October 17, 2023 09:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The United States electrical naval actuators market size was worth USD 738.4 million in 2022 and is projected to rise from USD 735.9 million in 2023 to USD 816.0 million by 2030 at a 1.49% CAGR during the forecast period. Piston Valve Working
An actuator for a naval ship is a mechanical component that moves and is used to control a system on a ship. This mechanical component is externally fueled by an energy source, which transforms this energy into linear actuators and rotational actuators with controlled motion. Either linear to rotary or rotary to linear control motion is possible. As they are the greatest option for handling passages, hatches, watertight, and fire doors properly, electric linear actuators provide several benefits for the marine industry.
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Russia-Ukraine War Scenario Bolstered Market Outlook
The U.S. Navy has reorganized its naval deployment in light of the Russia-Ukraine Conflict, placing particular attention on that conflict as well as NATO naval fleets' postures in response to Russian aggression. From March 2022, NATO naval fleets, carrier groups, and the U.S. Navy have been deployed as part of a counter-offensive deployment to lessen the Russian invasion of Ukraine. The U.S. has sent out two CSGs, the USS Harry S. Truman and USS George H. W. Bush, together with four Arleigh Burke Class Aegis-based destroyers (Carrier Strike Groups). According to the U.S. Navy Shipbuilding Plan, the U.S. Navy has prioritized its shipbuilding plan for the ensuing 30 years. These factors will augment the market growth.
Market Experienced Brief Roadblocks owing to Temporary Shutdowns
In addition, a number of production plants were shut down for a limited time to stop the spread of COVID-19. Supply chains are disrupted and productivity is low. Due to the low output and supply chain disruption, this aspect led to a slow year-over-year growth rate, primarily between 2020 and 2022. Nonetheless, military spending in the U.S. grew in 2020 and 2021. The Stockholm International Peace Research Institute (SIPRI) conducted a study that found that worldwide military spending climbed by 2.6% in 2020, reaching USD 1,981 billion. Having fewer naval operations had a positive knock-on effect on shipbuilding, maintenance backlogs, and demand for electrical naval actuators.
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Others Segment to Capture Maximum Market Share through 2030 Due to High Demand for Various Naval Vessels
The market is divided into aircraft carriers, destroyers, frigates, corvettes/Littoral Combat Ships (LCS), submarines, offshore patrol ships, and others, by platform. From 2023 to 2030, it is anticipated that the others segment would hold the biggest market share. Amphibious warships, big and small surface combatants, combat logistics units, and support ships are all included in this segment.
Rotary Actuators Segment to Hold Major Market Share Owing to Various Benefits
The market is divided based on type into linear actuators and rotary actuators. Depending on the kind of actuation, many actuators are employed in naval applications. In terms of revenue, rotary actuators will dominate the U.S. electrical naval actuators market share by 2030 as they are used in various applications such as fast operation and more reliable.
Radar Deployment Operations to Have Fastest Growth Due to Maximum Demand For Precision Radars
Valves & actuation, propulsion system valve control, weapons handling & release system, carrier flight deck operations, radar deployment operations, navigation systems, and others make up the market share by application. The radar deployment operations segment will rise at the fastest CAGR from 2023 to 2030 due to increasing demand for precision radars.
Electro-Mechanical Actuators to Led Due to Their High Demand
According to system, the market is segmented into electrical actuators, electro-mechanical actuators, electrohydraulic actuators, and others. Electro-mechanical actuators segment held largest share in 2022 owing to their high demand.
Drives Segment Holds the largest Share as They Are Highly Used in Modern Naval Ships
By component, the market is segmented into cylinders, drives, servo valves, manifolds, and others. Drives segment holds the largest share as they are used in slow two-stroke drives, crosshead engines, or medium-speed four-stroke hull engines in modern naval ships.
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Long-term Supply Contracts to Foster Market Development
According to the U.S. Navy, Moog Inc. was given a contract of USD 33.8 million to supply more than 1,000 naval actuators for the Virginia Class submarines of the next generation. The deal is a component of General Dynamics Electric Boats' long-term Block IV plan, which the company and Newport News Shipyard are aiming to complete by 2023. Throughout the forecast period, it is anticipated that this development is expected to boost the U.S. electrical naval actuators market growth. Country Insights
Increase in the Navy Budget to Drive Market Growth
The budget for U.S. Navy was worth USD 205.6 billion in the year 2020 which was 5.08% more than 2019. In 2018, the country increased its share of total arms exports to 36% in the global arm sales, compared to 2014.
Key Players Focus on Product Innovation to Gain Competitive Advantage
MOOG Inc., Honeywell International Inc., Emerson Electric Co., Curtiss-Wright Corporation, Rockwell Automation, Inc., Woodward, Inc., and Flowserve Corporation are a few well-known actuator producers in the U.S. market for electrical naval actuators. Private organizations working together on cutting-edge innovations that could completely transform the actuator sector makes up the competitive environment.
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March 2022 - Moog Space and Defense Group showcased industry-relevant marine and underwater actuators at the Sea-Air-Space (SAS) 2021 at the Gaylord National Resort & Convention Center in National Harbor, Maryland.
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