Hydraulic Equipment Market Forecasts to 2028 – Global Analysis By Product (Cylinders, Filters and Accumulators, Motors and Other Products), Application (Industries and Mobile), End User and By Geography

Hydraulic Equipment Market Forecasts to 2028 – Global Analysis By Product (Cylinders, Filters and Accumulators, Motors and Other Products), Application (Industries and Mobile), End User and By Geography

According to Stratistics MRC, the Global Hydraulic Equipment Market is accounted for $44.7 billion in 2022 and is expected to reach $62.38 billion by 2028 growing at a CAGR of 5.8% during the forecast period. Hydraulic machines are those that operate with the assistance of liquid fluid. Through the mechanism, hydraulic liquid is pumped to cylinders and motors and is pressured while accounting for resistance. The liquid is then disseminated by pipes, hoses, or tubes after being controlled by the valves. One ON/OFF button is all that is needed to run the system. Additionally, because no gears or levers are used in the process, the system is lighter. Regardless of changes in operation speed, hydraulic equipment maintains a constant force.

According to the US Energy Information Administration, dry natural gas production would increase from 95.1 billion cubic feet per day in October 2021 to 97.5 billion cubic feet per day by December 2022.

Market Dynamics:

Driver:

Adoption of mechanized agricultural equipment

In the past, various tasks including ploughing, sowing, applying fertilizer and pesticides, harvesting, and other procedures were done by hand. Farmers now prefer using machines for agriculture-related tasks due to increased industrialization and the development of many unique pieces of equipment. To improve efficiency and reduce high labor costs, farm operations use cutting-edge machinery like atomized tractors or harvesters. With the increased use of agricultural equipment, various businesses are selling hydraulic motors, valves, and pumps in machinery such as tractors, dryers, sprayers, rotary cutters, mini excavators, wheel loaders, and planters & seeders. As a result, the market for hydraulic equipment is expanding due to the use of automation and mechanization in farming.

Restraint:

Replacement of hydraulic equipment with electro-mechanical systems

Hydraulic equipment is being gradually replaced with electromechanical technologies. This is explained by the fact that equipment that is operated electro-mechanically has several benefits over equipment that is operated hydraulically. For instance, when the cost of auxiliary hydraulic equipment is taken into account, an electro-mechanical system is less expensive than a hydraulic system. Additionally, because there is less chance of a leak, these systems need minimal upkeep and repair. Electro-mechanical devices only require electricity while the weight is being moved. In contrast, hydraulic systems must maintain operational fluid pressure levels to retain the position while maintaining the load, which might slow down how quickly they respond to operator inputs. This hampers the market growth for hydraulic equipment.

Opportunity:

Increase in industrialization

The need for hydraulic equipment has increased due to the industrialization of developing nations. Equipment that can perform heavy activities is needed in sectors including mining and construction equipment, agricultural equipment, the packaging industry, and material handling. Hydraulic motors, pumps, valves, cylinders, and actuators are more swift and effective while performing heavy-duty tasks. As a result, hydraulic machinery or parts are a great and dependable choice for many industrial tasks. Companies are constantly using atomization to improve efficiency, and as a result, modern versions of hydraulic machines are in high demand.

Threat:

Fluctuations in prices of raw materials

Fluctuations in prices of raw materials such as stainless steel, iron ore, aluminum, bronze, and other metal alloys have caused volatility in the production cost of hydraulic equipment. This, in turn, has led to a demand-supply gap. Moreover, the components used to manufacture hydraulic equipment components such as motors, valves, and hydraulic cylinders are expensive. Hence, a high initial investment is required, which affects the cost of ownership of equipment, thereby reducing the profit margins of manufacturers.

Covid-19 Impact

As a result of the COVID-19, manufacture of hydraulic equipment was suspended in numerous nations. Additionally, as a result of the nationwide lockdowns, there was a huge decline in demand for hydraulic equipment. Despite the fact that many nations have lifted the siege and are attempting to restore their economies, the rise in demand for hydraulic equipment will be gradual through 2020. The U.S., Germany, Italy, and the UK are some of the main industrial nations that typically drive the majority of the demand for hydraulic equipment. These nations are severely impacted by the epidemic, which has had a negative impact on the market.

