DUBLIN--(BUSINESS WIRE)--The "Marine Actuators and Valves Market by Component, End User (OEM, Aftermarket), Mechanism (Pneumatic, Hydraulic, Electric, Mechanical, Hybrid), Application, Product (Actuators, Valves), Design Characteristics, Material, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The marine valves market is projected to grow from USD 1.5 billion in 2019 to USD 2.0 billion by 2025, at a CAGR of 5.0% from 2019 to 2025.
The marine actuators market is projected to grow from USD 1.7 billion in 2019 to USD 2.3 billion by 2025 at a CAGR of 4.6%. Commercial and naval ship operators are demanding greater levels of efficiency and reliability to enable a reduction in direct and unscheduled operating costs. Various marine valve manufacturers, such as Emerson (US) and Curtis-Wright (US), are designing and manufacturing next-generation rugged marine valves based on the hydraulic, electro-hydraulic, electric and pneumatic mechanism for marine applications.
The HAVC's systems application segment is estimated to grow at the highest CAGR during the forecast period due to the rising demand for full command and control systems.
Based on the application, the market is segmented into fuel and propulsion system, portable water system, ballast and bilge system, fire fighting system, heat, ventilation and air conditioning (HVAC) systems, refrigeration system, and others. The heat, ventilation, and air conditioning (HVAC) systems segment is estimated to grow at the highest CAGR during the forecast period due to the increasing shipbuilding activities in the commercial and defense sectors. Marine valves are the key components of these HVAC systems which are used for flow control functionalities in naval vessels.
The marine actuator product segment is expected to lead the marine actuators and valves market in 2019.
Based on the marine actuator type, the rotary actuator segment is estimated to account for the largest share of the marine actuators market in 2019. The rotary marine actuator types include quarter-turn and mulit-turn marine actuators. These marine actuators are used on different marine vessels such as containers, bulk carriers, container vessels, and naval vessels, among others. Increasing demand for the maintenance, repair, and upgrades will lead to an increased demand for marine actuators components in both commercial and defense platforms.
The aftermarket segment is expected to grow at the highest CAGR during the forecast period
Based on the end-user, the aftermarket segment is estimated to grow at the highest CAGR during the forecast period. These functions involve the integration of marine actuators and marine valves in existing ships during their maintenance, repair, and overhaul. The damaged components of ships, such as equipment or systems, include ballast and bilge systems, fuel and propulsion systems, and refrigeration systems, among others, are sent for MRO services, which also includes upgrading, maintenance, repairs, and refurbishments. Therefore, the timely inspection of marine actuators and marine valves is essential to ensure the effective functioning of ships to prevent the chances of engineering equipment getting damaged. This, in turn, is leading to an increased demand for replacement of marine actuators and marine valves.
The Asia Pacific is estimated to account for the majority of the global marine actuators and valves market share in 2019.
The Asia Pacific is expected to lead the global marine actuators and valves market in 2019. China, India, Japan, South Korea, Singapore, Australia, are considered for market analysis in the Asia Pacific region. Major shipbuilding companies headquartered in China and South Korea include China State Shipbuilding Corporation (CSSC), China Shipbuilding Industry Corporation (CSIC), Dalian Shipbuilding Industry Company (DSIC), Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries, and Guangzhou Shipyard International. According to the World Shipbuilding Statistics, 2015, China accounted for 33% of all new commercial shipbuilding orders globally, thereby making it the largest market for marine actuators and marine valves.
- Rise in Seaborne Trade Leading to Growing Requirement for Fleet of Merchant Ships
- Growth of Maritime Tourism Industry
- Focus of Navies Worldwide to Procure Advanced Vessels
- Formulation and Implementation of Stringent Regulatory Norms That Must be Complied By Valve and Actuator Manufacturers
- Technological Advances Would Lead to Increased Demand for Actuators for Several Applications in Marine Vessels
- Introduction of Lightweight and Durable Valves
- Growth in use of Inland Waterways
- Power Consumption, Noise, and Leakage Issues Associated With Actuators and Valves
- Honeywell International Inc.
- Curtiss-Wright Corporation
- Other Major Players
- Brkert Fluid Control Systems
- Flowserve Corporation
- IMI PLC.
- KITZ Corporation
- Ultra Motion
- AVK Group
- Hunt Valve
- AUMA Riester GmbH & Co. Kg
- Rockwell Automation
- Wrtsil Corporation
- Samson Group
- Atlas Marine Valves
- Johnson Valves
- Meson Group
- Hawa Valves
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