June 16, 2024
Marine Actuators And Valves Market

Rising Offshore Activities To Boost The Growth Of Marine Actuators And Valves Market

Market Overview:

Marine actuators and valves are essential components used in control equipment systems onboard marine vessels. Marine actuators are electromechanical devices used to convert electric, pneumatic or hydraulic energy into mechanical movement in marine control systems. Valves are used to control the fluid flow in various maritime operations such as steering, hydraulic systems, cooling systems, rudder control, boiler operations and engine systems. Actuators and valves ensure efficient operation of tanks, engines, machinery and other onboard systems. They play a vital role in critical systems related to propulsion, power generation, safety, navigation and docking operations.

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:

Rising demand for automation and remote-control operation across shipbuilding industry is a major trend fueling growth of the marine actuators and valves market. Deployment of advanced control systems with integrated electronic valves and actuators is enabling remote and unmanned operation of vessels. Growing seaborne trade and investments towards fleet expansion are also augmenting the need for advanced control components. Stringent regulations regarding emission control from marine engines is driving adoption of advanced valve technology for efficiency improvement. Manufacturers are increasingly focusing on development of lightweight, corrosion-resistant and high-pressure tolerant valve designs for offshore and deep sea applications.

Porter’s Analysis

Threat of new entrants: The marine actuators and valves market requires huge initial investments for manufacturing which make it difficult for new players to enter the market. Also, the established players have strong brand identity and economies of scale which create entry barriers.

Bargaining power of buyers: The presence of numerous manufacturers ensures availability of substitutes providing buyers with higher negotiating power. However, stringent performance and quality standards leave limited room for negotiation.

Bargaining power of suppliers: The marine actuators and valves market has limited number of raw material suppliers globally. This gives them higher bargaining power against buyers in terms of price determination and supply.

Threat of new substitutes: Limited availability of new substitute products provides less threat for replacement of existing marine actuators and valves owing to optimized functionality for marine applications.

Competitive rivalry: The market has presence of numerous international players leading to high competitive rivalry based on product performance, features, pricing, quality and reliability.

Key Takeaways

The 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 international seaborne trade and expansion of global offshore oil and gas industry.

The Asia Pacific region is expected to dominate the market owing to large fleet of merchant ships for intercontinental trade and growing offshore exploration and production activities in the region. China, Japan and South Korea are major ship manufacturing hubs adding to regional market growth.

Key players operating in the marine actuators and valves market include 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. The market is consolidated in nature with top players accounting for major market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it