Marine Actuators and Valves Market driven by growing marine vessel fleet
Growing fleet of merchant and naval ships as well as offshore oil rigs globally is a key factor driving demand for Marine Actuators And Valves Market Size. The total number of commercial ships in operation grew at a CAGR of over 3% between 2010-2020 to over 52,000 vessels as of 2020. Similarly, the number of offshore oil rigs worldwide grew to over 600 units in 2019 from around 450 in 2010 reflecting increased offshore E&P activities.
Europe is projected to witness the fastest growth in the marine actuators and valves market during the forecast period. This can be attributed to rising investments by European Union to upgrade port infrastructure as well as replacement of aging fleet. The region's robust marine research activities are also supporting growth. Furthermore, recovery of regional cruise industry post pandemic will further accelerate valve and actuator demand from new ship builds over the coming years.
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