Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global naval actuators and valves market size was valued at USD 2.69 billion in 2022 and is projected to grow from USD 2.55 billion in 2023 to USD 3.80 billion by 2030, exhibiting a CAGR of 5.84% during the forecast period. Naval actuators and valves are used in a wide variety of naval systems, including auxiliary systems, safety systems, and navigation systems. Naval valves are used to direct, control, and regulate the flow of various types of steam, liquids, gas, and all fluids. Different valve types are used depending on the customer's specific application. These valves are fitted with actuators that monitor flow and pressure. This information is provided by Fortune Business Insights, in its report titled, “Naval Actuators and Valves Market, 2023-2030.”
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List of Key Players Profiled in the Naval Actuators and Valves Market Report:
- MOOG Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- Rotork plc (U.K.)
- Emerson Electric Co. (U.S.)
- Curtiss Wright Corporation (U.S.)
- Wartsila (Finland)
- Rockwell Automation, Inc. (U.S.)
- Woodward, Inc (U.S.)
- Flowserve Corporation (U.S.)
- Schlumberger Ltd (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.84% |
| 2030 Value Projection | USD 3.80 Billion |
| Market Size in 2023 | USD 2.55 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Naval Actuators and Valves Market Growth Drivers | Increased Adoption of Advanced Naval Vessels around the World to Aid Market Expansion |
| Surging Demand for Naval Fleet by Armed Forces to Drive Market Growth |
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https://www.fortunebusinessinsights.com/naval-actuator-market-105554
Segments:
Others Segment to Dominate Due to Growing Demand and Procurement of Naval Ships
As per platform, the market is arrayed into aircraft carriers, destroyers, frigates, corvettes, offshore patrol vehicles, and others. The others segment held the significant naval actuators and valves market share in 2022. The others segment includes large surface combatant, amphibious warships, small surface combatant, support vessel, and combat logistics force. The growing demand and procurement of these naval ships is leading to the segment growth.
Linear Actuators Segment to Lead Backed by their Reliability and Simplicity
According to type, the market is divided into linear actuators and rotary actuators. The linear actuators segment dominated the market in 2022. Linear actuators are easy to operate and are constructed in a simple manner, making them ideal for several applications. This is contributing to their demand and driving the segment proliferation.
High Demand for Carrier Flight Deck Operations to Drive Segment Expansion
By application, the market is arrayed into propulsion system valve control, weapon handling & release system, carrier flight deck operations, radar deployment operations, navigation system, and others. The carrier flight deck operations segment led the market in 2022 and is projected to grow in the forthcoming years. Carrier flight deck operations are built into many cargo and naval ships and require naval valves and actuators support to function properly, thus boosting segment growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
Russia-Ukraine War Impact:
War Impacted the Shipping Industry Affecting the Market Growth
The Russia Ukraine war impacted the shipping sector of Ukraine. Closure of ports led to disruptions in the supply chains in Europe. This led to food crisis due to lack of maritime logistics and connectivity.
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Report Coverage:
The report makes inclusion of:
- Drivers, restraints, threats, and challenges affecting market trends
- List of key industry players
- Key developments undertaken by leading companies to boost profits
- Impact of Russia-Ukraine war on market valuation and growth
- Crucial insights into growth trends of each segment and region.
Drivers and Restraints:
Rising Adoption of Advanced Naval Vessels Worldwide to Boost Market Proliferation
Naval actuators and valves are extensively used in naval vessels to efficiently operate in a variety of systems aboard ships such as navigation system, weapon release system, and hydraulic system. Moreover, rising focus on research and development along with government support is also attributing to the naval actuators and valves market growth.
- In April 2020, Kratos Defense and Security Solutions, Inc., a leading national security solutions provider, announced that its Kratos Unmanned Systems Division (KUSD) has been selected to participate in an open-ended, multi-entry contract. With a maximum contract amount of USD 982.1 million for all of its IDIQ-MAC orders, the government aims to maintain, support, and modernize USV subsystems and systems to meet the Program Executive Agency's future and current unmanned maritime systems operational requirements.
On the other hand, high maintenance costs and delays in maintenance will pose as challenges for businesses operating in this domain.
Regional Insights:
North America to Hold Largest Share Backed by Rising Reliance on Maritime Transport
North America is anticipated to dominate the market from 2023 to 2030. The major factors behind the market growth in North America are increasing manufacturing of defense and merchant and cargo ships, growing reliance on domestic and international maritime transport, and investment in naval forces.
Moreover, Asia Pacific is expected to be the fastest growing region in the market during the forecast period. The use of maritime transport for trade and the need for efficient maritime transport are factors driving the market in Asia Pacific.
The Europe market is expected to grow moderately due to increasing demand for commercial and naval ships in countries such as the U.K., France, and Germany. Most companies operating in the region are focused on developing low-cost, advanced autonomous actuators and valves with advanced capabilities.
Competitive Landscape:
Contracts between Industry Leaders to Propel Market Augmentation
Tactical developments are often used by leading players to earn higher profits and revenues and improve geographical reach. For instance, in April 2022, Triumph was awarded a multi-year contract to manufacture control systems and actuators for the U.S. Navy's Jammer Mid-Band (NGJ-MB) pods. The contract, signed by Raytheon Intelligence & Space, covers the production needs of Low-Rate Initial Production (LRIP) Lot I and II.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of Russia-Ukraine on Global Naval Actuators and Valves
- Global Naval Actuators and Valves Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Platform
- Aircraft Carriers
- Destroyers
- Frigates
- Corvettes
- Offshore Patrol Vehicles
- Others
- Market Analysis, Insights and Forecast – By Type
- Linear Actuators
- Rotary Actuators
- Market Analysis, Insights and Forecast – By Application
- Valves & Actuation
- Propulsion System Valve Control
- Weapon Handling & Release System
- Carrier Flight Deck Operations
- Radar Deployment Operations
- Navigation System
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Naval Actuators and Valves Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Platform
- Aircraft Carriers
- Destroyers
- Frigates
- Corvettes
- Offshore Patrol Vehicles
- Others
- Market Analysis, Insights and Forecast – By Type
- Linear Actuators
- Rotary Actuators
- Market Analysis, Insights and Forecast – By Application
- Valves & Actuation
- Propulsion System Valve Control
- Weapon Handling & Release System
- Carrier Flight Deck Operations
- Radar Deployment Operations
- Navigation System
- Others
- Market Analysis – By Country
- U.S
- Market Analysis, Insights and Forecast – By Application
- Valves & Actuation
- Propulsion System Valve Control
- Weapon Handling & Release System
- Carrier Flight Deck Operations
- Radar Deployment Operations
- Navigation System
- Others
- Market Analysis, Insights and Forecast – By Application
- Canada
- Market Analysis, Insights and Forecast – By Application
- Valves & Actuation
- Propulsion System Valve Control
- Weapon Handling & Release System
- Carrier Flight Deck Operations
- Radar Deployment Operations
- Navigation System
- Others
- Market Analysis, Insights and Forecast – By Application
- U.S
- Market Analysis, Insights and Forecast – By Platform
TOC Continued...!
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Key Industry Development:
November 2022: Elettronica recently signed a contract to equip two Indonesian Navy 90m offshore patrol vessels with the Navy's Electronic Radar Countermeasure System. An Indonesian shipyard plans to build more of her 90-meter maritime patrol ships for the navy.
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