According to Stratistics MRC, the “Global Marine Actuators Market” is accounted for $3.00 billion in 2018 and is expected to reach $5.38 billion by 2027 growing at a CAGR of 6.7% during the forecast period. Technological developments, and increasing population are the major factors propelling the market growth. However, factors such as competitive standards of pricing, and the ability of the suppliers to meet the requirements of the consumer are hampering the market growth.
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Marine actuators are the components installed in the marine vessels for their propercontrol and smooth working. Actuators are the devices which are used to convert different formsof energy into mechanical motion. These motions are used to actuate different control system within a marine vessel. 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
Opportunity: Rapid investments in the oil and gas sector would provide ample opportunities for the market growth.
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.
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Driver: Growing preference for electric actuators is driving the market growth.
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.
Europe region is anticipated to hold considerable market share during the forecast period:
By geography, the Europe region is anticipated to hold considerable market share during the forecast period. Europe is projected to grow at a significant rate during the forecast period due to the rise in the deliveries of commercial vessels such as ferries, yachts, containers, and bulk carriers, among others. The shipbuilding industry in Europe constructs complex marine vessels, such as cruise ships, ferries, yachts, submarines, and dredgers, and holds a strong position in the international market. Moreover, the marine equipment industry in Europe offers a wide range of products/ship components that include propulsion systems, diesel engines, environmental safety systems, cargo handling systems, and related electronic products. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the development of the marine actuator and marine valves market in the region.
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Some of the key players profiled in the Marine Actuators Market include AVK Group, Brkert Fluid Control Systems, Curtiss-Wright Corporation, Diakont, Emerson, Flowserve Corporation, Honeywell International Inc., Hunt Valve, IMI PLC., KITZ Corporation, Rockwell Automation, Rotork, Schlumberger, Ultra Motion, and Woodward.
Honeywell International Inc: In March 2018, Honeywell completed two technology-oriented acquisitions with Transnorm (Germany) and Ortloff Engineers, Ltd. (US), which amounted to more than USD 500 million. Acquisition of Transnorm is aimed to enhance warehouse automation platforms and achieve a foothold in the European market. The acquisition of Ortloff is aimed to develop highly proprietary technology that enables maximum separation of gas liquids and gas.
Emerson: In November 2018, Emerson opened a new facility in Jukjeon, Korea, to serve its Emerson Automation Solutions to customers in Korea. This expansion is likely to help Emerson to meet the growing demand for its products from the customers in the refining, chemicals, marine, power, oil & gas, commercial, and residential markets.
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