The “Global Marine Actuators and Valves Market”, By Type (Actuators and Valves) by Actuator (Pneumatic Actuators , Hydraulic Actuators, Manual Actuators, Electric Actuators, Mechanical Actuators and Hybrid Actuators), by Valves (Linear Motion Valves, Rotary Motion Valve, Specialty Valve and Self-Actuated Valve) by Vessel Type (Passenger Ships And Ferries , Dry Cargo Vessels, Tankers, Dry Bulk Carriers, Special Purpose Vessels , Service Vessels, Fishing Vessels , Off-Shore Vessels, Yachts and Others), and by Region (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 4.96 Billion by 2027, witnessing a CAGR of 5.9 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Marine valves are a mechanical component that is used to control, regulate, direct, and guide the flow of various types of liquids such as steam, gases, liquids, and any flowing agents such as grain and mill. 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 have the capabilities to high-end pressure and temperature. Moreover, the actuator is attached to valves for monitoring of 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$ 3.13 Bn in terms of value in 2019 and is expected to grow at a CAGR of 5.9% during the forecasted period 2019-27.
High growth of maritime tourism industry is expected to boost the global marine actuators and valves market growth during the forecast period
Maritime tourism industry has witnessed significant growth in the recent past, especially in developed regions, owing to growing disposable income and changing lifestyle choices. According to the European Commission, the European coastal and maritime tourism industry was valued at US$ 202 billion in 2011, employing 3.2 million people. Populace in developed countries such as France, Germany, and the U.K. are increasingly investing in maritime tourism for leisure activities. As a result of this, the demand for luxury yachts and cruises is increasing, thereby boosting the demand for actuators and valves. Hence, these factors are expected to propel the global marine actuators and valves market growth over the forecast period.
Advent of lightweight and durable valves can provide major growth opportunities
Over the years, valves used in ships are made of bronze, iron, steel, etc. Although these materials are durable and efficient, they lead to additional weight in the entire body. Moreover, these valves require regular maintenance and replacement due to salt spray action since it wears valves. As a result of this, many marine valves providers are focused on offering PVC valves. These valves are durable, lightweight, and can sustain harsh vibration and temperature conditions. Moreover, PVC valves can sustain salt spray, which was major disadvantage with its predecessors.
Power consumption, noise, and oil leakage issues with valves and actuators are expected to hamper the global marine actuators and valves market growth over the forecast period
Many actuators, especially pneumatic actuators have issues regarding power consumption and oil leakage. The cost of electricity for pneumatic actuators is US$ 0.10 kilowatt-hour. As a result of this, pneumatic actuators consume a vast amount of electricity. This, in turn, is making end users opt for substitutes. Thus, these factors are expected to hamper the global marine actuators and valves market growth over the forecast period.
Upcoming modernization in the U.S. Navy is expected to boost demand for actuators and valves
In the near future, the U.S. Navy is expected to launch its Fleet Modernization Program. Since the U.S. Navy is the largest naval force in the world, the demand for actuators and valves is expected to increase significantly during the forecast period. Moreover, the Canadian Government is focused on developing its own marine industry, which is expected to boost the regional market growth.
Growing trend in maritime trade in the U.K., France, and Germany has led to procurement of commercial vessels
Stable economic growth and low-cost transportation have led to maritime trade in the U.K., Germany, and France. Currently, government of Germany is focused on transportation goods via seagoing vessels, in order to boost Germany's marine actuator and valve market. Moreover, increasing the procurement of auxiliary tankers and patrol boats for France Navy is expected to boot growth of regional market growth in the near future. The government of Italy is focused on renewal of Italian Naval Fleet, which is expected to boost the demand for actuators and valves during the forecast period.
Key companies involved in the global marine actuators and valves market are 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.