Fluid Power Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The hydraulic equipment market is expected to grow at a CAGR of 5.9% over the forecast period. The industry is witnessing significant development in the lines of automation as companies move towards a more intelligent environment. Several key stakeholders operating in the market are banking upon creating a synergy between the hydraulic products and the electrical division. Advancements in hydraulic technology in the current market include liquid power transmission, mobile diagnostic tools, simplified hose selection, thermoplastic components, and electrohydraulic control.
Key HighlightsThe fluid power equipment market is moderately consolidated, with a few significant companies like Bosch-Rexroth AG, Danfoss AS, Eaton Corporation, Festo AG, SMC Corporation, Emerson Electric Co., and Schlumberger Limited. The companies continuously invest in strategic partnerships and product developments to gain more market share.
In December 2021, Danfoss Power Solutions introduced a multi-axis steering for OEMs to improve the maneuverability and productivity of farm and construction equipment. The system enables tighter turns and high-visibility crabbing. The technology is rooted in a software-driven electro-hydraulic valve that allows on-the-go independent control of a vehicle’s front and rear axles from the cab. The technology is used on tractors in European vineyards and on construction and material handling equipment in the European Union.
In May 2021, Bosch Rexroth launched a fast and power-dense Hägglunds Atom hydraulic motor. The Hägglunds Atom replaces the existing Hägglunds CAb, delivering not only more revolutions per minute, but also more powerful than motors of similar size. The result is a tiny, power-dense package that is ideal for mobile, marine, and recycling applications.
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