial role in the functioning of deck equipment such as anchors, mooring winches, cranes, lifeboat davits, and deck machinery. They help efficiently operate these deck equipment thereby ensuring safety and performance.
Key Takeaways
Global Marine Actuators And Valves Market Size is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing maritime trade activities globally.
Regional analysis - Asia Pacific dominated the global market in 2022 and is expected to grow the fastest during the forecast period. This can be attributed to the large presence of shipbuilding industry and ports in countries such as China, Japan, and South Korea.
Key players operating in the marine actuators and valves market are AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., Bürkert Fluid Control Systems, Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Flowserve Corporation, Rotork Plc, and Honeywell International Inc. These players are focusing on new product launches and expansion strategies to gain competitive advantage in the market.
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