Marine Actuators and Valves Market Growth Opportunities

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The Marine Actuators And Valves Global Market Report 2023 by The Business Research Company, provides marine actuators and valves market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/marine-actuators-and-valves-global-market-report

According to The Business Research Company’s Marine Actuators And Valves Global Market Report 2023, the global marine actuators and valves market size is expected to grow from $3.26 billion in 2022 to $3.48 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global marine actuators and valves market size is expected to reach $4.33 billion in 2027 at a CAGR of 5.6%.

The increased global seaborne trade is expected to propel the growth of the marine actuators and valves market going forward. Seaborne trade refers to transporting goods by sea between different countries or regions and measures the dispatched goods and loaded goods. Marine actuators and valves play a crucial role in ships’ safe and efficient operation by regulating the pressure flow of fluids in different kinds of systems on ships and converting energy into control motion to stop or hold any object on the ship.

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The marine actuators and valves market is segmented:

1) By Product: Valves, Actuators

2) By Material: Stainless Steel, Aluminum, Alloy-Based, Other Materials

3) By Mechanism: Pneumatic, Hydraulic, Electric, Hybrid, Mechanical, Manual

4) By Application: Defense, Commercial

5) By End User: Original Equipment Manufacturer (OEM), Aftermarket

Emerging technologies are a key trend gaining popularity in the marine actuators and valves market. Companies operating in the marine actuators and valves market are adopting new technologies to sustain their position in the market. For instance, in June 2022, W&O Supply, a US-based maritime fittings provider, launched the digital marine valve management service that is integrated with radio frequency identification technology (RFID). This technology helps the operators to identify the information about various valves they have on their boards and enables them to avoid any delayed operations.

The marine actuators and valves market report table of contents includes: