Global Marine Actuators and Valves Market is poised to reach US$ 4.96 Bn by 2027, Says CMI

SEATTLE, April 22, 2020 (GLOBE NEWSWIRE) -- Marine transportation is the most expansively used mode of transportation for goods shipment and passenger transport. Marine valves are mechanical components deployed to moderate, guide, and regulate the flow of numerous types of liquids and gases. Marine valves are available custom-made sizes including gate, angle, butterfly, and ball plug valves. Furthermore, actuators are joined to valves to monitor pressure and flow in applications where measurement of two values is extremely necessary.

The global Marine Actuators and Valves market is estimated to account for US$ 3.13 Bn in terms of value and 64.4 Million units in terms of volume in 2019 and is expected to grow at a CAGR of 5.9 % over the forecasted period 2020-27.

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Market Drivers

1. Increasing seaborne trade is expected to support growth of the global marine actuators and valves market during the forecast period
2. Rising focus on navies across the globe to purchase advanced vessels is expected to boost the global marine actuators and valves market growth over the forecast period

Market Opportunities

1. Advent of lightweight and durable valves can present significant growth opportunities
2. Development in technologies can provide lucrative business opportunities for market players

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Key Takeaways

• Asia Pacific holds the dominant position in the global Marine Actuators and Valves market and is expected to witness significant growth over the forecast period 2019-27. This is owing to growing ship manufacturing industry in Asia Pacific region. The material required for shipbuilding is steel and according to CMI analysis, china manufactures about 40% of world’s crude steel production. According to same analysis Asia Pacific region accounted for about 60% of ships manufactured around the globe in the year 2017. Owing to all these reasons Asia Pacific is expected to hold the dominant position in the market for the forecast period.

• Among type segment, valves sub segment is expected to dominate the global Marine Actuators and Valves market over the forecasted period 2019-27. This is owing to wide usage of valves in ships for controlling and regulation fluid through pipes. Most commonly used valve in ship is gate valve. Moreover, the valves can operate in both high and low temperatures.
• Among actuators segment hybrid actuators sub segment is expected to create a lucrative opportunity for global Marine Actuators and Valves market as these actuators have simple structure so requires less maintenance and repair process. Moreover Hybrid actuators have high efficiency and reliability. Hybrid actuators are combination of any two types of actuators such as electric and mechanical actuators. Owing to above mentioned reasons the hybrid actuators is expected to dominate the actuators segment over the forecast period.

Market Trends

1. North America Trends

Among regions, North America is expected to witness significant growth in the global marine actuators and valves market during the forecast period. This is owing to the upcoming modernization of the U.S. naval fleet leading to increased demand for marine actuators and valves in the country. Moreover, strategic decisions of the Canadian Government to develop its own ingenious marine industry. These trends are expected to continue during the forecast period.

2. Europe Trends

Europe is expected to exhibit a lucrative growth rate over the forecast period, owing to rising trend of seaborne trade in the U.K. Moreover, increasing the procurement of auxiliary tankers and patrol boats for France Navy combined with growth of maritime transportation of export goods via seagoing vessels in Germany are expected to drive growth of the regional market.

Competitive Section

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

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Key Developments

1. In April 2020, Rotork plc installed and commissioned CVL Linear control valve actuators at Didcot B Power Station that provides electricity to the National Grid in the U.K.
2. Major companies in the market are involved in partnership and collaboration activities, in order to enhance the market position. For instance, in October 2018, Watts Water Technologies, Inc. partnered with Planet Water to provide clean water in Cambodia.

Market Segmentation:

• By Type
  • Type of Actuators
    • Pneumatic
    • Hydraulic
    • Manual
    • Electric
    • Mechanical
    • Hybrid
  • Type of Valves
    • Linear Motion
      • Globe
      • Gate
      • Diaphragm
      • Pinch
    • Rotary Motion
      • Ball
      • Butterfly
      • Eccentric
    • Specialty
    • Self-actuated
• By Region

• • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America