Naval Actuator Market Demand, In-depth Analysis And Estimated Forecast Till 2030
The global naval actuator market size will witness an appreciable gain on the back of rising marine activities and soaring demand for naval vessels. Prominently, the introduction of state-of-the-art naval systems and increased penetration of surface combatants will bode well for the industry growth. End-users will continue to exhibit demand for technologically advanced integrated combat systems. Fortune Business Insights™ has delved into these inputs in an upcoming research report, titled, “Naval Actuator Market, 2023-2030.”
Supply Chain Bottleneck Hindered Maritime Trade
The COVID-19 pandemic has had a massive setback on the marine sector owing to the standstill of cargos. Some of the challenges, such as port closure, reduced demand for cargo and bankruptcy (several maritime companies got bankrupt), did not bode well for the industry outlook. Amidst the knock-on effects of the COVID-19 crisis, robust demand from the defense sector could provide resilience to naval actuator manufacturers and suppliers.
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Linear Motion Actuator to Remain Dominant with Rising Need for Accuracy
Based on the type, the market is segregated into mechanical, hydraulic, electrical, pneumatic, electromechanical and hybrid. With respect to platform, the industry is fragmented into commercial, defense and aftermarket. In terms of motion, the market is segmented into rotary and linear. On the basis of installation, the industry is fragmented into combat system, radar, fuel system, power generation and distribution system, steering system and others. With respect to material type, the industry covers alloy-based, aluminum, stainless steel and others. From the regional perspective, the market is segmented into Europe, North America, Asia Pacific and the Rest of the World.
Stakeholders expect the linear motion actuator to account for a notable share of the global market owing to the need for increased controllability and accuracy.
The research report delves into industry dynamics, such as drivers, opportunities, restraints and trends. The primary sources validate findings and assumptions and provide a 360-degree global market perspective. The report also includes secondary resources, including annual reports, press releases, journals and white papers. Moreover, qualitative and quantitative assessments have provided a granular view of the market.
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Drivers and Restraints-
Bullish Demand for Naval Vessels to Propel Industry Growth
Industry players are likely to explore lucrative opportunities in the defense sector, largely due to surging demand for surface combatants and naval vessels. It is worth noting that modernization and expansion of fleet across the U.K., U.S., China and India could add fillip to naval actuator market growth. According to the U.S. Congressional Research Service report, China will build the Type 093B guided-missile nuclear attack submarine by the mid-2020s. Prominently, the U.S. Navy has reportedly shifted a large percentage of its fleet to the Pacific. With naval modernization efforts gaining ground, industry players are touted to expand their footprint across the untapped areas.
That said, the need for continuous monitoring, along with rigorous government regulations, could dent the industry growth.
North America to Witness Investments Galore with Rising Presence of Leading Players
Industry players are likely to explore opportunities across the U.S. and Canada on the back of bullish investments in the defense sector. For instance, in May 2021, The Pentagon was reported to have sought USD 34.6 billion to expand and modernize the U.S. Navy’s battle force fleet. It is worth noting that the presence of leading players will provide impetus to regional growth.
Stakeholders expect Asia Pacific naval actuator market share to grow at a pronounced rate during the assessment period, largely due to bullish investments in the defense sector. Rising seaborne trade, as well as the expansion of the navy fleet across China, India, Australia and Japan, will foster the regional market. Industry players will continue to invest in the advancements of battle systems.
Stakeholders Focus on Product Launches to Bolster Portfolios
Leading companies are likely to invest in technological advancements, product rollouts and R&D activities to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
- October 2020: Moog Industrial Group announced the launch of a new Modular EAS System to boost the variability and scalability of Naval manufacturing machinery.
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Some of the Leading Companies Profiled in the Market:
- Wartsila (Finland)
- Honeywell Corporations (U.S.)
- Moog (U.S.)
- Curtiss-Wright Corporation (U.S.)
- Rotork Plc (U.K.)
- Huntington Ingalls Industries(U.S.)
- Burkert Fluid Control Systems(Germany)
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