Market Overview:
Marine actuators include hydraulic, pneumatic and electric actuators which are used mainly for propulsion, control and safety in various marine vessels and offshore rigs. Valves are used for flow control of liquids and gases in marine and offshore applications. Actuators and valves ensure smooth functioning of machinery, control emission levels and optimize fuel efficiency. They are integral parts of ship systems including main engines, auxiliary engines, boiler systems and deck machinery.
The Marine Actuators and Valves Market is estimated to be valued at US$ 3812.11 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Digitalization is gaining traction in the marine industry with integration of Internet of Things (IoT) and cloud computing technologies. Actuator and valve manufacturers are incorporating condition monitoring systems, remote diagnostic capabilities and predictive maintenance features. This allows real time equipment performance monitoring from any location. Automatic alerts are generated for maintenance, repairs or part replacement. Digitalization helps reduce downtime and maintenance costs. Ship owners and operators can optimize operations through centralized remote management of fleet wide assets. This emerging digitalization trend in the marine industry is fueling demand for smart actuators and valves with integrated advanced technologies.
Porter’s Analysis
Threat of new entrants: The marine actuators and valves market requires large capital investments and established distribution networks making it difficult for new companies to enter the market.
Bargaining power of buyers: Buyers in the marine actuators and valves market have moderate bargaining power due to the presence of many established manufacturers providing similar products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials and components.
Threat of new substitutes: Limited threat of substitutes as marine actuators and valves have well established applications in ships and offshore drilling rigs.
Competitive rivalry: High due to the presence of major global players operating in the market.
SWOT Analysis
Strength: Established global distribution network and strong brand presence among major marine actuators and valves manufacturers.
Weakness: Heavy reliance on oil & gas industry and fluctuations in crude oil prices affect demand. High initial investments and research & development costs.
Opportunity: Growing offshore oil & gas exploration and production activities driving demand. Increasing focus on automation in the marine industry.
Threats: Stringent government regulations regarding emissions from ships. Economic slowdowns negatively impacting capital expenditure in the shipping and marine industry.
Key Takeaways
The Global Marine Actuators And Valves Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing offshore oil & gas exploration activities around the world. Asia Pacific is currently the fastest growing region in the marine actuators and valves market owing to large number of ongoing offshore projects and expanding maritime trade in countries such as China, India and Indonesia. Europe is also a major market for marine actuators and valves due to presence of leading valve manufacturers and largest merchant navy fleet globally.
Key players operating in the marine actuators and valves market incorporate AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Flowserve Corporation, Rotork Plc, and Honeywell International Inc. AVK Holding A/S and KITZ Corporation command major shares of the global marine actuators and valves market.
For More Insights, Read: https://www.newswirestats.com/marine-actuators-and-valves-market-demand-growth-and-regional-outlook-by-2030/
