Marine Actuators and Valves Market Size, Share & Industry Growth Analysis Report by Platform (Commercial, Defense, Unmanned), Sales Channel (OEM, Aftermarket), Product (Actuator and Valve Type), Design Characteristics, Material, Application, Component, and Region - Global Growth Driver and Industry Forecast to 2027
Updated on : May 09, 2023
[278 Pages Report] The Marine Actuators and Valves Market size expected to reach USD 3.6 Billion by 2027 from USD 2.8 Billion in 2022, at a Compound Annual Growth Rate (CAGR) of 5.3% from 2022 to 2027. The key factor driving the growth of the worldwide Marine Actuators and Valves Industry is the increase in global commercial trade and the spike in demand for high-precision motion control devices on board marine vessels. Additionally, the growing commercial and defence fleets of nations worldwide is driving the market for marine actuators and valves that can meet the requirements of sustainable marine transportation.
Marine Actuators and Valves Market Forecast to 2027
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Marine Actuators and Valves Market Dynamics
Marine Actuators and Valves Industry Driver: Increased Global Seaborne Trade
Bulk cargo trade and transport through sea routes have increased over the years as ships are more economical than other transportation means. This has led to the growth of global seaborne trade. For instance, 90% of world trade is carried out through seaways due to competitive freight costs (Source: International Chamber of Shipping). According to UNCTAD, global trade was estimated at USD 32 trillion in 2022, with USD 25 trillion in products and USD 7 trillion in services. These projections reflect a 10% rise in goods trade and a 15% increase in services trade by 2021. The demand for raw materials such as oil, gas, and minerals, which are often found in remote places that require being transported by sea to reach global markets, has further boosted seaborne trade. Improvements in maritime technology, such as larger vessels and more efficient port operations, have made it easier and cheaper to carry commodities by water. This has contributed to the rise of seaborne trade and allowed it to become a more efficient and cost-effective means of transportation.
Marine Actuators and Valves Industry Restraint: Stringent Regulatory Norms to Be Complied by the Valve and Actuator Manufacturers
The marine industry is highly regulated, mainly due to the potential risks associated with marine operations. Many bilateral, national, and international regulations and standards bind the actions of manufacturers of marine actuators and valves and related components such as cylinders, drives, manifolds, and servo valves. Countries worldwide have different regulatory bodies governing the operational safety of commercial and military ships. For instance, the International Maritime Organization (IMO) has laid down regulations that must be adhered to by the manufacturers of marine actuators, valves, and associated components to ensure safe operations and minimize risks associated with the use of defective components.
Additionally, components used in commercial and military ships must undergo stringent quality checks and rigorous testing to meet the required safety levels and reduce the risk of faulty components. All components must undergo a one-time inspection before being integrated into commercial and military ships. However, it is challenging for manufacturers of marine actuators, valves, and related components to comply with all stringent regulatory norms and deliver quality products.
Marine Actuators and Valves Industry Opportunity: Growing Use of Inland Waterways
Inland waterborne transport (IWT) has contributed to the development of mature economies over many centuries and created several navigable rivers and canals worldwide. Significant growth has been registered in inland waterways transport of goods and passengers in the past decade. The inland waterway is an inexpensive and environment-friendly medium for transporting goods. One horsepower (hp) of engine power moves 150 kg on the road, 500 kg on the rail, and 4,000 kg on water, whereas one liter of fuel moves 24 tons/km on the road, 85 tons/km on the rail, and 105 tons/km on water. Inland waterways, therefore, help save transport and logistics costs; moreover, goods can be transferred more smoothly and faster via inland waterways than roadways or railways.
Inland waterways in India are estimated to save nearly USD 15 million annually in transporting coal. A substantial effort has been made in recent years to develop India's inland waterways. The government has launched the Jal Marg Vikas Project, which aims to develop the National Waterway-1 (NW-1), a 1,620 km long waterway on the Ganges River, between Haldia in West Bengal and Varanasi in Uttar Pradesh. The project is being implemented by the Inland Waterways Authority of India (IWAI) and is expected to be completed by 2023. The development of inland waterways in India is expected to provide several benefits, including cost-effective mode of transportation, improved connectivity and reduction in road congestion. The growth of inland waterways transport would also promote the manufacturing of marine vessels, such as tugs, propelled barges, ferries, and other goods and passenger transport vessels. This, in turn, would boost the demand for marine valves and actuators.
