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Based on Platform, the commercial segment is expected to dominate market share during the forecast period on account of an increase in maritime tourism and international sea travel is leading to the growing demand for passenger ships, which is expected to drive the growth of the marine actuators and valves market. According to the shipping association, Baltic, and International Maritime Council (BIMCO), the global bulk carrier fleet consists of over 11,000 vessels and grew by 3.5% in 2022 and is projected to grow by 7.8% in 2023 and 8.3% in 2024. This, in turn, is anticipated to increase the demand for the marine actuators and valves market. The demand for retrofitting existing bulk carriers is also expected to increase in the coming years due to the IMO sulfur 2020 regulation and the increased focus of companies to reduce operational and fuel costs.
Based on Material, the Stainless-Steel segment of the Marine Actuators and Valves market dominates market share because of their ability to meet the operational requirements of highly corrosive and vibration environment on a marine vessel. Their strength and resistance properties make them a popular choice of valve components.
Based on Mechanism, the electric mechanism segment is projected to lead the market share during the forecast period. This is owing to the significant share of these actuators and valves in marine vessels, where they serve the purpose of door actuations, engine hatches and other applications. These systems are compact and can readily use the electrical power available on the ship for their functioning, thus eliminating the requirement of an external power source.
Based on Design Characteristics, the >9 to 15 segment of valve design is projected to have the highest market share during the forecasted period. The valve size is one of the key aspects for the selection of
marine valves in different applications and functionality that are needed to be performed, such as on/off or flow control. Thrust and torque are the key selection criteria for marine actuators and are directly related with to the applications, such as valve operations and door actuators.
Based on Component, the Actuator Cylinder segment is expected to have the larger market share during the forecast period The growing focus of end users on MRO services is likely to result in growth in the demand for actuator components in both commercial and defense ships. . The actuator cylinder is one of the important components of the actuator which is meant to withstand outer damage, such as corrosion and rust. Regular maintenance and repair activities lead to the regular replacements of marine valves and actuators.
By Product, the Quarter-turn valves segment is expected to lead the Marine Actuators and Valves market during the forecast period owing to their extensive application areas, such as liquid cargo systems, firefighting systems, and as well as fuel and propulsion systems in marine vessels. Ball, Butterfly, and Plug are few popular types of quarter-turn valves.
By Sales Channel, the OEM segment is expected to lead the market for marine batteries during the forecasted period as a result of growing fleet size, increasing commercial seaborne trade which is increasing the number of ship deliveries across all regions.
By Application, the Fuel and Propulsion segment is expected to lead the Marine Actuators and Valves market. The different types of propulsion systems, such as diesel propulsion, nuclear propulsion, gas turbine propulsion, fuel cell propulsion, steam turbine propulsion, and diesel-electric propulsion systems use a wide number of actuators and valves to control and regulate the flow of fuel, oil, or water in the fuel and propulsion systems. A rise in number of ship deliveries is expected to drive the market for this segment.
Based on Region, Asia Pacific accounted for the largest market share in 2022, and it is also projected to lead the market during the forecast period. The growth of the shipbuilding industry in Asia Pacific is one of the most significant factors contributing to the demand for actuators and valves in the region. Increasing investments in the electrification of ships and the retrofitting efforts undertaken by ship manufacturing companies are additional factors driving the growth of the Marine Actuators and Valves market in the region.
Key Market Players:
Major players operating 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). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.
News Also Covered: https://www.prnewswire.com/news-releases/marine-actuators-and-valves-market-worth-3-6-billion-by-2027—exclusive-report-by-marketsandmarkets-301793033.html
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