Albany, NY -- (SBWIRE) -- 10/04/2017 -- 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.
High Electricity Usage by Pneumatic Actuators to Hinder Growth
While technological developments are deemed essential, there are a few basic parameters that has continued holding importance. Factors such as energy-efficiency have thus emerged as a key determinant of success for any latest technologies. Considering this, the pneumatic actuators fall short in terms of energy-efficiency, which could have an adverse impact on the overall market. Pneumatic actuators frequently waste energy by supplying higher pressure than what is needed by an actuator. "Such high electricity usage makes users reluctant to opt pneumatic actuators, thus negatively impacting the overall marine actuators and valves market," said a lead TMR analyst.
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Rising Investment in Oil and Gas Sector Offers Lucrative Growth Opportunities
"The rising investment in the oil and gas sector holds considerable market opportunities," said the TMR analyst. The increased production and consumption levels worldwide has boosted the marine transport. As marine transport incurs low cost and is environmentally friendly, it is preferred globally, which adds to the number of tankers, off-shore vessels, and special purpose vessels. These again are considered ideal for oil and gas transport. Rise in oil and gas production and consumption will thus fuel the demand for marine transport, subsequently creating sales prospects for marine actuators and valves manufacturers.