The marine actuators and valves market has witnessed significant growth over the past few years owing to rapid growth in maritime trade activities globally. Marine actuators and valves are crucial components used in ship systems for efficient and effective operation of machinery and equipment. They are used for applications such as tanker and cargo ship ballast systems, engine mechanisms, and LNG carriers. Electric actuators are increasingly being used in place of traditional hydraulic and pneumatic actuators due to advantages such as ease of integration, durability, and low maintenance.
The Global Marine Actuators and Valves Market is estimated to be valued at US$ 3,380 Mn in 2021 and is expected to exhibit a CAGR of 6.2% over the forecast period 2022 to 2030.
Key Takeaways
Key players operating in the marine actuators and valves market are Honeywell International Inc., Rotork, Danfoss Group, Emerson Electric Co., and Curtiss-Wright Corporation.
Marine Actuators and Valves Market Insights is growing seaborne trade globally is expected to boost demand for new cargo ships and tankers, thus driving opportunities for actuators and valves manufacturers in the coming years.
Adoption of electric actuators for ship systems is expected to grow significantly owing to benefits such as ease of integration with automation & digitalization technologies.
Market Drivers
Growing marine fleet: Rise in seaborne trade volumes globally has increased demand for new ships such as containers, tankers, and dry bulk carriers which is driving growth of marine actuators and valves market.
Ship modernization programs: Government initiatives and regulatory norms for reducing emissions and improving fuel efficiency of ships is fueling retrofitting and modernization programs, thereby propelling the marine actuators and valves market.
Increasing use of automation: Integration of actuators and valves with automation and digitalization solutions to enhance efficiency of ship systems and operations is a key factor boosting the marine actuators and valves market.
Current challenges in Marine Actuators And Valves Market
The marine actuators and valves market is facing several challenges currently due to the ongoing global pandemic. The supply chain disruptions and shutdown of manufacturing facilities impacted the production and delivery of marine actuators and valves globally. There is still uncertainty about the recovery of the shipping industry which is impacting the demand outlook for marine valves and actuators. Strict environmental regulations regarding marine emissions are also posing compliance challenges for operators and OEMs in this industry.
SWOT Analysis
Strength: High reliability and durability of marine actuators and valves allow operation in harsh marine environments. Wide product portfolio and customized solutions help address diverse customer needs.
Weakness: High initial costs for customers. Dependence on shipping industry cycles makes the market volatile.
Opportunity: Growth in global seaborne trade and fleet expansion plans of shipping companies. Increasing retrofitting and system upgrades on existing ships drive aftermarket opportunities.
Threats: Changing trade policies and protectionism impact global trade volumes. Stringent environmental norms require upgrades and increase compliance costs.
Geographical regions
Currently, Asia Pacific accounts for the largest share of the global marine actuators and valves market in terms of value. This is attributed to the heavy concentration of shipbuilding yards and major ports in China, South Korea and Japan. North America and Europe are other key regions driven by the presence of leading manufacturers and demand from offshore and cruise industries.
Fastest growing region
The Middle East region is projected to be the fastest growing market for marine actuators and valves during the forecast period. This is due to ongoing projects to expand port capacities and construction of new commercial vessels across GCC countries. Mega infrastructure projects such as navy fleet expansions will further support the demand for marine actuators and valves in the Middle East region.
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