MARINE ACTUATORS AND VALVES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2022 - 2030)

Marine valves are used to control, guide, direct, and regulate the flow of different types of liquids, steam, gases, and any flowing agent such as mill and grain. Different types of valves are used depending on the customized application. Some of the commonly used valves are gate, globe, angle, butterfly, ball plug valves, etc. These valves are made from bronze, iron, steel, or PVC and have the capabilities to high-end pressure and temperature. Furthermore, actuators are attached to valves for monitoring pressure and flows, where two values are required to match. There are different types of actuators including pneumatic, hydraulic, electrical, mechanical, hybrid, manual actuator, etc.

The global marine actuators and valves market is estimated to account for US$ 3,380 Mn in terms of value in 2021 and is expected to grow at a CAGR of 6.2% during the forecasted period 2022-30.

Recent Developments:

• In December 2020, Rotork Plc. a provider of mission-critical flow control and instrumentation solutions, introduced an upgradation of the PAX Actuator by including an AC power variant of the PAX1 linear actuator which is a low-voltage, flexible actuator that is used in the remote explosion-proof location.

Restraint:

• Low energy efficiency of pneumatic actuators is expected to hamper the global marine actuators and valves market growth over the forecast period
• Presence of stringent regulatory policies is expected to restrain the growth of the global marine actuators and valves market during the forecast period

Global Marine Actuators And Valves Market - Impact of Coronavirus (Covid-19) Pandemic:

The global market for marine actuators and valves has been negatively impacted by the COVID-19 outbreak. Since they can initiate and stop the processes of marine transportation. Marine actuators and valves are frequently used for flow control and on/off operations in systems like fuel and propulsion systems. There was a lack of raw materials due to disrupting ted supply chain the production was stopped and manufacturers were experiencing financial difficulties, many upcoming projects had to be postponed, which had a direct impact on the sales of marine actuators and valves. As a result, manufacturers of marine actuators and valves had to close their doors. Consequently, during the pandemic, the global market of actuators and valves had limited growth.

Asia Pacific held a dominant position in the global marine actuators and valves market in 2021

Statistics :

Asia Pacific region dominated the global marine actuators and valves market in 2021, accounting for a 42.1% share in terms of value, followed by North America and Europe respectively.

Figure 1: Global Marine Actuators and Valves Market Share (%), By Region, 2021

Asia Pacific region is a leading market in terms of revenue in 2021 and is expected to hold its dominant position over the forecast period. The market growth in these regions is attributed to the growing automotive industry coupled with rising pollution. For instance, marine actuators and valves are majorly used for flow control and on/off operations in applications such as fuel and propulsion systems in Ships, which is expected to drive demand for Marine Actuators and Valves Market over the forecast period.

Figure 2: Global Marine Actuators and Valves Market (US$ Mn) Analysis and Forecast, 2022 - 2030       

The global marine actuators and valves market was valued at US$ 3,380 Mn in 2021 and is expected to reach US$ 5,710 Mn by 2030, growing at a CAGR of 6.2% between 2022 and 2030.

Major players operating in the global marine actuators and valves market include AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., Bürkert Fluid Control Systems, Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Flowserve Corporation, Rotork Plc., and Honeywell International Inc.