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Global Hydraulic Equipment Market By Equipment, Type, End User and Growth Forecast to 2030
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Moreover, the rising construction activities in developing countries, on account of heavy investments being made in the development of offices, apartments, and civic infrastructure, will also result in widescale usage of hydraulic equipment worldwide. Additionally, the increasing number of government housing projects, owing to the booming global population, is also expected to encourage the adoption of hydraulic equipment in the forthcoming years. For instance, the United Nations Department of Economic and Social Affairs (UNDESA) predicts that the world population will reach 8.6 billion by 2030 and 9.8 billion by 2050.
The type segment of the hydraulic equipment market is bifurcated into mobile hydraulics and industrial hydraulics. Under this segment, the mobile hydraulics category generated a higher revenue in 2020, and it is also expected to demonstrate considerable growth throughout the forecast years. This can be attributed to the burgeoning need for hydraulic power at remote locations and difficult terrains and the increasing advancements in hydraulics technology. Also, mobile hydraulics are used to lift heavy loads in several end-use sectors.
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Globally, the APAC region has emerged as the largest user of hydraulic equipment in recent years, owing to the accelerating industrialization rate, mounting investments being made in the infrastructure sector, and surging construction activities. For example, the Australian Government allocated $2.5 billion to the Local Roads and Community Infrastructure Program through the 2021–2022 budget. Moreover, easy control and constant torque irrespective of speed changes offered by hydraulic equipment are also encouraging their adoption in the region.
Thus, the escalating industrialization rate and the expanding construction sector will propel the adoption of hydraulic equipment in the foreseeable future.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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