Marine Actuators and Valves Market by Component, End User, Mechanism, Application, Product, Design Characteristics, Material And Region - Global Forecast to 2025
NEW YORK, March 10, 2020 /PRNewswire/ --
Adoption of electric, compact pneumatic, explosion-proof actuators are expected to fuel the growth of the global marine actuator and valves market.
Read the full report: https://www.reportlinker.com/p05873717/?utm_source=PRN
The global marine actuator 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%. Commercial and naval ship operators are demanding greater levels of efficiency and reliability to enable a reduction in direct and unscheduled operating costs. Various marine valve manufacturers, such as Emerson (US) and Curtis-Wright (US), are designing and manufacturing next-generation rugged marine valves based on hydraulic, electro-hydraulic, electric and pneumatic mechanism for marine applications. Some of the factors that are expected to fuel the growth of the marine actuators and marine valves industry are modernizing existing naval fleet and increased ship commercial building activities. However, the marine industry is a highly regulated industry across the globe, mainly due to the risks associated with marine operations that are restraining the market growth.
The HAVC's systems application segment is estimated to grow at the highest CAGR during the forecast period due to the rising demand for full command and control systems.
Based on the application, the market is segmented into fuel and propulsion system, portable water system, ballast and bilge system, fire fighting system, heat, ventilation and air conditioning (HVAC) systems, refrigeration system, and others.The heat, ventilation, and air conditioning (HVAC) systems segment is estimated to grow at the highest CAGR during the forecast period due to the increasing shipbuilding activities in the commercial and defense sector.
Marine valves are the key components of these HVAC systems which are used for flow control functionalities in a naval vessels.
The marine actuator product segment is expected to lead the marine actuators and valves market in 2019.
Based on the marine actuator type, the rotary actuator segment is estimated to account for the largest share of the marine actuators market in 2019.The rotary marine actuator types include quarter-turn and mulit-turn marine actuators.
These marine actuators are used on different marine vessels such as containers, bulk carriers, container vessels, and naval vessels, among others. Increasing demand for the maintenance, repair, and upgrades will lead to an increased demand for marine actuators components in both commercial and defense platforms.
The aftermarket segment is expected to grow at the highest CAGR during the forecast period
Based on the end user, the aftermarket segment is estimated to grow at the highest CAGR during the forecast period.These functions involve the integration of marine actuators and marine valves in existing ships during their maintenance, repair, and overhaul.
The damaged components of ships, such as equipment or systems, include ballast and bilge systems, fuel and propulsion systems, and refrigeration systems, among others, are sent for MRO services, which also includes upgrading, maintenance, repairs, and refurbishments.Therefore, the timely inspection of marine actuators and marine valves is essential to ensure the effective functioning of ships to prevent the chances of engineering equipment getting damaged.
This, in turn, is leading to an increased demand for replacement of marine actuators and marine valves.
Major commercial shipping lines and navies are seeking their ships for refurbishment, and maintenance.For instance, in 2019, the US Navy launched the 30-year maintenance modernization initiative.
Under this, the US navy demonstrates maintenance of ships in accordance with the applicable class maintenance plans to allow the Navy to achieve the maximum service life of ships and submarines as well as extend the service lives of select classes of ships to achieve a battle force of 355 vessels.
Asia Pacific is estimated to account for the majority of the global marine actuators and valves market share in 2019.
Asia Pacific is expected to lead the global marine actuators and valves market in 2019.China, India, Japan, South Korea, Singapore, Australia, are considered for market analysis in the Asia Pacific region.
Major shipbuilding companies headquartered in China and South Korea include China State Shipbuilding Corporation (CSSC), China Shipbuilding Industry Corporation (CSIC), Dalian Shipbuilding Industry Company (DSIC), Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, and Guangzhou Shipyard International. According to the World Shipbuilding Statistics, 2015, China accounted for 33% of all new commercial shipbuilding orders globally, thereby making it the largest market for marine actuators and marine valves.
Over the past few years, this region has witnessed rapid economic development as well as the growth of the ship manufacturing sectors, thereby increasing maritime trade.The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide.
Thus, the increase in the number of ships has contributed to the growing demand for marine actuators and marine valves in the Asia Pacific region. The market for marine actuators and marine valves in the defense sector, especially the navy, is projected to increase, owing to the ongoing territorial conflicts in the region.
The break-up of the profiles of primary participants in the Marine actuator and valves market is as follows:
• By Company Type: Tier 1–35%; Tier 2–45%; and Tier 3–20%
• By Designation: C Level Executives–35%; Directors–25%; and Others–40%
• By Region: North America–45%; Europe–20%; Asia Pacific–30%; and Middle East & Africa, and South America–5%
Major players operating in the marine actuator and valves market are Moog (US), Honeywell (US), Rotork (UK), Emerson (US), Curtiss-Wright Corporation (US), Rockwell Automation (US), Woodward (US), Burkert Fluid Control Systems (Germany), Flowserve Corporation (US), Schlumberger (US), and KITZ Corporation (Japan), among others.
Research Coverage
The study covers the marine actuator and marine valves across various segments and subsegments.It aims at estimating the size and growth potential of this market across different segments based on application, platform, product, component, material, design characteristics, end user, and region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall marine actuator and valves market and its segments.This study is also expected to provide region wise information about the applications, wherein Marine actuator and valves are used.
This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the global marine actuator and valves market.
Read the full report: https://www.reportlinker.com/p05873717/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article