According to the research report "Marine Actuators and Valves Market by Component, End User (OEM, Aftermarket), Mechanism (Pneumatic, Hydraulic, Electric, Mechanical, Hybrid), Application, Product (Actuators, Valves), Design Characteristics, Material, and Region - Global Forecast to 2025", The global marine actuators and valves market size is projected to grow from USD 3.2 billion in 2019 to USD 4.2 billion by 2025, at a CAGR of 4.7% from 2019 to 2025. The marine valves market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2025, at a CAGR of 5.0% from 2019 to 2025. The marine actuators market is projected to grow from USD 1.7 billion in 2019 to USD 2.3 billion by 2025 at a CAGR of 4.6%.The growth of the market can be attributed to increasing seaborne trade, a rise in the procurement of advanced naval vessels, and ongoing upgrades to existing systems in developed countries.
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Based on the platform, the commercial segment is projected to lead the marine actuators and valves market during the forecast period.
Based on the platform, the market is projected to be led by the commercial segment from 2019 to 2025. This segment is expected to grow during the forecast period due to a higher demand for voyage travel and seaway transportation. Countries such as China, Japan, and South Korea are major manufacturers of cargos ships and the US is one of the major manufacturers of motorboats. Marine actuators and marine valves are the key components of the commercial ships such as bulk carriers, containers, tankers, general cargo vessels, cruise ships, and yachts.
The fuel and propulsion systems segment is projected to lead the marine actuators and valves market from 2019 to 2025.
Based on the application, the fuel and propulsion systems segment is estimated to account for the largest share of the marine actuators and valves market during the forecast period. Growth in this segment can be attributed to the growing ship manufacturing in Asia Pacific, which will lead to an increased demand for marine actuators and marine valves for various fuel and propulsion systems applications such as water treatment plant, heat exchangers, fuel tanks, water separation system, fuel flow control, boilers, air dampers, steam superheaters, turbines, condensers, and generators, among others. Marine valves are generally offers on/off and flow control functionalities in different marine applications which are operated majorly by marine actuators and some of these marine valves are operated manually.
The OEM segment is projected to lead the marine actuators and valves market from 2019 to 2025.
Based on the end-user, the OEM segment is estimated to account for the largest share of the market during the forecast period. Growth in this segment can be attributed to the demand for marine actuators and marine valves is directly proportional to the ship orders and upgrade request. Increasing demand for commercial vessels, such as containers, bulk carriers, tankers, and general carriers across the world, is leading to increased manufacturing on new ships, which, in turn, would increase the demand for marine actuators and marine valves during the forecast period.
A few of the prominent manufacturer of marine actuators and marine valves for OEM segment include Moog Inc. (US), AVK Group (Denmark), Honeywell International Inc. (US), Emerson (US), Rotork (UK) and Curtis-Wright Corporation (US). In June 2019, Burkert Fluid Control Systems optimized the diaphragm contact surface in the valve seat and at the pressure piece of its diaphragm valves to enhance its process reliability and reduction in energy consumption.
Asia Pacific is projected to be a high growth potential market for marine actuators and valves during the forecast period.
The marine actuator and valves market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Asia Pacific has the largest share for commercial ship manufacturing, followed by Europe and North America. Increasing demand for commercial vessels such as containers, bulk carriers, tankers and general cargo vessels across the globe is leading to increased manufacturing of new ships which will result in continuous demand for marine actuators and marine valves during the forecast period. According to UNCTAD, China, South Korea and Japan accounted for the maximum share for delivering commercial ships such as containers, bulk carriers, tankers and other cargo vessels in 2017.
Major players in the marine actuator and marine valves market are Curtis-Wright (US), Burkert Fluid Control Systems (Germany), Flowserve Corporation (US), IMI Plc. (UK), Cameron (US), KITZ Corporation (Japan), Diakont (US), AUMA Group (Germany), MOOG (US), AVK Group (Denmark), Emerson Electric Co. (US), Honeywell (US), Wartsila Corporation (US), and Rotork (US), among others.
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