Market Dynamics:
The increasing trade volume through sea routes is estimated to drive the growth of the marine actuators and valves market over the forecast period. According to the United Nations Conference on Trade and Development statistics, the total seaborne trade increased from 10.6 billion tons in 2015 to 11.2 billion tons in 2018. Moreover, growing maritime tourism is also augmenting the demand for new ships, which in turn is estimated to propel the growth of marine actuators and valves market. However, fluctuating raw material prices may restrain the market growth. Growing demand for LNG fueled ships owing to stringent environmental regulations will create lucrative opportunities for market players during the forecast period.

Key Takeaways

The Global Marine Actuators And Valves Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing investments in offshore oil & gas exploration projects. Rising volume of seaborne trade fuels the demand for new marine vessels supporting market growth.

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