The research study covers the present scenario and growth prospects of the global marine valves and actuators market for 2017-2021. The market is segmented based on the product (valves and actuators), and geography (APAC, EMEA, and the Americas).
Seaborne trade is likely to experience a steady growth rate due to factors such as global GDP growth, rise in population, and the subsequent increase in total energy consumed, which in turn is expected to drive the shipbuilding industry worldwide. In addition, the replacement of the older ships aged above 20 years will increase the demand for newer ships, thus adding to the growth of the shipbuilding industry. The increase in the number of orders for new ships is expected to lead toward an increase in demand for marine valves and actuators.
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Technavio heavy industry research analysts highlight the following three factors that are contributing to the growth of the global marine valves and actuators market:
- Increase in naval vessels
- Increase in seaborne trade
- Scrapping of older ships
Increase in naval vessels
Today, many nations are rethinking on their defense posture based on uncertainties in regions such as Asia-Pacific, the Middle East, and Russia. As a result, the new trend of defense globalization is driving many nations to focus on sea-based defense and maritime security for global trade and local economic resources.
Anju Ajaykumar, a lead unit operations research analyst at Technavio, says, “The growth of the naval market in both developed countries and emerging economies in the coming years is likely to be balanced and sustainable. This will lead to more demand for marine valves and actuators, in turn ensuring the growth of the market.”
Increase in seaborne trade
Seaborne trade has witnessed a gradual increase over the past decade due to the adverse effect of globalization and demand/supply of commodities and manufactured goods. The growth in seaborne trade is expected to propel the demand for shipbuilding, thereby driving the demand for marine valves and actuators.
“Seaborne trade also plays a major role in the economic expansion and economic growth of the country and its region. As the economic growth in countries is interlinked, the rise in the economy of any region will increase the global economy,” adds Anju.
Scrapping of older ships
Dealing with the oversupply of ships is the main solution for the sooner recovery of the dry bulk market. The scrapping of old ships is expected to increase YOY, which limits the oversupply of vessels. It is also expected that the scrapping of older ships will increase the demand for new vessels by 40%-50%. Thus, the increase in demand for new vessels will increase the demand for dependent products such as valves and actuators.
- AVK Group
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