Marine Actuators and Valves Industry Challenge: Power Consumption, Noise, and Leakage Issues Associated With Actuators and Valves
The most challenging stage in the installation of actuators and valves is designing a circuit that consumes low energy. Actuators consume more energy than sensors, and a faulty actuator can increase electricity consumption. High power and capacity and low weight of electrical actuators are the main reasons for their increased demand in various applications, such as fuel and propulsion systems, liquid cargo systems, and refrigeration systems. However, due to the probability of defective circuit designs, customers may not prefer purchasing actuators. Hence, power consumption issues, especially in faulty actuators, act as a challenge for the manufacturers of actuators.
In addition, the lack of maintenance of conventional actuators may lead to excessive noise and oil leakage. Further, actuator systems can fail over a long period due to dampening their tubes’ inside edges. Moreover, while in operation, these actuators make a high noise; hence, it is sometimes necessary to place them in a separate room to limit sound pollution. These are some of the operational challenges accompanying the usage of valves and actuators on board a marine vessel.
Marine Actuators And Valves Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of Marine actuators and valves. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. The prominent companies are Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan). Commercial Passenger vessel operators, cargo operators, oil tanker operators, private cruise liners, global naval forces, MROs, and chartered operators are some of the leading consumers of marine actuators and valves.
Commercial Segment to Dominate Market Share During the Forecast Period
Based on Ship Type, the Marine Actuators and Valves market has been segmented into commercial, defense and unmanned vessels. One of the primary factors propelling the commercial segment is the increased global commercial seaborne trade, increasing cargo vessel deliveries and increasing maritime tourism. The need to design safe actuators and valves systems with high performance, and improved life is driving this segment.
Rotary Actuators to Have the Highest CAGR for Actuator Type in Marine Actuators and Valves Market During the Forecast Period
Based on product type, the market has been segmented into valves (quarter-turn and multi-turn valves) and actuators (linear and rotary actuators). By valve type quarter-turn valves are expected to have the major market share during the forecasted period, while rotary actuators are expected to lead the actuator segment during the years 2022-2027. Quarter-turn valves will hold the largest market share because of their extensive application areas in liquid cargo systems, firefighting systems, as well as fuel and propulsion systems in marine vessels.
Stainless Steel Segment to Witness Higher Demand During the Forecast Period
Based on Material, the marine Actuators and Valves market has been classified into stainless steel, aluminum, alloy-based and others. Others include rubber, copper and plastic materials. Corrosion resistance, higher reliability, and lightweight are few characteristics being considered for the selection of marine actuators and valves.
OEM to Acquire the Largest Market Share During the Forecast Period
Based on Sales Channel, the marine actuators and valves market has been classified into OEM and Aftermarket. The ongoing fleet expansion programs of several end users, such as cargo and freight operators and global naval force, drive the OEM segment of the market. Increasing demand for commercial ships, such as containers, bulk carriers, tankers, and naval ships, is fueling the growth of the marine actuators and valves market for the OEM segment.
Asia Pacific is Projected to Hold the Highest Market Share During the Forecast Period
Marine Actuators and Valves Market by Region
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Asia Pacific leads the marine actuators and valves market due presence of big players, OEMs, and component manufacturers which are some of the factors expected to boost the growth of the marine Actuators and Valves market in the region. A rise in seaborne trade has led to an increase in demand for ships worldwide for the transportation of manufactured goods. The rising number of ships, the growth of the shipping industry, and growing awareness about carbon emissions are projected to increase the demand for marine actuators and valvesbatteries in the Asia Pacific region. China, South Korea and Japan hold more than 90% share of global shipbuilding industry. These are some of the factors fuelling the growth of marine valves and actuators market in the region.
