Marine Actuators and Valves Market

^{_{Update: 10/22/2024}}

The Marine Actuators and Valves Market size is expected to reach USD 3.6 Billion by 2027 from USD 2.8 Billion in 2022, at a Compound Annual Growth Rate (CAGR) of 5.3% from 2022 to 2027. The key factor driving the growth of the worldwide Marine Actuators and Valves Industry is the increase in global commercial trade and the spike in demand for high-precision motion control devices on board marine vessels. Additionally, the growing commercial and defence fleets of nations worldwide is driving the market for marine actuators and valves that can meet the requirements of sustainable marine transportation.

Marine Actuators and Valves Market Forecast to 2027

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Marine Actuators and Valves Market Dynamics

Marine Actuators and Valves Industry Driver: Increased Global Seaborne Trade

Bulk cargo trade and transport through sea routes have increased over the years as ships are more economical than other transportation means. This has led to the growth of global seaborne trade. For instance, 90% of world trade is carried out through seaways due to competitive freight costs (Source: International Chamber of Shipping). According to UNCTAD, global trade was estimated at USD 32 trillion in 2022, with USD 25 trillion in products and USD 7 trillion in services. These projections reflect a 10% rise in goods trade and a 15% increase in services trade by 2021. The demand for raw materials such as oil, gas, and minerals, which are often found in remote places that require being transported by sea to reach global markets, has further boosted seaborne trade. Improvements in maritime technology, such as larger vessels and more efficient port operations, have made it easier and cheaper to carry commodities by water. This has contributed to the rise of seaborne trade and allowed it to become a more efficient and cost-effective means of transportation.

Marine Actuators and Valves Industry Restraint: Stringent Regulatory Norms to Be Complied by the Valve and Actuator Manufacturers

The marine industry is highly regulated, mainly due to the potential risks associated with marine operations. Many bilateral, national, and international regulations and standards bind the actions of manufacturers of marine actuators and valves and related components such as cylinders, drives, manifolds, and servo valves. Countries worldwide have different regulatory bodies governing the operational safety of commercial and military ships. For instance, the International Maritime Organization (IMO) has laid down regulations that must be adhered to by the manufacturers of marine actuators, valves, and associated components to ensure safe operations and minimize risks associated with the use of defective components.

Additionally, components used in commercial and military ships must undergo stringent quality checks and rigorous testing to meet the required safety levels and reduce the risk of faulty components. All components must undergo a one-time inspection before being integrated into commercial and military ships. However, it is challenging for manufacturers of marine actuators, valves, and related components to comply with all stringent regulatory norms and deliver quality products.

Marine Actuators and Valves Industry Opportunity: Growing Use of Inland Waterways

Inland waterborne transport (IWT) has contributed to the development of mature economies over many centuries and created several navigable rivers and canals worldwide. Significant growth has been registered in inland waterways transport of goods and passengers in the past decade. The inland waterway is an inexpensive and environment-friendly medium for transporting goods. One horsepower (hp) of engine power moves 150 kg on the road, 500 kg on the rail, and 4,000 kg on water, whereas one liter of fuel moves 24 tons/km on the road, 85 tons/km on the rail, and 105 tons/km on water. Inland waterways, therefore, help save transport and logistics costs; moreover, goods can be transferred more smoothly and faster via inland waterways than roadways or railways.

Inland waterways in India are estimated to save nearly USD 15 million annually in transporting coal. A substantial effort has been made in recent years to develop India's inland waterways. The government has launched the Jal Marg Vikas Project, which aims to develop the National Waterway-1 (NW-1), a 1,620 km long waterway on the Ganges River, between Haldia in West Bengal and Varanasi in Uttar Pradesh. The project is being implemented by the Inland Waterways Authority of India (IWAI) and is expected to be completed by 2023. The development of inland waterways in India is expected to provide several benefits, including cost-effective mode of transportation, improved connectivity and reduction in road congestion. The growth of inland waterways transport would also promote the manufacturing of marine vessels, such as tugs, propelled barges, ferries, and other goods and passenger transport vessels. This, in turn, would boost the demand for marine valves and actuators.

Marine Actuators and Valves Industry Challenge: Power Consumption, Noise, and Leakage Issues Associated With Actuators and Valves

The most challenging stage in the installation of actuators and valves is designing a circuit that consumes low energy. Actuators consume more energy than sensors, and a faulty actuator can increase electricity consumption. High power and capacity and low weight of electrical actuators are the main reasons for their increased demand in various applications, such as fuel and propulsion systems, liquid cargo systems, and refrigeration systems. However, due to the probability of defective circuit designs, customers may not prefer purchasing actuators. Hence, power consumption issues, especially in faulty actuators, act as a challenge for the manufacturers of actuators.

