Marine Actuators and Valves Market By New Business Developments, Innovations, And Top Companies

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.

Some of the other prominent names in the global marine actuators and valves market are Tyco International Ltd., Honeywell International Inc., Emerson Electric Co., and Flowserve Corporation. These companies also constitute the top four market players. Overall, the global marine actuators and valves market is projected to reach US$4.43 bn by the end of 2025. In 2016, the market stood at US$2.64 bn. If these figures hold true, the global marine actuators and valves market will exhibit a CAGR of 5.9% between 2017 and 2025.

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Based on type, the overall market can be bifurcated into actuator and valves. Of these, valves held the larger share in the market, however, over the course of the forecast period, the actuator segment is expected to report a higher CAGR of 6.4%. Regionally, North America, Europe, Asia Pacific, South America, and the Middle East and Africa are the key market segments. Among these regions, Asia Pacific held the largest share in the market in 2016. By the end of 2024, market share held by Asia Pacific is likely to reach 44.4%.

Rise in International Trade to Enable Growth

The marine actuators and valves market is tremendously gaining from the globalization witness worldwide, which in turn has positively fuelled international trade between countries. Shipping is a popular mode of transportation for international trade as it is cost-effective and allows transporting materials in bulk. Furthermore, it is more carbon-efficient compared to other modes including roads and railways. The rising international trade will therefore steer market forces in favor of marine actuators and valves manufacturers.

Considering the latest developments in the transport industry, automation is preferred more. Besides this, a persistent demand for advancements is observed to enable high performance, cost-effectiveness, and reduced environmental impact. The marine industry is no different and has in the past few years shown rising inclination towards the latest developments. The latest technological advancements in marine actuators and valves will therefore act in favor by fuelling their sales prospects.