Global Market Share of Marine Actuators and Valves: Key InsightsPosted by Amrut Mahajani on July 12th, 2024
The Marine Actuators and Valves Market is a vital component of the maritime industry, providing essential devices for motion control and regulation of fluid flow on marine vessels. Valued at USD 2.8 Billion in 2022, this market is projected to reach USD 3.6 Billion by 2027, growing at a CAGR of 5.3%. The key drivers of this growth include the rise in global commercial trade and the increased demand for high-precision motion control devices. This comprehensive analysis explores the market dynamics, trends, and challenges faced by the Marine Actuators and Valves Industry. Market Dynamics Drivers Increased Global Seaborne Trade One of the primary drivers of the Marine Actuators and Valves Market is the rise in global seaborne trade. Seaborne trade remains the most economical mode of transporting goods, accounting for approximately 90% of world trade due to competitive freight costs. The International Chamber of Shipping highlights that improvements in maritime technology, such as larger vessels and more efficient port operations, have made sea transport increasingly cost-effective and efficient. In 2022, global trade was estimated at USD 32 trillion, with USD 25 trillion in products and USD 7 trillion in services, reflecting a 10% rise in goods trade and a 15% increase in services trade from 2021. This significant growth in global trade drives the demand for marine vessels equipped with advanced actuators and valves, essential for handling bulk cargo, oil, gas, and minerals. Get a Deeper Understanding of the Industry by Visiting: https://www.marketsandmarkets.com/Market-Reports/marine-actuator-valve-market-206171286.html Restraints Stringent Regulatory Norms The marine industry is highly regulated to ensure the safety and reliability of marine operations. Manufacturers of marine actuators and valves must comply with numerous national and international regulations and standards. The International Maritime Organization (IMO) imposes stringent regulations that manufacturers must adhere to, ensuring the safe operation and minimal risk associated with marine components. All components used in commercial and military ships undergo rigorous quality checks and testing to meet safety standards. The challenge for manufacturers lies in complying with these stringent regulatory norms while delivering high-quality products, which can be both time-consuming and costly. Opportunities Growing Use of Inland Waterways The increasing use of inland waterways presents a significant opportunity for the Marine Actuators and Valves Market. Inland waterborne transport is an inexpensive and environmentally friendly mode of transporting goods. One horsepower (hp) of engine power can move 4,000 kg on water compared to just 150 kg on the road. This efficiency in fuel consumption and the ability to transport large quantities of goods make inland waterways a preferred mode of transport. In India, the development of inland waterways, such as the Jal Marg Vikas Project on the Ganges River, aims to enhance the efficiency of goods transport. This project is expected to save approximately USD 15 million annually in coal transportation costs. The growth in inland waterway transport necessitates the manufacturing of marine vessels such as tugs, propelled barges, and ferries, subsequently boosting the demand for marine actuators and valves. Challenges Power Consumption, Noise, and Leakage Issues Marine actuators and valves face several operational challenges, including power consumption, noise, and leakage issues. Designing energy-efficient actuators is critical as they consume more power than sensors. A faulty actuator can significantly increase electricity consumption, posing a challenge for manufacturers to create low-energy-consuming designs. Conventional actuators may lead to excessive noise and oil leakage over time. These operational challenges necessitate regular maintenance and innovative designs to minimize noise and prevent leakage. The reliability and efficiency of actuators and valves are crucial for their widespread adoption in marine vessels. Get Thorough Information in Our PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=206171286 Market Segmentation This Research Report Categorizes the Marine Actuators and Valves Market Based on Platform, Product, Mechanism, Material, Design Characteristics, Component, Application, Sales Channel and Region: By Platform:
By Product:
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Discover All the Steps in Our Detailed Sample: https://www.marketsandmarkets.com/requestsampleNew.asp?id=206171286 By Solution Hardware The hardware segment is projected to grow at the highest CAGR during the forecast period. The demand for components such as communication and computing devices to improve operational efficiency drives this growth. Hardware components are essential for the effective functioning of marine actuators and valves, making them a critical aspect of market expansion. By Product Type Valves and Actuators The market is segmented into valves (quarter-turn and multi-turn valves) and actuators (linear and rotary actuators). Quarter-turn valves are expected to hold the largest market share due to their extensive applications in liquid cargo systems, firefighting systems, and fuel and propulsion systems on marine vessels. Rotary actuators are anticipated to lead the actuator segment, driven by their high performance and reliability. By Material Stainless Steel The stainless steel segment is expected to witness higher demand during the forecast period. Stainless steel's corrosion resistance, reliability, and lightweight properties make it a preferred material for marine actuators and valves. By Sales Channel OEM The OEM segment is projected to acquire the largest market share during the forecast period. Ongoing fleet expansion programs by cargo and freight operators, as well as global naval forces, drive the demand for OEM marine actuators and valves. The increasing demand for commercial ships, such as containers, bulk carriers, and tankers, fuels the growth of the OEM segment. By Ship Type Commercial The commercial segment is expected to dominate the market share during the forecast period. The rise in global commercial seaborne trade, increasing cargo vessel deliveries, and growing maritime tourism drive this segment's growth. The need for safe, high-performance actuators and valves systems further propels the demand in the commercial segment. Regional Analysis Asia-Pacific The Asia-Pacific region is projected to hold the highest market share during the forecast period. The presence of major players, OEMs, and component manufacturers, along with the rise in seaborne trade, drives the growth of the marine actuators and valves market in the region. China, South Korea, and Japan, which hold over 90% of the global shipbuilding industry, significantly contribute to the market expansion. North America and Europe North America and Europe also represent significant markets for marine actuators and valves. The presence of established manufacturers and continuous advancements in maritime technology drive market growth in these regions. The increasing focus on sustainable marine transportation and stringent regulatory norms further support market expansion. Key Market Players The Marine Actuators and Valves Companies is dominated by globally established players, including:
These companies possess diversified product portfolios, state-of-the-art technologies, and strong global sales and marketing networks. They continue to invest in research and development to enhance their product offerings and maintain a competitive edge in the market. The Marine Actuators and Valves Market is poised for steady growth, driven by the rise in global commercial trade and the increasing demand for high-precision motion control devices. Despite challenges such as stringent regulatory norms and operational issues, the market is expected to expand significantly, reaching USD 3.6 billion by 2027. Key trends, such as the growing use of inland waterways and advancements in maritime technology, will shape the future of the market. The presence of major players and continuous innovations in the industry will ensure the development of efficient, reliable, and sustainable marine actuators and valves, crucial for the evolving needs of the global marine industry. About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we formally transformed into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, and facilitates analysis of interconnections through applications, helping clients look at the entire ecosystem and understand the revenue shifts in their industry. Contact: 630 Dundee Road Email: sales@marketsandmarkets.com Like it? Share it! More by this author |
