Hydraulic Equipment Industry Size, SWOT Analysis, Growth Statistics, Prominent Players Strategies, and Growth Forecast to 2030

Developing countries, especially in the Asia-Pacific region, are observing a significant surge in the number of manufacturing plants, owing to the easy availability of low-cost raw materials and labor, and flexible environment protection laws in these nations. The increasing number of factories in such nations is expected to steer the hydraulic equipment market growth during 2021-2030. According to P&S Intelligence, the market generated $37 billion revenue in 2020.

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.

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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.

Both mobile hydraulics and industrial hydraulics are used in the agriculture, construction, automotive, aerospace, marine, mining, oil and gas, and metal and machinery manufacturing industries. In the upcoming years, the agriculture sector will rapidly adopt hydraulic equipment to operate agricultural machines. The agrarian community is increasingly using hydraulics in ploughing machinery. Additionally, all the aforementioned end users use a considerable volume of valves, cylinders, filters, transmissions, accumulators, and pumps and motors for efficient operations of machinery.

At present, players in the hydraulic equipment market are introducing new products and focusing on acquisitions to gain a competitive edge. For example, in March 2020, Bosch Rexroth AG introduced RM15-MPP (right) and RM10-MPP (left), the two mid-pressure load-sensing valve platforms that feature a flexible assembly. Other companies undertaking such strategic measures include Eaton Corporation plc, Wipro Enterprises Private Limited, Kawasaki Heavy Industries Ltd., Bosch Rexroth AG, Daikin Industries Ltd., Siemens AG, Parker-Hannifin Corp., Emerson Electric Co., Komatsu Ltd., and Danfoss SA.

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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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