According to a new market research report published by Credence Research “Marine Actuator and Valve Market (By Actuator Type (Pneumatic Actuators, Hydraulic Actuators, Electric Actuators, Mechanical Actuators, Hybrid Actuators), By Valve types (Linear Valve, Rotary Valve, Self-actuated Valve) By Vessel Type (Passenger Ships and Cruise, Cargo Vessels, Tankers, Special Purpose Vessels, Service Vessels, Fishing Vessels, Off-Shore Vessels, and Yachts)) – Growth, Future Prospects and Competitive Landscape, 2017-2025”, marine actuator and valve market is estimated to grow at a CAGR of 5.5 % from 2017 to 2025.
Globalization has significantly boosted the overall passenger and goods transport across different countries. Marine transportation is one of the most extensively used medium for passenger and cargo transport. This particular industry has portrayed a significant growth from past many years and is estimated to continue at the same rate in the years to follow. With consistent rise in the marine industry, adjacent industries related to it such as spare parts and accessories are also expected to show a positive growth in the following years. Marine actuators and valves is one such market expected to witness positive growth in the following years.
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The demand for marine actuators and valves is majorly driven by the consistent rise in the marine transportation. Marine actuators and valves are applied for a wide range of operation in the marine vessels. Actuators and valves play a very crucial role in the smooth operation of the vessel. Therefore, persistent rise in marine industries is uplifting the overall marine actuators and valve market. Further, the evolution of marine vessels demands efficient actuators and valves for efficient operation for different applications and utilities. Manufacturers are constantly upgrading the design of actuators and valves for better performance of the marine vessels. Consequently, the marine actuator and valves market is blooming at a significant rate.
Marine actuators and valves market is segmented according to actuator type, valve type and vessel types, and geography. Actuators are classified into pneumatic actuators, hydraulic actuators, electric actuators, hybrid actuators, and mechanical actuators. Marine valves are classified into linear valves, rotary valves, and self-actuated valves. Further, marine actuator and valves are classified according to the marine vessel type. This classification includes passenger ships and cruise, cargo vessels, tankers, special purpose vessels, service vessels, fishing vessels, offshore vessels, and yachts.
Marine actuators and valves market is highly fragmented characterized by a number of international as well as domestic players. These companies face cut throat competition in order to maintain their market position. Continuous development in the design of existing products and introduction of better actuators and valves is one of the key strategies adopted by the manufacturers in order to scale up in the market. Major players in the market include AVK Holding A/S, Flowserve Corporation, KITZ Corporation, Honeywell International Inc., Rotork Plc, Watts Water Technologies, Inc., Burkert Fluid Control Systems, AUMA Industry & Marine GmbH, Emerson Electric Co., Lenco Marine and Bray International.
– Consistent rise in marine transportation
– Rising emphasis on safety of passenger and cargo transport
– Perpetually changing technology and evolution of new designs of marine actuators and valves
– Adoption of strategic acquisition and alliances as a major strategy by leading marine actuators and valves manufacturers