Marine Actuators and Valves Market – Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027

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Jun 29, 2020 (Market Insight Reports) — Market Overview

Marine valves are used to control, guide, direct, and regulate the flow of different types of liquids, steam, gases, any flowing agent such as mill and grain. Different types of valves are used depending on the customized application. Some of the commonly used valves are gate, globe, angle, butterfly, ball plug valves, etc. These valves are made from bronze, iron, steel, or PVC have the capabilities to high-end pressure and temperature. Furthermore, actuators are attached to valves for monitoring of pressure and flows, where two values are required to match. There are different types of actuators including pneumatic, hydraulic, electrical, mechanical, hybrid, manual actuator, etc.

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The global marine actuators and valves market is estimated to account for US$ 3.13 Bn in terms of value in 2019 and is expected to grow at a CAGR of 5.9% during the forecasted period 2019-27.

Market Dynamics- Drivers

  1. Rapid globalization due to increasing international trade is expected to drive growth of the global marine actuators and valves market during the forecast period

Rampant globalization in the last 50 years has led to increase in international trade and culture exchange. Shipping has now become the most favored mode of transportation, owing to low-cost and carbon-efficiency as compared to other modes of transportations. As a result of this, total number of dry cargo vessels, tankers, bulk carriers, and service vessels has increased significantly, which has played a crucial role in seaborne trade. Moreover, rise in total vessels has increased the total number of valves and actuators that control the operation of the ships. Thus, these factors are expected to drive growth of the market during the forecast period. According to the United Nations Conference on Trade and Development (UNCTAD), around 80% of global trade by volume and 70% by value is carried by sea. According to the same source, global commercial fleet comprised of around 90,000 vessels in 2015.

  1. High demand for technologically advanced valves in the marine sector is expected to propel the global marine actuators and valves market growth over the forecast period

Increasing demand for innovative products that offer enhanced performance and reliability along with minimized environmental impact is boosting the demand for new technologies. In marine sector, actuators control valves that control everything that happens in ship. These actuators and valves are subjected to severe operating environment including salt spray, temperature, vibrations, and chemical pollution. There is a high demand for actuators and valves that can withstand these conditions, comply with strict regulatory policies, and are durable, low-maintenance, and power-efficient. Thus, these factors are expected to support growth of the global marine actuators and valves market growth over the forecast period.

Market Opportunities

  1. Increasing investments in the oil and gas sector can present lucrative growth opportunities

Increased growth of the oil and gas industry due to its increased production and consumption levels worldwide has developed the marine transport that carries them from and to the exported and importing countries. Marine transport, being low cost and environment friendly is globally preferred which adds to the number of tankers, special purpose vessels, off-shore vessels and service vessels that are ideal for oil and gas. According to UNCTAD, the volume of gas and oil in seaborne trade accounted for 1,444 billion ton-miles and 12, 339 billion ton-miles in 2015.

  1. High growth in inland waterways is expected to provide major business opportunities

Over the years, the number of inland waterways has increased significantly, especially in developed countries. Since waterways offer rapid and cost-effective transportation, many countries are preferring the use of waterways for goods transportation. These countries are using canals, rivers, and lakes for transportation with adequate infrastructure of docks and harbors. Moreover, inland waterways are used for public transportation as well, thereby boosting the demand for marine actuators and valves.

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Market Trends

  1. Growing preference for electric actuators over hydraulic actuators

Hydraulic actuator is being used for a long time in the marine sector owing to its low cost and high power density. However, these actuators are complex in terms of design that include oil tanks and filters. Moreover, there is a high risk of fluid leakage through it and consumes higher energy and requires timely maintenance. As a result of this, end users are gradually shifting towards an electric actuator system, which consists only of an actuator control and power connection. These actuators are increasingly used in marine sector both for indoor and outdoor purposes.

  1. Rising adoption of dry bulk carriers in marine transportation

Dry bulk carriers carry around 100,000 dead-weight tons (dwt) plus of material goods. Such bulk carriage leads to lower transportation costs, making international trade convenient and affordable. Growing global investments and an increase in the transportation of materials such as ore, coal, unpackaged cargo and cement are leading to increased use of dry bulk carriers which in turn, are increasing the total number of valves and actuators that are required for the efficient functioning of carriers. According to UNCTAD, in 2015 bulk carriers accounted for 43.5% share out of the total share for vessel types.

Competitive Section

Key companies involved in the global marine actuators and valves market are AVK Holding A/S, KITZ Corporation, Watts Water Technologies, Inc., Burkert Fluid Control Systems, Tyco International Ltd., Emerson Electric Co, Schlumberger Limited, Shearwater GeoServices Holding AS, Flowserve Corporation, Rotork Plc, and Honeywell International Inc.

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