WILMINGTON, DE / ACCESSWIRE / January 31, 2023 / Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global servo valves market is projected to grow at a CAGR of 2.9% during the forecast period from 2022 to 2031.

Servo valves are control valves that regulate fluid circulation in different devices and equipment. Servo valves are available in two different types-electrohydraulic servo valves and mechanical hydraulic servo valves. Electrohydraulic servo valves provide improved efficiency and have a faster response time than mechanical hydraulic servo valves. Some of the application areas of servo valves include position control, velocity control, and force and pressure control.

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New product launches are helping prominent players in generating new revenue streams and gaining an edge over their competitors. In December 2022, Moog Inc. announced the launch of a new series of servo valves suitable for use in the wood industry and for die casting purposes.

Additionally, leading players are collaborating with other players to expand their market presence and increase their revenue. Well-established players are likely to increase their production capacities in a bid to meet customer requirements in different end-use industries.

Key Findings of Market Study

• Rise in Adoption of Automation in End-use Industries: Servo valves are helping in automation functions to arrive at accurate output, as per the requirements. Different end-use industries are adopting automation to reduce their dependence on the workforce and decrease the chances of operational mistakes that may occur due to equipment failure. Additionally, automation has helped increase profitability and saves on operational time
• Increase in Demand from Oil & Gas Industry: Leading manufacturers in the oil & gas industry are digitalizing the rigging and lifting process. Offshore and onshore drilling operations face different challenges in the oil and gas industry such as constantly changing climatic conditions and working with complex equipment. Rise in focus on safety in drilling operations is likely to fuel servo valves demand and help expand the market size during the forecast period

Servo Valves Market-Key Drivers

Increase in investment in space exploration activities is projected to drive the servo valves market during the forecast period. Servo valves play a key role in optimizing fuel efficiency of space exploration vehicles.

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Servo Valves Market-Regional Insights

• North America is anticipated to account for a dominant market share during the forecast period due to continuous expansion in aerospace and defense industries in countries such as the U.S. and Canada
• Asia Pacific is projected to offer business opportunities for market players during the forecast period because of rise in demand from energy and oil & gas industries in countries such as China and India. Ease of availability of land and labor is likely to help leading players establish servo valve production units in Asia Pacific countries.

Servo Valves Market-Key Players

The global market is competitive and consists of several international and local players. Entry of new players in the market is likely to intensify the competition during the forecast period.

Prominent market players are investing significantly in R&D activities to manufacture improved products that would meet customer requirements in different end-use industries such as aerospace and construction.

Few key players active in the market are Honeywell International Inc., Eaton, Bosch Rexroth AG, Moog Inc., and Enfield Technologies.

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The global servo valves market is segmented as follows:

Type

• Electrohydraulic Servo Valve
• Single-stage
• Two-stage
• Multi-stage
• Mechanical Hydraulic Servo Valve

Application

• Position Control
• Velocity Control
• Force and Pressure Control

End-use

• Aerospace
• Power
• Chemical
• Construction
• Marine
• Oil & Gas
• Others

Regions Covered

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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