Marine Actuators and Valves Industry Companies: Top Key Market Players
The Marine Actuators and Valves Companies is dominated by globally established players such as Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan).
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Report Metric |
Details |
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Market Size Available for Years |
2018-2027 |
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Base Year Considered |
2021 |
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Forecast Period |
2022-2027 |
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Forecast Units |
Value (USD Million/Billion) |
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Segments Covered |
By Platform, By Product, By Mechanism, By Material, By Design Characteristics, By Component, By Application, By Sales Channel, By Region |
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Geographies Covered |
North America, Europe, Asia-Pacific, Middle East Rest of the World |
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Companies Covered |
Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan) amongst others. |
Marine Actuators and Valves Market Highlights
This research report categorizes the Marine Actuators and Valves market based on Platform, Product, Mechanism, Material, Design Characteristics, Component, Application, Sales Channel and Region.
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Segment |
Subsegment |
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By Platform |
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By Product |
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By Mechanism |
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By Material |
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By Design Characteristics |
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By Component |
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By Application |
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By Sales Channel |
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By Region |
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Recent Developments
- In April 2022, Hunt Valves, US a subsidiary of Fairbanks Morse Defense, signed a contract with Newsport News Shipbuilding worth USD 2 million for the supply of valves and actuators for naval defense applications.
- In May 2020, CIRCOR International, Inc. was awarded six contracts to supply ball valves for the US Navy's Virginia Class Submarine Block V programme. Six hipments of valves worth $18 million would be delivered over the next three years under the contracts from 2020 to 2023.
- In February 2018, Moog Inc. acquired VUES Brno. VUES is based in Mostecká street, Brno, Czech Republic, with other facilities in Jarni and Slavkov u Brna. VUES manufactures specialised electric motors, generators, and solutions. The company provides solutions for a wide range of applications in the automation, automobile testing, energy, and industrial areas.
- In January 2021, Rotork plc launched an advanced analytics software for managing intelligent flow control assets. Intelligent Asset Management (IAM) is a cloud-based asset management solution that manages intelligent actuators and the flow control devices they run.
- In April 2020, AUMA Riester GmbH Co. & Kg. launched a smart actuators series called as ‘PROFOX’ which are compatible with gate, butterfly, ball, and globe valves. There are multi-turn versions with torques ranging from 10 to 100 Nm and part-turn versions with torques ranging from 32 to 600 Nm. PROFOX's built-in intelligence makes it suitable for both basic open-close duty and difficult modulating applications.
Frequently Asked Questions (FAQ):
What Are Your Views on the Growth Prospect of the Marine Actuators and Valves Market?
The Marine Actuators and Valves Market is being driven by end-user fleet modernization initiatives, as well as an expanding order book and the delivery of new-generation marine vessels.
What Are the Key Sustainability Strategies Adopted by Leading Players Operating in the Marine Actuators and Valves Market?
Key players have adopted various organic and inorganic strategies to strengthen their position in the Marine Actuators and Valves market. The major players include Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan). These players have adopted various strategies, such as acquisitions, contracts, expansions, new product launches, and partnerships & agreements, to expand their presence in the market.
What Are the New Emerging Technologies and Use Cases Disrupting the Marine Actuators and Valves Market?
Some of the major emerging technologies and use cases disrupting the market include electric actuator technology. Advancements in electric actuators technology, such as improvements in materials such as steel and alloys, robustness, efficiency, and electromagnetic designs, are expected to increase the demand for electric actuators for marine vessels over the future. Such advancements in electric actuators have increased the power density while offering superior performance in a wide range of applications at a reduced cost. As a result, electrical systems were increasingly being replaced with mechanical and hydraulic systems.
Who Are the Key Players and Innovators in the Ecosystem of the Marine Actuators and Valves Market?
The key players in the Marine Actuators and Valves market include Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan) to name a few.
Which Region is Expected to Hold the Highest Market Share in the Marine Actuators and Valves Market?
