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Increasing Sales of Marine Vessels to Catapult Demand for Marine Valves and Actuators at 4.5% CAGR through 2032
NEW YORK , June 9, 2022 /PRNewswire/ -- Total sales in the global marine valves and actuators market are estimated to total US$ 3.7 Bn by 2022. The demand for marine valves and actuators is expected to exceed US$ 5.8 Bn by the end of 2032, in comparison to the US$ 3.5 Bn registered in 2021.
On account of growing technological advancements and the introduction of advanced marine valves and actuators, the market is projected to exhibit growth at a CAGR of 4.5% during the forecast period 2022-2032.
With growing expenditure on leisure & recreational activities, a swift rise in sales of marine vessels such as cruise ships, boats, ferries, and yachts is being witnessed worldwide. For instance, according to the National Marine Manufacturers Association, in 2020, around 329,000 boats were sold across the U.S., exhibiting 13% more sales than in 2019.
As marine valves and actuators are extensively used in marine vessels, growing sales of marine automobiles are projected to create opportunities for growth in the market.
There is a rapid surge in international trade activities owing to rising globalization. Manufacturers are consumers are adopting sea routes for trading, on account of its relatively low cost compared to other modes.
For instance, according to the United Nations Conference on Trade & Development (UNCTAD), over 80% of international trade in goods was carried out via sea routes in terms of volume. As marine valves and actuators play a vital role in loading and offloading of liquid goods, rising seaborne trade activities are estimated to bolster sales in the market.
Key manufacturers operating in marine valves and actuators market are developing more advanced solution to increase their revenue in the market. Some players are focusing on adopting inorganic growth strategies such as collaboration, mergers and acquisitions to expand their business in the global market.
For instance,
A recent survey conducted by Fact.MR offers a 360-degree view of the global marine valves and actuators market for the assessment period of 2022 to 2032. The study also provides insights into key factors influencing sales in marine valves and actuators market through detailed segmentation as follows:
Growing investments in the defense and submarine industry across various countries for automating a variety of processes are expected to positively impact the growth in the submarine AIP system market. In addition to this, increasing sales of submarines for marine biology, discovery, and commercial applications will spur demand in the market.
Over the past few years, there has been a substantial rise in seaborne trade activities, which in turn, is increasing the volume of the marine fleet. In addition to this, rising marine sports activities, such as boat racing are propelling sales of marine turbochargers worldwide.
Growing demand for yachts, ferries, cruise, and recreational boats is augmenting sales of marine wheel bearing in the global market. Attributed to this, the global marine wheel bearing market is estimated exhibit robust growth during the forecast period.
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