New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Actuators And Valves Global Market Report 2023" - https://www.reportlinker.com/p06479780/?utm_source=GNW
, Bürkert Fluid Control Systems, Schlumberger Limited, AVK Holding A/S, IMI Critical Engineering, Rockwell Automation, Wärtsilä Oyj Abp, Bray International Inc., and AUMA Industry & Marine GmbH.
The global marine actuators and valves market is expected to grow from $3.26 billion in 2022 to $3.48 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The marine actuators and valves market is expected to reach $4.33 billion in 2027 at a CAGR of 5.6%.
The marine actuators and valves market consists of sales of lead screw actuators, butterfly valves, and gate valves.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Marine actuators are devices that convert energy into motion and act as a controlling part of the ship system.Marine valves are essential components of the marine industry used to control the flow of liquids and gases on ships and offshore structures.
These devices generate motion by transforming the energy and signals that enter the system.
Asia-Pacific was the largest region in the marine actuators and valves market in 2022. The regions covered in marine actuators and valves report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of marine actuators and valves are valves such as quarter-turn & multi-turn valves and actuators such as linear & rotary actuators.Valves refer to a controlling device that enables the control of various fluids such as liquids and slurries in pipes or other objects, which are used in almost all the machinery equipment that are present on ships for controlling fluid.
They are made of stainless steel, aluminum, alloy-based, and others work by pneumatic, hydraulic, electric, hybrid, mechanical, and manual mechanisms for defense and commercial applications, which are used by end users including original equipment manufacturer (OEM) and aftermarket.
The increased global seaborne trade is expected to propel the growth of the marine actuators and valves market going forward.Seaborne trade refers to transporting goods by sea between different countries or regions and measures the dispatched goods and loaded goods.
Marine actuators and valves play a crucial role in ships’ safe and efficient operation by regulating the pressure flow of fluids in different kinds of systems on ships and converting energy into control motion to stop or hold any object on the ship. For instance, in October 2022, according to United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based trade and development organization, the global seaborne trade increased by 3.2% in 2021, with shipments reaching a value of 11.0 billion tons, respectively. Further, according to Maritime Transport 2021 report prepared by United Nations Conference on Trade and Development (UNCTAD), the global commercial shipping fleet, which includes bulk carriers, oil tankers, container ships, general cargo ships, and other types of ships, has reached 2,134,640 (thousand dead-weight tons) in 2021, an increased by 3.04% from 2,071,638 in 2020. Therefore, increased global seaborne trade is driving the growth of the marine actuators and valves market.
Emerging technologies are a key trend gaining popularity in the marine actuators and valves market.Companies operating in the marine actuators and valves market are adopting new technologies to sustain their position in the market.
For instance, in June 2022, W&O Supply, a US-based maritime fittings provider, launched the digital marine valve management service that is integrated with radio frequency identification technology (RFID). This technology helps the operators to identify the information about various valves they have on their boards and enables them to avoid any delayed operations.
In September 2021, Fairbanks Morse Defense, a US-based naval engine supplier acquired Hunt Valve Company Inc. for an undisclosed amount. With this acquisition, Fairbanks Morse Defense aims to expand its service solutions for shipyards, industrial, and defense customers respectively. Both companies aim to provide high-class valves and actuators and aftermarket support services to the U.S. Navy shipyards, U.S. Nuclear Navy, and U.S. Navy. Hunt Valve Company Inc. is a U.S.-based manufacturer and designer of electromechanical actuators and naval valves.
The countries covered in the marine actuators and valves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The marine actuators and valves market research report is one of a series of new reports that provides marine actuators and valves market statistics, including the marine actuators and valves industry’s global market size, regional shares, competitors with a marine actuators and valves market share, detailed marine actuators and valves market segments, market trends, and opportunities, and any further data you may need to thrive in the marine actuators and valves industry. This marine actuators and valves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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