The maritime valves and actuators market is predicted to grow at a CAGR of 4.5% over the forecast period, from a valuation of US$ 3.7 Bn in 2022 to US$ 5.8 Bn in 2032.
The market share for marine valves and actuators has expanded globally thanks to quickening globalization, expanding marine industry demand, and a large rise in international trade.
Additionally, the sales of maritime valves and actuators are rising as a result of growing global trade. As a result, there is a sharp increase in demand for marine valves and actuators.
As a result of recent technical breakthroughs, the maritime industry is expected to use more modern valves and actuators, which will increase the demand for marine valves and actuators.
• With a projected CAGR of 5.2% through 2032, the valves category is expected to lead the marine valves and actuators market.
• With a CAGR of 5.0% through 2032, the passenger ships and ferries segment is predicted to dominate the marine valves and actuators market by vessel type.
• The Asia Pacific is anticipated to dominate the global market for marine valves and actuators throughout forecasting.
Increased maritime traffic has resulted from the Asia Pacific (APAC) region’s rapid economic growth and expansion of the shipbuilding industries in recent years. The growth of seaborne trade has led to a rise in demand for ships that transport manufactured goods across the globe.
The leading companies in the maritime valves and actuators market are Emerson Electric Co., Flowserve Corporation, Honeywell International Inc., KITZ Corporation, and Rotork Plc.
These businesses have employed several growth strategies, such as acquisitions, expansions, the introduction of new products, partnerships, and collaborations, to further strengthen their position in the maritime valves and actuators market.