Naval Actuators and Valves Market Size, Share, Growth, Trends and Analysis

The global naval actuators and valves market size was valued at USD 2.69 billion in 2022. The market 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. Rising sea trading activity is the key factor attributing to market expansion. Naval valves are used on ships to control fluid flow. The rising demand of naval fleet by armed forces and growing adoption of advanced naval vessels worldwide are also contributing to market proliferation. This information is provided by Fortune Business Insights, in its report titled, “Naval Actuators and Valves Market Size, Share and Forecast 2023-2030.”

List of Key Players Mentioned in the 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.)

Imfprmation Source:

https://www.fortunebusinessinsights.com/naval-actuator-market-105554

Segments:

Others Segment to Expand Backed by Surging Demand and Procurement of Naval Ships

Based on platform, the market is split into aircraft carriers, destroyers, frigates, corvettes, offshore patrol vehicles, and others. The others segment captured the largest market share in 2022. The others segment includes large surface combatant, amphibious warships, small surface combatant, support vessel, and combat logistics force. The surging demand and procurement of these naval ships is attributing to segment growth.

Linear Actuators to Dominate due to their Easy-to-Use Nature and Reliability

According to type, the market is divided into linear actuators and rotary actuators. The linear actuators dominated the market in 2022. Linear actuators need little effort to operate and they are constructed in a simple manner making them ideal for several applications. This is adding to their demand and segment expansion.

Increased Operations 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 captured a major share in 2022 and is expected to dominate in the forthcoming years. Carrier flight deck operations are built into many cargo and naval ships and require valve and actuator support to function properly thus aiding segment proliferation.

Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.

Report Coverage:

The report entails valuable insights into factors impacting market growth and valuation. The market is studied exhaustively by splitting it into regions and segments. Market share, growth rate, profit margins, and valuation of each region and segment are also given. The impact of Russia-Ukraine war is studied extensively and solutions are provided to combat its impact on the global market. Strategic moves such as partnerships, collaborations, and mergers and acquisitions undertaken by industry leaders are documented as well.

Drivers and Restraints:

Growing Demand for Naval Fleet by Armed Forces to Drive Market Growth

Owing to the major changes in the international strategic landscape, the configuration of the international security system has been severely affected by the rising unilateralism, hegemonies, and power politics that fueled several ongoing global conflicts. Military powerhouses, such as the U.K., the U.S., China, and India, have been focused on enhancing their naval firepower and modernizing their fleet through procurement contracts to address the threats to national security.

For instance, in March 2019, the U.S. announced its plans to achieve a proposed 355-ship fleet. The new plans outlined an approximate annual expenditure of USD 40 million for fleet maintenance. According to its 30-year shipbuilding plan, the country aims to procure 55 new ships to achieve an effective fleet-size of 314 ships by 2024. These factors are boosting product demand and contributing to the naval actuators and valves market growth.

On the other hand, maintenance backlogs negatively affect the operational readiness of fleets, thereby decreasing the number of effective hours and hindering market proliferation.

Regional Insights:

North America to Dominate Due to Rising Investments in Naval Forces

North America captured majority of the naval actuators and valves market share in 2022 owing to growing manufacturing of defense and cargo ships, rising reliance on domestic and international maritime transport, and soaring investments in naval forces.

Asia Pacific is projected to grow significantly in the forthcoming years backed by the extensive usage of maritime transport for trade and the growing need for efficient maritime transport in the region.

The Europe market is projected to showcase moderate growth in the forecast period due to surging demand for commercial and naval ships from countries such as France, the U.K., and Germany. Many leading manufacturers in this region are focused on developing advanced autonomous naval actuators and valves with improved capabilities and lower costs, thus supporting regional market expansion.

Competitive Landscape:

Leading Companies are Signing Supply Deals to Earn Higher Revenues

Industry leaders are engaging in smart decisions, such as partnerships, mergers, and acquisitions, to earn higher revenues and hold a dominant share in the market. For instance, in May 2020, CIRCOR International was awarded six contracts to supply ball valves for the Block V of the US Navy's Virginia class subnaval program. Under the USD 18 million contract, six of the naval actuators and valves will be delivered over the next three years.

Key Industry Development:

In November 2022, Elettronica secured its first-ever contract in Indonesia, marking a significant milestone in the company's 70-year history as a global leader in electronic warfare. Under the agreement, Elettronica will supply its advanced Electronic Radar Countermeasure System for two 90-meter offshore patrol vessels currently being built for the Indonesian Navy at the PT Daya Radar Utama shipyard. The Indonesian shipyard also plans to construct additional vessels of the same class for the Navy, further strengthening the nation's maritime patrol capabilities.