by 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:
Marine actuators and valves are mechanical components primarily used onboard marine vessels and offshore oil & gas rigs to automate processes and control fluid flow. Marine actuators help operate critical machinery and equipment by converting electrical, pneumatic or hydraulic energy into linear or rotary motion. Valves regulate fluid flow by opening, closing or partially obstructing various passageways. Together, actuators and valves facilitate smooth and efficient operations by automating numerous processes including engine operations, ballast water handling, bilge control and fuel/lubricant distribution. Their integration has considerably improved operational safety, reliability and productivity onboard commercial and military ships.
Market key trends:
Manufacturers are increasingly adopting advanced automation technologies to enhance vessel capacity utilization and transport efficiency. This is favoring adoption of precision marine actuators and intelligent valves integrated with predictive maintenance capabilities. Similarly, stringent environmental norms are prompting ship owners to retrofit older fleets with smart controls and automation for minimizing emissions and optimizing performance. The offshore oil & gas industry is also investing heavily in advanced production, drilling and storage facilities located in deep waters and hostile environments. This necessitates deployment of reliable, heavy-duty actuators and explosion-proof valves withstanding harsh conditions. Ongoing digitalization and growing focus on remote monitoring of marine assets is further stimulating integration of IoT-enabled smart devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the marine actuators and valves market is low due to high capital requirements and established brand recognition of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes and standard product offerings in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutes and presence of major players controlling the supply.
Threat of new substitutes: The threat of substitutes is moderate as the marine valves and actuators have specialized functions that are difficult to be substituted.
Competitive rivalry: intense.
Key Takeaways
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 maritime trade activities globally.
Regional analysis
The Asia Pacific region is expected to dominate the global marine actuators and valves market during the forecast period. This is attributed to increasing maritime trade, coastal surveillance activities and offshore energy projects in countries such as China, Japan and India.
Key players
Key players operating in the marine actuators and valves market are AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., BÃ1⁄4rkert Fluid Control Systems, Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Â Flowserve Corporation, Rotork Plc, and Honeywell International Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
