Global Marine Actuators and Valves Market: Rising Marine Transport in Response to Increasing International Trade to Fuel Growth
On being highly fragmented where the top 10 players held a meager 20% share in 2016, the global marine actuators and valves market witnesses several mergers and acquisitions at a given time frame. Considering the competitive rivalry among the leading players, consolidation of market share is a key strategy adopted by companies to gain competitive edge. For instance, Cameron International Corporation was acquired by Schlumberger Limited in 2015, following which the later benefited from a valuable expansion of its existing product portfolio, finds Transparency Market Research (TMR) in a new study.
Global Marine Actuators and Valves Market: Snapshot
Factors such as rapid globalization, the increasing demand for advanced valves in the marine sector, and a sizeable rise in foreign trade have acted in favor of the marine actuators and valves market’s expansion worldwide. While the market is projected to report a CAGR between 5.9% between 2016 and 2025, it is in developing nations that it will witness maximum opportunities. In 2016, the market’s valuation was at US$2.64 bn. However, rising at the aforementioned CAGR it is forecast to reach US$4.43 bn by the end of forecast period. In response to the rising international trade, the demand for marine transport is surging. This has subsequently tipped scales in favor of advancements in marine actuators and valves market. With the recent technological improvements, the marine industry now uses advance actuators and valves, thus providing wide scope for the market.
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Actuators to Showcase Higher CAGR in Coming Years
The global marine actuators and valves market can be bifurcated into actuators and valves. Of these, valves accounted for the leading market share, however, during the forecast period the actuator segment is forecast to exhibit a higher CAGR of 6.4%. Pneumatic actuators, hydraulic actuators, manual actuators, electric actuators, mechanical actuators, and hybrid actuators are the most common types available in the market. Some of the commonly used valve types include linear motion valves, rotary motion valves, specialty valves, and self-actuated valves. The linear motion valves segment is further bifurcated into globe valve, gate valve, diaphragm valve and pinch valve. The rotary valve is segmented into ball valve, butterfly valve and eccentric plug valve. Of these, the rotary valve segment has witnessed considerably rising demand in the last few years, followed by ball valve.
Based on vessel type, the global actuators and valves market can be segmented into passenger ships and ferries, dry cargo vessels, tankers, dry bulk carriers, special purpose vessels, service vessels, fishing vessels, off-shore vessels, yachts, and others. Of these, the use of actuators and valves is the most common in ferries and ships. The predominant use of butterfly valves and ball valves is noticed in these vessels. Among actuator types, hydraulic actuators make the ones most commonly used in ships and ferries.
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Asia Pacific to Remain Dominant Market through Forecast Period
Regionally, Asia Pacific, Europe, North America, South America, and the Middle East and Africa constitute the key segments in the global marine actuators and valves market. Among these regions, Asia Pacific held the lead in the overall market. Its dominance is expected to remain unaffected through the forecast period. The Asia Pacific marine actuators and valves market is therefore expected to hold 44.4% of the overall market by the end of 2024.
Economic growth witnessed in major emerging economies, besides China’s transition from manufacturer of low technology valves to a producer of myriad high-performing technology products has been of great support to the Asia Pacific marine actuators and valves market. The development witnessed in the regional market is also spurred by the growth witnessed in the Chinese nuclear industry.
North America has emerged as the second leading market for marine actuators and valves. Growth witnessed in the region is augmented by its existing sophisticated industrial infrastructure.
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