In addition, the lack of maintenance of conventional actuators may lead to excessive noise and oil leakage. Further, actuator systems can fail over a long period due to dampening their tubes’ inside edges. Moreover, while in operation, these actuators make a high noise; hence, it is sometimes necessary to place them in a separate room to limit sound pollution.   These are some of the operational challenges accompanying the usage of valves and actuators on board a marine vessel.

Marine Actuators And Valves Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of Marine actuators and valves. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. The prominent companies are Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan). Commercial Passenger vessel operators, cargo operators, oil tanker operators, private cruise liners, global naval forces, MROs, and chartered operators are some of the leading consumers of marine actuators and valves.

Commercial Segment to Dominate Market Share During the Forecast Period

Based on Ship Type, the Marine Actuators and Valves market has been segmented into commercial, defense and unmanned vessels. One of the primary factors propelling the commercial segment is the increased global commercial seaborne trade, increasing cargo vessel deliveries and increasing maritime tourism. The need to design safe actuators and valves systems with high performance, and improved life is driving this segment.

Rotary Actuators to Have the Highest CAGR for Actuator Type in Marine Actuators and Valves Market During the Forecast Period

Based on product type, the market has been segmented into valves (quarter-turn and multi-turn valves) and actuators (linear and rotary actuators). By valve type quarter-turn valves are expected to have the major market share during the forecasted period, while rotary actuators are expected to lead the actuator segment during the years 2022-2027. Quarter-turn valves will hold the largest market share because of their extensive application areas in liquid cargo systems, firefighting systems, as well as fuel and propulsion systems in marine vessels.

Stainless Steel Segment to Witness Higher Demand During the Forecast Period

Based on Material, the marine Actuators and Valves market has been classified into stainless steel, aluminum, alloy-based and others. Others include rubber, copper and plastic materials. Corrosion resistance, higher reliability, and lightweight are few characteristics being considered for the selection of marine actuators and valves.

OEM to Acquire the Largest Market Share During the Forecast Period

Based on Sales Channel, the marine actuators and valves market has been classified into OEM and Aftermarket. The ongoing fleet expansion programs of several end users, such as cargo and freight operators and global naval force, drive the OEM segment of the market. Increasing demand for commercial ships, such as containers, bulk carriers, tankers, and naval ships, is fueling the growth of the marine actuators and valves market for the OEM segment.

Asia Pacific is Projected to Hold the Highest Market Share During the Forecast Period

Marine Actuators and Valves Market by Region

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Asia Pacific leads the marine actuators and valves market due presence of big players, OEMs, and component manufacturers which are some of the factors expected to boost the growth of the marine Actuators and Valves market in the region. A rise in seaborne trade has led to an increase in demand for ships worldwide for the transportation of manufactured goods. The rising number of ships, the growth of the shipping industry, and growing awareness about carbon emissions are projected to increase the demand for marine actuators and valvesbatteries   in the Asia Pacific region. China, South Korea and Japan hold more than 90% share of global shipbuilding industry. These are some of the factors fuelling the growth of marine valves and actuators market in the region.

Marine Actuators and Valves Industry Companies: Top Key Market Players

The Marine Actuators and Valves Companies are dominated by globally established players such as Moog Inc. (US), Honeywell International Inc. (US), Rotork plc (UK), Emerson (US), Curtiss-Wright Corporation (US), IMI plc (UK), Flowserve Corporation (US), Rockwell Automation (US) and Kitz Corporation (Japan).

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Scope of the Report

Marine Actuators and Valves Market Highlights

This research report categorizes the Marine Actuators and Valves market based on Platform, Product, Mechanism, Material, Design Characteristics, Component, Application, Sales Channel and Region.

Recent Developments

• In April 2022, Hunt Valves, US a subsidiary of Fairbanks Morse Defense, signed a contract with Newsport News Shipbuilding worth USD 2 million for the supply of valves and actuators for naval defense applications.
• In May 2020, CIRCOR International, Inc. was awarded six contracts to supply ball valves for the US Navy's Virginia Class Submarine Block V programme. Six hipments of valves worth $18 million would be delivered over the next three years under the contracts from 2020 to 2023. 
• In February 2018, Moog Inc. acquired VUES Brno. VUES is based in Mostecká street, Brno, Czech Republic, with other facilities in Jarni and Slavkov u Brna.  VUES manufactures specialised electric motors, generators, and solutions. The company provides solutions for a wide range of applications in the automation, automobile testing, energy, and industrial areas.
• In January 2021, Rotork plc launched an advanced analytics software for managing intelligent flow control assets. Intelligent Asset Management (IAM) is a cloud-based asset management solution that manages intelligent actuators and the flow control devices they run.
• In April 2020, AUMA Riester GmbH Co. & Kg. launched a smart actuators series called as ‘PROFOX’ which are compatible with gate, butterfly, ball, and globe valves. There are multi-turn versions with torques ranging from 10 to 100 Nm and part-turn versions with torques ranging from 32 to 600 Nm. PROFOX's built-in intelligence makes it suitable for both basic open-close duty and difficult modulating applications.

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