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Marine Actuators And Valves Market Trends, Share And Forecast To 2033
Marine Actuators And Valves Market Trends
According to The Business Research Company's, The marine actuators and valves market size has grown strongly in recent years. It will grow from $3.48 billion in 2023 to $3.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to upgradation of existing fleet, shipbuilding boom, focus on fuel efficiency, expansion of cruise industry, globalization of trade, rising investment in naval forces.
The marine actuators and valves market size is expected to see strong growth in the next few years. It will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rising focus on environmental compliance, growth in offshore wind energy, development of autonomous ships, focus on cybersecurity in maritime systems, adoption of additive manufacturing. Major trends in the forecast period include automation and smart technologies, fuel efficiency and emission reduction, lng-powered vessels, digital twins and simulation technologies, material innovation and corrosion resistance.
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Market Drivers and Trends:
The increased global seaborne trade is expected to propel the growth of the marine actuators and valves market going forward. Seaborne trade refers to transporting goods by sea between different countries or regions and measures the dispatched goods and loaded goods. Marine actuators and valves play a crucial role in ships' safe and efficient operation by regulating the pressure flow of fluids in different kinds of systems on ships and converting energy into control motion to stop or hold any object on the ship. For instance, in October 2022, according to United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based trade and development organization, the global seaborne trade increased by 3.2% in 2021, with shipments reaching a value of 11.0 billion tons, respectively. Further, according to Maritime Transport 2021 report prepared by United Nations Conference on Trade and Development (UNCTAD), the global commercial shipping fleet, which includes bulk carriers, oil tankers, container ships, general cargo ships, and other types of ships, has reached 2,134,640 (thousand dead-weight tons) in 2021, an increased by 3.04% from 2,071,638 in 2020. Therefore, increased global seaborne trade is driving the growth of the marine actuators and valves market.
Emerging technologies are a key trend gaining popularity in the marine actuators and valves market. Companies operating in the marine actuators and valves market are adopting new technologies to sustain their position in the market. For instance, in June 2022, W&O Supply, a US-based maritime fittings provider, launched the digital marine valve management service that is integrated with radio frequency identification technology (RFID). This technology helps the operators to identify the information about various valves they have on their boards and enables them to avoid any delayed operations.
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Major Key Players of the Market:
Honeywell International Inc.; Rotork plc; Emerson Electric Co.; Curtiss-Wright Corporation; Flowserve Corporation; KITZ Corporation; Watts Water Technologies Inc.; Bürkert Fluid Control Systems; Schlumberger Limited; AVK Holding A/S; IMI plc; Rockwell Automation; Wärtsilä Oyj Abp; Bray International Inc.; AUMA Industry & Marine GmbH; Moog Inc.; Tyco International Ltd. (now Johnson Controls International plc); KSB SE & Co. KGaA; Bosch Rexroth AG; Danfoss A/S; Parker Hannifin Corporation; Alfa Laval AB; Weir Group plc; Eaton Corporation plc; Spirax-Sarco Engineering plc; Velan Inc.; Hitachi Ltd.; CIRCOR International Inc.; Samson AG; ITT Inc.
Marine Actuators And Valves Market 2024 Key Insights:
• The marine actuators and valves market will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Seaborne Trade Surge Fuels Growth In Marine Actuators And Valves Market
• Key Players Emerging Technologies Expand Marine Actuators And Valves Market
• Asia-Pacific was the largest region in the marine actuators and valves market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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