Objective of the Study
- Understand addressable market and growth rate %
- Most attractive targetable segments for the period 2020-2032
- Adoption of ESV vs MSV in different applications within various industries such as aerospace, robotics, chemicals, power industries etc.
- List of potential customers that can be targeted
- Identify the key manufacturers and their product offering for different applications
Overview
Servo valves are mainly used to transform a changing analog or digital input signal into a stepless hydraulic output. This report analyzes usages of electrohydraulic servo valves (ESV) and mechanical servo valves (MSV) in various industries such as aerospace, power, chemical, mobile, construction equipment, harvesting equipment, robotics, structural testing and marine, which act for position control, velocity control and force & pressure control in those respective industries.
The adoption and usage level of ESV is much higher comparing to MSV in most of the applications (typical ratio of 87:13); however, this ratio can vary significantly depending on the application and its incumbent properties. Even new and aftermarket play a major role in terms of going for ESV or MSV
Increasing trend of automation and actuation in various industries such as aerospace, robotics, oil & gas etc. are witnessing to drive the demand and growth of servo valves; and at the same time high implementation cost could lead to other alternative or substitute products.
This report discusses about various leading manufacturers of servo valves such as Atos Group, Parker Hannifin Corp., Moog Inc., Bosch Rexroth Corporation etc. in terms of their product offerings, market shares, new innovations and futuristic strategies
Primary Snippet
Engine Control system, flight control system, landing gear system, rocket & satellite and missile systems are the major areas, where servo valves are used. There are more than 21 systems in flight control, which have use cases of servo valves. In power industry, steam turbine has need of around 7-8 servo valves, wind turbine has need of around 4-6 and hydro turbine around 3-4 servo valves.
Major use cases in wind turbines are blade regulations, ventilation system, emergency lubricating system, automate hatches and maintenance schedule.
Sales Manager – Moog Inc.
Results
$US 1.99 Billion
(Market size in 2020)
Electrohydraulic Servo Valves (ESV)
(Most attractive servo valve that contributes ~87% of the overall market)
3.84% Growth in Aerospace Industry
(Aerospace is the fastest growing industry for servo valves; 3.84% during the period 2021-2031)
Leading Players
(Voith GmbH, Honeywell, Eaton, Parker Hannifin Corp., Moog Inc. and Bosch Rexroth Corporation are the leading players that constitute more than 50% of the market share)
Conclusion:
ESV dominates the servo valve market with ~87% of market share and is set to maintain the statuesque with its faster growth rate comparing to MSV, in the next 8-10 years. This is primarily due to rise in demand for precession applications in aerospace, robotics, chemicals and other related industries.
The demand for MSV is majorly attributed by the aftermarket for industries like power, construction equipment, aerospace, industrial machinery etc.
Our Approach
Supply Side Approach
- Identified the key manufacturers and mapped their products related to EFV and MFV
- Collected their overall and industry specific revenues from annual reports, investor presentations and other publications
- Estimation of overall market size (value) based on revenues of players and their market shares
- Estimated the ratio of EFV vs MFV from the product mapping done specifically for each of the end-use industries and their respective revenue calculation
- Detailed price analysis (quotation from manufacturers, import-export data etc.)
- Exhaustive primary interviews for data validation
Demand Side Approach
- Researched each of the end-use industries to understand sub-applications and use cases
- Analyzed usage level of each of ESV and MSF in different applications/sub-applications with respect to both new as well as aftermarket
- Analyzed investment spending/procurement value of hydraulic systems/equipment to understand their individual shares to the overall market
- Analyzed shares of various sub-applications within end-use industries based on the usage level and demand of servo valve in those industries
- Detailed primary interviews for data validation
