Marine Actuators and Valves Global Market Opportunities and Strategies to 2033

This report describes and explains the marine actuators and valves market and covers 2018-2023, termed the historic period and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global marine actuators and valves market reached a value of nearly $3.48 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.4% since 2018. The market is expected to grow from $3.48 billion in 2023 to $4.44 billion in 2028 at a rate of 5%. The market is then expected to grow at a CAGR of 5.5% from 2028 and reach $5.81 billion in 2033.

Growth in the historic period resulted from the increase in seaborne trade, increasing adoption of cloud-based marine management solutions, increase in industrial manufacturing and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period include volatile raw material prices.

Going forward, the increasing defense expenditure, growth in shipbuilding activities, increasing construction of new ports and rising urbanization will drive the market. Factors that could hinder the growth of the marine actuators and valves market in the future include stringent laws and regulations.

The marine actuators and valves market is segmented by product into valves and actuators. The valves market was the largest segment of the marine actuators and valves market segmented by product, accounting for 78.5% or $2.73 billion of the total in 2023. Going forward, the actuators segment is expected to be the fastest growing segment in the marine actuators and valves market segmented by product, at a CAGR of 5.2% during 2023-2028.

The marine actuators and valves market is segmented by application into defense and commercial. The commercial market was the largest segment of the marine actuators and valves market segmented by application, accounting for 75% or $2.61 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the marine actuators and valves market segmented by application, at a CAGR of 5.1% during 2023-2028.

The marine actuators and valves market is segmented by end user into original equipment manufacturer (OEM) and aftermarket. The original equipment manufacturer (OEM) market was the largest segment of the marine actuators and valves market segmented by end user, accounting for 63.7% or $2.21 billion of the total in 2023. Going forward, the aftermarket segment is expected to be the fastest growing segment in the marine actuators and valves market segmented by end user, at a CAGR of 5.4% during 2023-2028.

The marine actuators and valves market is segmented by material into stainless steel, aluminum, alloy-based and other materials. The stainless steel market was the largest segment of the marine actuators and valves market segmented by material, accounting for 59.9% or $2.08 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the marine actuators and valves market segmented by material, at a CAGR of 5.3% during 2023-2028.

The marine actuators and valves market is segmented by mechanism into pneumatic, hydraulic, electric, hybrid, mechanical and manual. The electric market was the largest segment of the marine actuators and valves market segmented by mechanism, accounting for 33.3% or $249.1 million of the total in 2023. Going forward, it is expected to be the fastest growing segment in the marine actuators and valves market segmented by mechanism, at a CAGR of 6% during 2023-2028.

Asia-Pacific was the largest region in the marine actuators and valves market, accounting for 39.3% or $1.36 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the marine actuators and valves market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 5.5% and 5.1% respectively. These will be followed by North America and Eastern Europe, where the markets are expected to grow at CAGRs of 4.8% and 4.5% respectively.

The global marine actuators and valves market is fairly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 30.2% of the total market in 2022. Honeywell International Inc. was the largest competitor with an 8.5% share of the market, followed by Weir Group PLC with 8.2%, Schlumberger NV with 3.5%, Emerson Electric Co. with 3.3%, Rotork plc with 1.8%, Flowserve Corporation with 1.6%, KITZ Corporation with 1.4%, Moog Inc. with 0.7%, IMI Plc. with 0.6% and Samson AG with 0.5%.

The top opportunities in the marine actuators and valves market segmented by product will arise in the valves segment, which will gain $750.6 million of global annual sales by 2028. The top opportunities in the marine actuators and valves market segmented by application will arise in the commercial segment, which will gain $742.2 million of global annual sales by 2028. The top opportunities in the marine actuators and valves market segmented by end user will arise in the original equipment manufacturer (OEM) segment, which will gain $585.8 million of global annual sales by 2028. The top opportunities in the marine actuators and valves market segmented by material will arise in the stainless steel segment, which will gain $610.8 million of global annual sales by 2028. The top opportunities in the marine actuators and valves market segmented by mechanism will arise in the electric segment, which will gain $84.8 million of global annual sales by 2028. The marine actuators and valves market size will gain the most in China at $262.1 million.

Market-trend-based strategies for the marine actuators and valves market include use of analytics technologies in marine actuators and valves, focus on advanced product development to drive performance enhancement, adoption of digitalization and mobile technology and introduction of next-generation pneumatic actuators for industrial valve automation.

Player-adopted strategies in the marine actuators and valves market include expanding business expertise through strategic acquisitions, expanding manufacturing capabilities through new product developments and enhancing business capabilities through new product launches.

To take advantage of the opportunities, the analyst recommends the marine actuators and valves companies to focus on enhancing analytics solutions for predictive maintenance, focus on product innovation for enhanced performance, focus on leveraging mobile technology for operational efficiency, focus on innovation in next-generation pneumatic actuators, focus on valves segment growth, expand in emerging markets, continue to focus on developed markets, focus on diversifying distribution channels, focus on strategic pricing for marine actuators and valves, participate in industry-specific trade shows, conferences and exhibitions, continue to use B2B promotions, focus on targeting aftermarket end-users and focus on commercial segment.