Marine Actuators And Valves Market Is Estimated To Witness High Growth Owing To Rising Demand For Retrofitting Old Ships And Vessels

Marine Actuators And Valves Market


The Marine Actuators And Valves Market is estimated to be valued at US$ 3812.11 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Marine actuators and valves are utilized in the navigation and movement of ships and vessels across seas and oceans worldwide. These products help in controlling fluid flow and motion of various mechanical components onboard ships and vessels. Marine actuators and valves find application in main propulsion systems, ballast systems, bilge systems, and fuel control systems among others. Their durable design makes them suitable for withstanding harsh environmental conditions at sea.

Market key trends:
One of the major trends driving the marine actuators and valves market growth is the rising demand for retrofitting older ships and vessels. As per estimates, over 90% of the total fleet will require some form of retrofitting by 2030 to comply with stringent emission regulations. This is creating high demand for replacement and retrofitting of aged actuators and valves with more efficient and eco-friendly options. Moreover, growing maritime trade and cruise tourism globally has increased the demand for new ships. Shipbuilders are extensively utilizing advanced actuators and valves during new ship construction in order to achieve greater fuel efficiency and comply with emission norms, thus propelling the market growth.

Porter’s Analysis
Threat of new entrants: The marine actuators and valves market requires high initial investment for R&D, production facilities, and established distribution networks. This poses high entry barriers for new players.
Bargaining power of buyers: The presence of numerous established manufacturers yields higher bargaining power to bulk buyers. However, specialized product requirements reduce switchover possibilities.
Bargaining power of suppliers: Key components such as sensors and motors are highly specialized with few dedicated suppliers. This enables suppliers to exert moderate bargaining power.
Threat of new substitutes: Limited threat as marine actuators and valves have few product substitutes considering their functionality in marine applications and compliance with stringent protocols.
Competitive rivalry: Intense competition exists among major players to gain market share through innovation, product differentiation, quality, and credentialed service support.

SWOT Analysis
Strength: Extensive product portfolios and proven reliability of established brands; strong distribution networks serve global clientele.
Weakness: Vulnerability to volatility in oil & gas industry spending; heavy reliance on a few bulk buyers determines demand fluctuations.
Opportunity: Rising offshore oil & gas activity drives demand for critical control valves; automation and remote operation boost aftersales services revenue.
Threats: Economic slowdowns dampen capital expenditure; stringent regulatory compliance necessitates continued R&D investments.

Key Takeaways

Global Marine Actuators And Valves Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing investments in offshore oil & gas exploration activities. Asia Pacific dominates the market currently owing to presence of major emerging economies like China and India ramping up investments in coastal infrastructures.

Regional analysis - Asia Pacific currently dominates the global marine actuators and valves market with over 35% share in 2023. Rising seaborne trade, coastal infrastructure development, and offshore oil & gas rig installations primarily in China and India are driving high growth. North America follows with nearly 30% market share in 2023 due to investments in deep-water oil exploration in the Gulf of Mexico.

Key players - Key players operating in the Marine Actuators And Valves market include AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., BÃ1⁄4rkert Fluid Control Systems, Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Â Flowserve Corporation, Rotork Plc, and Honeywell International Inc. These leaders enjoy strong brand recognition and fulfill diverse product needs of marine operators worldwide. 

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