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Hydraulics Market Research Report 2024-2033 | Trends, Analysis
Hydraulics Market Research
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According to The Business Research Company's, The hydraulic market size has grown steadily in recent years. It will grow from $40.74 billion in 2023 to $42.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to increasing use of hydraulic fluids, increasing use of hydraulic systems in the aerospace industry, demand for hydraulic systems in the marine industry, rise in the use of hydraulic systems in the oil and gas industry, growing demand for hydraulic systems in the manufacturing industry, and increasing use of hydraulic systems in the transportation industry.
The hydraulic market size is expected to see steady growth in the next few years. It will grow to $51.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to government initiatives for infrastructure repair and modernization, demand for high-efficiency and high-performance hydraulic systems, urbanization and smart cities, significant investments in research and development, and focus on improving the lifespan and reliability of hydraulic components. Major trends in the forecast period include integration of hydraulic and electric systems in construction machinery, advanced simulation tools for designing and testing, development of high-pressure hydraulic systems, innovations aimed at reducing noise levels in hydraulic systems, and creating digital replicas of hydraulic systems.
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Market Drivers and Trends:
The growing infrastructure development projects are expected to propel the growth of the hydraulics market going forward. Growing infrastructure development projects are attributed to rapid urbanization, economic growth, government initiatives, technological advancements, modernization, environmental concerns, globalization, population growth, private sector participation, improved financing options, and resilience planning against natural disasters. Hydraulic technology is indispensable in infrastructure development because it enables the construction, maintenance, and management of various structural projects. For instance, in May 2023, according to the Office for National Statistics, a UK-based government administration, in 2021, total general government investment in infrastructure increased by 15.2% compared to 2020, reaching £23.8 ($30.27) billion in current prices. Therefore, the growing infrastructure development projects are driving the growth of the hydraulics market.
Major companies operating in the hydraulics market are developing innovative hydraulic components to boost efficiency, reliability, and performance. Hydraulic components refer to pumps, valves, and cylinders essential for transmitting power through fluid pressure. For instance, in November 2023, Danfoss, a Denmark-based manufacturing company, launched the Danfoss H1F fixed displacement bent axis hydraulic motor. The Danfoss H1F fixed displacement bent axis hydraulic motor boasts up to 95% overall efficiency and a compact design, suitable for both open- and closed-circuit applications. It is designed for agriculture, construction, and forestry machinery, delivering high performance and reliability.
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Major Key Players of the Market:
Caterpillar Inc, Komatsu Ltd, Eaton Corporation, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Webtec Products Limited, Moog Inc., KYB Corporation, HYDAC International GmbH, Nachi-Fujikoshi Corporation, Bucher Hydraulics, Hengli Hydraulic, HAWE Hydraulik SE, HydraForce Inc., Concentric Hydraulics, Prince Manufacturing Corporation, Linde Hydraulics GmbH & Co. KG, Oilgear Company, Yuken Kogyo Co. Ltd., Cross Manufacturing Company Inc., Walvoil S.p.A, Permco Inc., Salami SpA
Hydraulics Market 2024 Key Insights:
• The hydraulic market size is expected to see steady growth in the next few years. It will grow to $51.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Impact Of Growing Infrastructure Development On The Hydraulics Market
• Innovative Hydraulic Components Drive Efficiency And Performance In The Hydraulics Market
• Asia-Pacific was the largest region in the hydraulics market in 2023
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