Press release
Hydraulic Equipment Market Growing Demand to Boost the Market Growth
Hydraulic systems utilize incompressible fluids to transmit power from one point to another, and they find wide application in various industries such as automotive, construction, aerospace, manufacturing, agriculture, and more.
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The market expansion is attributed to factors like the increasing adoption of automated solutions and a rising demand for material handling equipment.
Hydraulic equipment is crucial in many industries, offering reliable and efficient power transmission and control capabilities for a diverse range of tasks. The use of hydraulic equipment has steadily grown in recent decades.
According to Statista, the global industrial automation market was valued at around USD 175 billion in 2020 and is expected to reach approximately USD 265 billion by 2025, with an annual growth rate of 9%. Moreover, the global intelligent process automation market, valued at USD 20 billion in 2021, is projected to reach USD 30 billion by the end of 2024, growing at a compound annual growth rate of 16%. Another significant driving factor is the increasing demand for material handling equipment.
Statista predicts that material handling equipment sales will surpass 1.75 million units by 2020 and exceed 3.1 million units by 2029. In 2021 alone, over 2.3 million material handling equipment orders were placed globally, representing a 42% increase compared to previous years. Asia-Pacific witnessed the highest growth in orders, with an increase of over 66%.
The adoption of hydraulic equipment in the agriculture and construction industries, along with the ongoing industrialization, is expected to create lucrative growth opportunities for the market. However, the high cost of hydraulic equipment poses a challenge to market growth throughout the forecast period.
The key regions considered in the global hydraulic equipment market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America holds the dominant position in terms of revenue, primarily due to the presence of key market players in the region.
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According to Statista, the North American construction and heavy equipment market is estimated to reach approximately USD 51 billion by 2026. On the other hand, Asia Pacific is anticipated to exhibit the fastest growth during the forecast period, driven by factors like rising industrialization, the geographic expansion of key players, and active participation of government organizations in the market.
Major market players in the global hydraulic equipment market include Bosch Rexroth (India) Limited, Danfoss A/S, Parker-Hannifin Corporation, Enerpac Tool Group, HYDAC International GmbH, Kawasaki Heavy Industries, KYB Corporation, SMC Corporation, Wipro Enterprises, and Caterpillar Inc.
One recent development in the market is the completion of Parker-Hannifin Corp.'s acquisition of aerospace and defense components manufacturer Meggitt PLC in September 2022. The acquisition, valued at approximately USD 7.84 billion, aims to enhance support for electrification and net-zero emissions goals.
The report on the global hydraulic equipment market provides an extensive scope of coverage, including historical data from 2019 to 2021 and a forecast period from 2022 to 2029. It encompasses revenue forecasts, company rankings, competitive landscape analysis, growth factors, and trends. The market is segmented based on components (pumps, valves, cylinders, motors, filters and accumulators, transmission, and others), end-users (construction, agriculture, material handling, aerospace and defense, automotive, and others), and regions (North America, Europe, Asia Pacific, Latin America, and the Rest of the World).
The global Smart market report answers questions such as:
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