The cylinders segment is expected to be the largest during the forecast period

The cylinders segment is estimated to have a lucrative growth, as cylinders find applications in industrial and mobile equipment used in various industries, including construction, aerospace & defense, automotive, agricultural, mining, oil & gas, and marine. Electronics are integrated into smart hydraulic cylinders, increasing its usefulness, precision, and ability to move their piston under control. This has increased demand for smart hydraulic cylinders across industries. This kind of apparatus employs a piston to generate pressure that powers further devices. Additionally, during the course of the projection period, the expanding construction sector is anticipated to boost demand for hydraulic cylinders.

The mobile segment is expected to have the highest CAGR during the forecast period

The mobile segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the expanding potential of the construction sector and the growing urbanization and industrialization. Hydraulic cylinders are necessary for the operation of a variety of mobile hydraulic machinery, including cranes and excavators. Numerous mobile equipment applications, including material handling and mining, make use of hydraulics. Because mobile hydraulic systems offer a higher level of stability while lifting huge weights, mobile hydraulics is preferred by businesses. The growing use of mining trucks and mechanized heavy construction is further boosting the expansion of mobile hydraulics.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing number of construction projects in residential and commercial sectors in the region. China is anticipated to report the largest market share in the area. The rapid development of infrastructure and industrialization is responsible for the market expansion in the Asia-Pacific region. The market for hydraulic equipment is anticipated to expand at a significant growth rate during the forecast period since it is a key component of both industrial and construction equipment, both of which are in high demand in Asia Pacific Counties.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the recent significant growth of the food and beverage, pharmaceutical, and FMCG industries in North America. The need for hydraulic-operated filling and packing machines has risen as a result of the rise in FMCG product demand, new production facilities, and the expansion of existing companies. When filling bags and sacks, conveyors powered by hydraulic motors are employed in the food and beverage industry.

Key players in the market

Some of the key players profiled in the Hydraulic Equipment Market include Linde Hydraulics GmbH & Co., Danfoss AS, Parker-Hannifin Corporation, SMC Corporation, Wipro Limited, Siemens AG, Komatsu Ltd., Eaton, Daikin Industries Ltd., Robert Bosch GmbH, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Festo SE, Norgren Limited,Hydac International Gmbh

Key Developments:

In August 2022, HAWE introduced the mini hydraulic power pack type HICON, designed for use in recreational boats and offers a unique advantage in many other applications. It is waterproof and thus resistant to splash water or temporary immersion in water during operation.

In July 2022, Bosch invested in BRUSA HyPower to complement the company’s eLION product portfolio for the electrification of off-highway vehicles. Strategic acquisition and investments in emerging companies are expected to be one of the primary focus areas of major companies over the coming years.

In July 2022, Parker Aerospace, a business segment of Parker Hannifin Corporation, entered an agreement with the US Air Force and the Defense Logistics Agency for a five-year performance-based logistics (PBL) contract covering hydraulic equipment across five key Air Force platforms. As a part of the sustainment agreement, Parker Aerospace would provide engineering, supply chain, and field service support at the Ogden Air Logistics Complex at Hill Air Force Base in Utah.

In April 2022, Linde Hydraulics GmbH & Co. KG is investing EUR 50 million in technology at its German sites. The investments will be divided into 50 individual projects and managed in parallel. The investment project is to be completed by 2025. This helps the company’s New machines increase efficiency and flexibility and makes the company focus on existing location development and competitiveness.

Products Covered:
• Cylinders
• Filters and Accumulators
• Motors
• Pumps
• Transmission
• Valves
• Other Products

Applications Covered:
• Industries
• Mobile

End Users Covered:
• Marine
• Construction
• Automotive
• Agriculture
• Mining
• Metal & Machinery Manufacturing
• Aerospace
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements