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


Posted March 31, 2021 by shrushtig

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.
 
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
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.
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.
Asia Pacific region dominated the global marine actuators and valves market in 2019, accounting for 42.1% share in terms of value, followed by North America and Europe respectively.
Get HOLISTIC Request Sample Copy:
https://www.coherentmarketinsights.com/insight/request-sample/3724
Market Dynamics- Restraint
Low energy efficiency of pneumatic actuators is expected to hamper the global marine actuators and valves market growth over the forecast period
Pneumatic actuator systems frequently waste energy by supplying higher pressure than actuator needs. Furthermore, the loss of fluid in pneumatic actuators leads to loss of efficiency. The cost of electricity for pneumatic actuators is US$ 0.10 kilowatt-hour. Moreover, pressure losses and compressibility make pneumatic actuators less efficient than other linear-motion methods. As a result of this, pneumatic actuators consume a vast amount of electricity, making users reluctant to adopt these types of actuators. Hence, these factors are expected to hamper the global marine actuator and valves market growth over the forecast period.
Presence of stringent regulatory policies are expected to restrain growth of the global marine actuators and valves market during the forecast period
Since marine actuators and valves are always subjected to harsh environments such as vibration, temperature, and salt spray, it is crucial for these components to comply with regulatory policies. Many vendors are focused on meeting these norms, however, it becomes challenging for small and middle-sized organizations to comply with these policies due to low profit-margin. Thus, these factors are expected to restrain growth of the market in the near future.
Market Opportunities
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.
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.
Buy This Business Report: https://www.coherentmarketinsights.com/insight/buy-now/3724
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Name: Mr. Shah
Phone: US +12067016702 / UK +4402081334027
Email: [email protected]
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Coherent Market Insights
Phone 2067016702
Business Address 1001 4th Ave, #3200 ,
Country United States
Categories Biotech , Blogging , Computers
Tags marine actuators and valves market outlook , marine actuators and valves market share , marine actuators and valves market size
Last Updated March 31, 2021