UNITED STATES, ROCKVILLE, MD, May 16, 2022 (GLOBE NEWSWIRE) — The marine valves and actuators market is expected to reach a rating of uS$5.8 billion until 2032 $3.7 billion in 2022 and increased at a CAGR of 4.5% over the forecast period.
Rapid globalization, increasing demand for marine valves and actuators in the marine sector, and a significant increase in foreign trade have all contributed to the global expansion of marine valves and actuators market share.
In addition, sales of marine valves and drives are increasing due to increasing global trade. As a result, the demand for marine valves and drives is also growing rapidly.
Demand for marine valves and actuators is expected to increase as the marine sector adopts increasingly advanced valves and actuators due to recent technological advances, creating a major market opportunity.
In the last 50 years, rampant globalization has led to an increase in world trade and cultural exchange. Because of this factor, sales of marine valves and drives grew immensely.
In addition, demand for marine valves and actuators is expected to increase as shipping has become the preferred mode of transport due to its low cost and minimal carbon footprint. As a result, the total number of dry cargo vessels, tankers, bulk carriers, and service vessels has increased dramatically, contributing to the growth of the marine valves and actuators market. The use of pneumatic actuator systems typically wastes more energy by delivering more pressure than the actuator needs. In addition, the amount of liquid is lost
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In addition, as the number of ships has increased, so has the number of valves and actuators that control ship operations. As a result, these factors are expected to drive sales of marine valves and actuators and boost the overall marine valves and actuators market over the forecast period.
The demand for marine valves and actuators is fueled by the increasing demand for innovative products that offer improved performance and reliability while minimizing environmental impact.
Sales of marine valves and actuators are increasing as they determine everything that happens on a ship in the marine industry. The operating environment for these valves and actuators is harsh, with salt spray, high temperatures, vibration and chemical contamination.
Demand for marine valves and actuators is expected to increase rapidly because they can withstand these harsh conditions, meet stringent regulatory guidelines, and are robust, low-maintenance, and energy-efficient. As a result of these factors, the global market share of marine valves and actuators is expected to increase over the forecast period.
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In addition, sales of marine valves and actuators are growing as they are vital in maintaining marine pipelines. Internal diagnostics in actuators and remote controlled valves enable planned maintenance.
Marine valves and actuators are in high demand because they require little maintenance and are energy efficient. In addition, reduced maintenance saves money by ensuring reliable and efficient operation and reducing downtime. The global market for marine valves and actuators is likely to be dominated by low-maintenance valves and actuators.
The central theses
- By type, the valve segment is projected to dominate the marine valve and actuator market at a CAGR of 5.2% through 2032.
- Based on ship type, the passenger ships and ferries segment is expected to lead the marine valves and actuators market at a CAGR of 5.0% by 2032.
- During the forecast period, Asia-Pacific is expected to lead the global marine valves and actuators market.
- The Asia Pacific (APAC) region has experienced tremendous economic growth and the expansion of the shipbuilding industry in recent years, resulting in increased maritime traffic. The development in maritime trade has led to an increase in demand for ships that transport manufactured items to different parts of the world.
- As a result, growing sales of marine valves and actuators in the Asia Pacific region have been supported by an increase in vessel numbers. With evident ongoing territorial struggles in the region, marine valves and propulsion are expected to grow in the military sector, particularly in the navy.
- China and India are projected to be the most profitable marine valve and propulsion markets during the forecast period.
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Emerson Electric Co, Flowserve Corporation, Honeywell International Inc., KITZ Corporation and Rotork Plc are the major players in the marine valve and actuator market.
To continue expanding their presence in the marine valve and propulsion market, these companies have employed a variety of growth methods including acquisitions, expansions, new product launches, and partnerships and collaborations.
Schlumberger Limited, a US-based provider of international oilfield services, was acquired by Shearwater GeoServices Holding AS in August 2018.
Emerson Electric Co paid $3.15 billion for Pentair plc’s Valves and Control unit in April 2017.
Honeywell announced in 2018 with Transnorm (Germany) and Ortloff Engineers, Ltd. (USA) announced two technology-based acquisitions totaling more than $500 million. Transnorm was purchased to enhance warehouse automation platforms and gain a foothold in European industry.
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