The Marine Actuators and Valves market in Asia Pacific is projected to hold the highest market share during the forecast period due to the presence of several large ship manufacturers and operators in the region, as well as the presence of major passenger and inland and sea-faring vessel operators in the region. Growing naval fleet size of the Asia Pacific countries also contributes to drive the demand for the market in the region.
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The study involved four major activities in estimating the current market size for the Marine Actuators and Valves market. Exhaustive secondary research was conducted to collect information on the market, the peer markets, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources, such as D&B Hoovers, Bloomberg, BusinessWeek, International Maritime Organization, Dow Jones Factiva and different magazines, were referred to identify and collect information for this study. Secondary sources also included annual reports, press releases & investor presentations of companies, certified publications, articles by recognized authors, and simulator databases.
Primary Research
The Marine Actuators and Valves market comprises several stakeholders, such as raw material providers, marine actuators and valves manufacturers and suppliers, and regulatory organizations in the supply chain. While the demand side of this market is characterized by various end users, the supply side is characterized by technological advancements in actuators and valves chemistries and safe actuators and valves systems. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Marine Actuators and Valves market. These methods were also used extensively to estimate the size of various subsegments of the market. The research methodology used to estimate the market size includes the following:
- Key players in the industry and markets were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
Market size estimation methodology: Bottom-up Approach
The bottom-up approach was employed to arrive at the overall size of the Marine Actuators and Valves market from the demand for such systems and components by end users in each country, and the average cost of Actuators and Valves systems was multiplied by the new ship deliveries and MRO fleet, respectively. These calculations led to the estimation of the overall market size.
Market size estimation methodology: Top-down Approach
In the top-down approach, the overall market size was used to estimate the size of the individual markets (mentioned in market segmentation) through percentage splits obtained from secondary and primary research.
The most appropriate and immediate parent market size was used to calculate the specific market segments to implement the top-down approach. The bottom-up approach was also implemented to validate the market segment revenues obtained.
A market share was then estimated for each company to verify the revenue share used earlier in the bottom-up approach. With data triangulation procedures and validation through primaries, the overall parent market size and each market size were determined and confirmed in this study. The data triangulation procedure used for this study is explained in the market breakdown and triangulation section.
Data Triangulation
After arriving at the overall market size-using the market size estimation process explained above-the market was split into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides of the Marine Actuators and Valves market.
Market Definition
The marine actuators and valves market report covers pneumatic, hybrid, electric, and manual actuators and valves used in commercial, defense, and unmanned underwater vehicles (UUVs). A pneumatic actuator is a device that turns energy into mechanical motion, often in the form of compressed air. Electric actuators are devices that may induce the motion of a load or an action that requires a force, such as clamping, by using an electric motor to provide the necessary force. The report also covers actuators and valves by design characteristics, material, and application areas onboard a marine vessel.
Key Stakeholders
Ship Manufacturers, marine component manufacturers, private and small enterprises, distributors/suppliers/retailers, and end users are the key stakeholders in the marine actuators and valves market ecosystem. Investors, funders, academic researchers, distributors, service providers, and industries are major influencers in the market.
Report Objectives
- To identify and analyze key drivers, restraints, challenges, and opportunities influencing the growth of the Marine Actuators and Valves market
- To analyze the impact of macro and micro indicators on the market
- To forecast the market size of segments for five regions, namely, North America, Europe, Asia Pacific, Middle East and Rest of the World along with major countries in each of these regions
- To strategically analyze micro markets with respect to individual technological trends, prospects, and their contribution to the overall market
- To strategically profile key market players and comprehensively analyze their market ranking and core competencies
- To provide a detailed competitive landscape of the market, along with an analysis of business and corporate strategies, such as contracts, agreements, partnerships, and expansions.
- To identify detailed financial positions, key products, unique selling points, and key developments of leading companies in the market
Available customizations
Along with the market data, MarketsandMarkets offers customizations as per the specific needs of companies. The following customization options are available for the report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company
Regional Analysis
- Further breakdown of the market segments at country-level
Generating Response ...
Growth opportunities and latent adjacency in Marine Actuators and Valves Market