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Hydraulic Equipment Market Top Factors Responsible for the Rapid Growth in the Coming Years | Top Business Growth
Hydraulic Equipment Market
The global hydraulic equipment market size accounted for $40,518.6 million in 2019, and is expected to reach $51,653.1 million by 2027, registering a CAGR of 3.8% from 2020 to 2027. In 2019, Asia-Pacific dominated the global hydraulic equipment market, in terms of revenue, accounting about 35.7% share of the global hydraulic equipment industry, followed by North America and Europe.
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The growth of the global hydraulic equipment market is driven by atomization of activities in agriculture, construction, mining, packaging, and other manufacturing industries, which fuel the demand for hydraulic equipment. Machines such as cranes, loaders, bulldozer, tractors, and harvester use motors, pumps, cylinders, and valves for their operations. However, electro-mechanical equipment are being preferred by some customers, as they are maintenance-free due to fluid and oil free operation.
In addition, COVID-19 pandemic has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact for market growth all over the year. The industrial equipment and machinery industries are struggling with immediate impact owing to the disruption in both manufacturing and supply chain operations. On the contrary, manufacturers are offering new and advanced hydraulic equipment to customers with more stability and safety.
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Top Players:
The key players analyzed in the global hydraulic equipment market are Daikin Industries Ltd., Danfoss A/S, Eaton, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Parker-Hannifin Corp., Robert Bosch GmbH, Siemens AG, and Wipro Limited.
Key Market Segments -
By Application
• Mobile
• Industries
By End User
• Mining & Construction
• Agriculture & Mining
• Packaging
• Material Handling
• Other (petrochemical, machine tools, automotive, paper, plastic, rubber and printing)
By Product
• Pumps
• Motors
• Valves
• Cylinders
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