The growth of the global marine actuators and valves market size can be attributed to growing seaborne trade, an increase in the procurement of advanced naval vessels, and ongoing upgrades to existing systems in developed countries.
On the basis of platform, the global marine actuators and valves market is projected to be dominated by the commercial segment during the forecast period [2020 to 2026]. The growth of this segment is attributed to higher demand for voyage travel and seaway transportation. Emerging countries, like, China, Japan, and South Korea are major manufacturers of cargo ships and the US is one of the major manufacturers of motorboats. Marine actuators and marine valves are the key components of the commercial ships such as bulk carriers, containers, tankers, general cargo vessels, cruise ships, and yachts. On the basis of application, the fuel and propulsion systems segment is estimated to lead the global marine actuators and valves market from 2020 to 2026. Growth in this segment is majorly attributed to the growing ship manufacturing in the Asia Pacific region, which will lead to an increased demand for global marine actuators and valves market for various fuel and propulsion systems applications (namely, water treatment plant, heat exchangers, fuel tanks, water separation system, fuel flow control, boilers, air dampers, steam superheaters, turbines, condensers, and generators, and so forth). Marine valves generally offer on/off and flow control functionalities in different marine applications which are operated majorly by marine actuators and some of these marine valves are operated manually.
Based on the end-user, the OEM segment is projected to dominate the global marine actuators and valves market during the forecast period. The growth of this segment is owing to the fact that demand for marine actuators and marine valves is directly proportional to the ship orders and upgrade request. Rising demand for commercial vessels, such as containers, bulk carriers, tankers, and general carriers across the globe, is leading to increased manufacturing on new ships, resulting in increase in the demand for global marine actuators and valves market during the forecast period.
Some prominent manufacturers of global marine actuators and valves market for OEM segment include Honeywell International Inc. (US), Moog Inc. (US), AVK Group (Denmark), Rotork (UK), Emerson (US), and Curtis-Wright Corporation (US).
Geographically, the global marine actuators and valves market in the Asia Pacific region is projected to witness the highest CAGR during the mentioned period. This region has the largest share for commercial ship manufacturing, followed by Europe and North America. With the growing demand for commercial vessels such as containers, bulk carriers, tankers and general cargo vessels across the manufacturing of new ships has increased. This has resulted in continuous demand for global marine actuators and valves market. According to UNCTAD, China, South Korea and Japan accounted for the maximum share for delivering commercial ships such as containers, bulk carriers, tankers and other cargo vessels in the year 2017.
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