New York, United States , Nov. 23, 2023 (GLOBE NEWSWIRE) -- The Global Marine Actuators and Valves Market Size is to Grow from USD 2.72 Billion in 2022 to USD 4.18 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.4% during the projected period.
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Marine actuators and valves are essential components for controlling fluid and gas flow on ships, offshore structures, and maritime installations. Controlling processes such as propulsion, steering, ballast control, fluid transfer, and fire suppression rely on these devices. Marine actuators are mechanisms that convert hydraulic or electric energy into mechanical motion. Because of the ongoing expansion of maritime trade, offshore energy exploration, and naval activities, the global marine actuators and valves market is expanding. As maritime industries seek greater efficiency, lower emissions, and higher safety standards, demand for advanced actuators and valves has increased. Smart and remotely operated valves, for example, are reshaping the market by encouraging greater automation and integration within marine systems. As the maritime sector evolves to meet evolving environmental regulations and operational demands, the marine actuators and valves market is poised to remain a critical facilitator of fluid control, safety, and performance across a diverse range of marine applications. The absence of standardized specifications and interfaces for marine actuators and valves can lead to compatibility issues and impede interoperability, especially when integrating systems from different manufacturers. This can lead to higher integration costs and longer implementation times.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Marine Actuators and Valves Market Size, Share, and COVID-19 Impact Analysis, By Platform (Commercial, Defense, Unmanned), By Product (Actuator and Valve Type), By Sales Channel (OEM, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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The commercial segment accounted for the largest share of the global marine actuators and valves market in 2022
The global marine actuators and valves market is divided into three segments based on platform: commercial, defense, and unmanned. In 2022, the commercial segment held the largest share of the global marine actuators and valves market. The commercial sector encompasses a wide range of vessels engaged in transportation, trade, and leisure activities, resulting in a high demand for actuators and valves for a wide range of applications.
The OEM segment accounted for the largest share of the global marine actuators and valves market in 2022.
The global marine actuators and valves market is divided into OEM and aftermarket segments based on the sales channel. The OEM segment held the largest share of the global marine actuators and valves market in 2022. This is because OEM installations entail the initial integration of actuators and valves into new vessels, a process that is directly related to ship construction.
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North America is anticipated to hold the largest share of the global marine actuators and valves market over the predicted timeframe.
North America has an advanced maritime infrastructure, a robust defense sector, and a well-established offshore energy industry. These factors drive demand for marine actuators and valves in a variety of applications such as commercial shipping, naval vessels, and offshore platforms.
During the forecast period, Asia Pacific is projected to expand at the fastest rate in the global marine actuators and valves market. China, Japan, and South Korea are among the countries in this region. Shipbuilding, maritime trade, and offshore energy activities are dominated by the Asia Pacific region. Rapid industrialization, rising middle-class demand, and expanding maritime investments are all factors contributing to the region's high demand for marine actuators and valves.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Marine Actuators and Valves Market include Moog Inc., Honeywell International Inc., Schlumberger Limited, Rotork plc, Emerson, Curtiss-Wright Corporation, IMI plc, Flowserve Corporation, Rockwell Automation, Kitz Corporation, and Others.
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Recent Market Developments
In April 2022, Hunt Valves, a Fairbanks Morse Defense subsidiary in the United States, has signed a USD 2 million contract with Newsport News Shipbuilding for the supply of valves and actuators for naval defense applications.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Marine Actuators and Valves Market based on the below-mentioned segments:
Global Marine Actuators and Valves Market, By Platform
- Commercial
- Defense
- Unmanned
Global Marine Actuators and Valves Market, By Product
- Actuator
- Valve Type
Global Marine Actuators and Valves Market, By Sales Channel
- OEM
- Aftermarket
Global Marine Actuators and Valves Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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