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Marine Actuators and Valves Market trends estimates high demand by 2025
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Some of the other prominent names in the global marine actuators and valves market are Tyco International Ltd., Honeywell International Inc., Emerson Electric Co., and Flowserve Corporation. These companies also constitute the top four market players. Overall, the global marine actuators and valves market is projected to reach US$4.43 bn by the end of 2025. In 2016, the market stood at US$2.64 bn. If these figures hold true, the global marine actuators and valves market will exhibit a CAGR of 5.9% between 2017 and 2025.
Based on type, the overall market can be bifurcated into actuator and valves. Of these, valves held the larger share in the market, however, over the course of the forecast period, the actuator segment is expected to report a higher CAGR of 6.4%. Regionally, North America, Europe, Asia Pacific, South America, and the Middle East and Africa are the key market segments. Among these regions, Asia Pacific held the largest share in the market in 2016. By the end of 2024, market share held by Asia Pacific is likely to reach 44.4%. marine actuators valves market
Rise in International Trade to Enable Growth
The marine actuators and valves market is tremendously gaining from the globalization witness worldwide, which in turn has positively fuelled international trade between countries. Shipping is a popular mode of transportation for international trade as it is cost-effective and allows transporting materials in bulk. Furthermore, it is more carbon-efficient compared to other modes including roads and railways. The rising international trade will therefore steer market forces in favor of marine actuators and valves manufacturers.
Considering the latest developments in the transport industry, automation is preferred more. Besides this, a persistent demand for advancements is observed to enable high performance, cost-effectiveness, and reduced environmental impact. The marine industry is no different and has in the past few years shown rising inclination towards the latest developments. The latest technological advancements in marine actuators and valves will therefore act in favor by fuelling their sales prospects.
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High Electricity Usage by Pneumatic Actuators to Hinder Growth
While technological developments are deemed essential, there are a few basic parameters that has continued holding importance. Factors such as energy-efficiency have thus emerged as a key determinant of success for any latest technologies. Considering this, the pneumatic actuators fall short in terms of energy-efficiency, which could have an adverse impact on the overall market. Pneumatic actuators frequently waste energy by supplying higher pressure than what is needed by an actuator. “Such high electricity usage makes users reluctant to opt pneumatic actuators, thus negatively impacting the overall marine actuators and valves market,” said a lead TMR analyst.
Rising Investment in Oil and Gas Sector Offers Lucrative Growth Opportunities
“The rising investment in the oil and gas sector holds considerable market opportunities,” said the TMR analyst. The increased production and consumption levels worldwide has boosted the marine transport. As marine transport incurs low cost and is environmentally friendly, it is preferred globally, which adds to the number of tankers, off-shore vessels, and special purpose vessels. These again are considered ideal for oil and gas transport. Rise in oil and gas production and consumption will thus fuel the demand for marine transport, subsequently creating sales prospects for marine actuators and valves manufacturers.
Information included in the review is derived from the TMR report, titled “Marine Actuators and Valves Market (Type - Actuators (Pneumatic Actuators, Hydraulic Actuators, Manual Actuators, Electric Actuators, Mechanical Actuators, and Hybrid Actuators), Valves (Linear Motion Valves (Globe Valve, Gate Valve, Diaphragm Valve, and Pinch Valve), Rotary Motion Valve (Ball Valve, Butterfly Valve, Eccentric Plug Valve), Specialty Valve, Self-actuated Valve); Vessel Type - Passenger Ships and Ferries, Dry Cargo Vessels, Tankers, Dry Bulk Carriers, Special Purpose Vessels, Service Vessels, Fishing Vessels, Off-Shore Vessels, and Yachts) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2025.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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