Hydraulic Tools Market By Type (Hydraulic Cylinder and Jack, Hydraulic Rescue Tool, Tension and Torque Tools, Others), By Distribution Channels (Offline, Online), By End User (Industrial Manufacturing, Oil, Gas, and Petrochemical, Electric Utility, Railway, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
The hydraulic tools market size was $1,571.1 million in 2020, and is expected to reach $2,726.4 million by 2030, registering a CAGR of 5.4% from 2021 to 2030. Hydraulic tools are mechanical equipment that offer movement for lifting heavy loads or handling bulky materials in industrial and mobile applications. These tools are used in construction, load lifting, and equipment handling machinery. Oil is used to transmit pressure in hydraulic tools at a higher power density in industrial applications, thus, can handle extreme loads. Hydraulic tools are reliable in hostile conditions and are replacing pneumatic tools. Use of hydraulic tools has gained prominence among cranes, forges, packing machines, and marine equipment, owing to their efficiency and cost-effectiveness. Growth in the construction equipment market is anticipated to provide potential opportunities for key players operating in the market. However, hydraulic cylinders are expensive and its maintenance & operation costs are very high. This factor restricts growth of the global hydraulic cylinders market. Rise in demand for material handling equipment is expected to offer growth opportunities for hydraulic tools industries in the future.
The hydraulic tools market is segmented on the basis of type, end user, distribution channel, and region. By type, the market is divided into hydraulic & jack, hydraulic rescue tools, tension & torque tools and others. The hydraulic cylinder & jack segment is anticipated to dominate the global hydraulic tools market throughout the study period. By end user, it is categorized into industrial manufacturing, oil & gas and petrochemical, utility, railway and others.
The industrial manufacturing segment dominated the market in 2020. On the basis of distribution channel, it is divided into online and offline. The offline segment is projected to grow at the highest rate in the future. COVID-19 has already affected the sales of global hydraulic tools market in 2020, and is expected to hamper growth of the global hydraulic tools market in the future. Major demand for hydraulic tools was badly affected due to the spread of COVID-19 virus. Further, the disruption of supply chains hinders the hydraulic tools market.
Major players such as Actuant Corporation, HI-Force, Atlas Copco AB, Emerson Electric Co. and others are adopting acquisition & product launch as the key developmental strategy to improve the product portfolio. For instance, in October 2020, The Actuant Corporation launched new Enerpac MIIT series mechanical isolation & test tools. The new Enerpac MITT product line provides a safe and efficient method for inline piping isolations and localized pressure testing of new welds, which aims in improving product portfolio of the company.
However, high cost and regular maintenance are anticipated to hamper growth of the market. Conversely, increase in construction and mining activity is anticipated to provide lucrative opportunities for growth of the global hydraulic tools market. The hydraulic tools market is analyzed across four regions, which include North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to dominate the market throughout the forecast period.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydraulic tools market analysis from 2020 to 2030 to identify the prevailing market growth and opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the hydraulic tools market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global hydraulic tools market trends.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global hydraulic tools market forecast trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
Hydraulic Rescue Tool
Tension and Torque Tools
Others
Hydraulic Cylinder and Jack
By Distribution Channels
Offline
Online
By BY END USER
Industrial Manufacturing
Oil, Gas, and Petrochemical
Electric Utility
Railway
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
Italy
France
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Actuant Corporation
Atlas Copco
SPX FLOW, Inc.
Kudos Mechanical Co., Ltd
IDEX Corporation
Emerson Electric Co.
robert bosch gmbh
Stanley Black & Decker, Inc.
Cember S.P.A.
hi-force hydraulic tools
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