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Hydraulic Power Unit Market 2024 - By Analysis, Industry Trends, Growth And Forecast To 2033
Hydraulic Power Unit Market
According to The Business Research Company's, The hydraulic power unit market size has grown strongly in recent years. It will grow from $6.76 billion in 2023 to $7.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to growth in manufacturing sector, expansion of construction activities, mining and material handling operations, energy industry requirements, agricultural machinery applications.
The hydraulic power unit market size is expected to see strong growth in the next few years. It will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing demand for electric and hybrid vehicles, focus on energy efficiency, growth in offshore wind energy, focus on sustainable hydraulic fluids, emphasis on noise reduction. Major trends in the forecast period include integration of smart technologies, compact and modular designs, advancements in pump technologies, integration of condition monitoring systems, customization for specific industry requirements.
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Market Drivers and Trends:
Increasing construction activities is expected to propel the growth of the hydraulic power unit market going forward. Construction activities refer to the building of structures such as residential and commercial buildings, infrastructure projects, and industrial facilities. Hydraulic power units are essential in construction activities due to their ability to provide a tremendous amount of power to drive most any kind of hydraulic ram. For instance, according to the Census Bureau, a US-based government agency, construction spending in October 2023 was estimated to be $2,027.1 billion, which is a 0.6 percent increase from the revised September estimate of $2,014.7 billion. The October 2023 figure is also 10.7% higher than the October 2022 estimate of $1,830.5 billion. Therefore, the increasing construction activities is driving the growth of the hydraulic power unit market.
Major companies operating in hydraulic power unit market are developing innovative products such as WEBER-HYDRAULIK valve portfolio with advanced features to better serve the customers. The first version of the WEBER-HYDRAULIK valve portfolio offers a comprehensive range of hydraulic components for various applications. For instance, in March 2023, Weber-Hydraulik GmbH, a Germany-based machinery manufacturing company launched the first version of the WEBER-HYDRAULIK valve portfolio. The valves are tested on hydraulic test benches before delivery to ensure their quality and performance. The valve portfolio includes various types of on-off solenoids, pressure relief, flow control, and check valves, which can be used in hydraulic power units for various applications. The integration of the WEBER-HYDRAULIK valve product portfolio in Famic Technologies' advanced system Automation Studio provides users with access to a comprehensive set of data attributes, technical details, simulation models, and commercial information to support their engineering and design processes, including the design of hydraulic power units.
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Major Key Players of the Market:
Brevini Fluid Power SpA; Bosch Rexroth AG; Nachi-Fujikoshi Corp.; Weber Hydraulik GmbH; Parker Hannifin Corporation; Hydac International GmbH; Eaton Corporation; Hydro-tek Co Ltd.; Bailey International LLC; Dynex Semiconductor Ltd.; ICS Blount Inc.; Husqvarna Motorcycles; Atlas Copco Group; Hydra Products Ltd.; Poclain Hydraulics Private Limited; Denison Hydraulics Inc.; Energy Manufacturing Company Incorporated; Haldex Aktiebolag; Hydromega Services Incorporated; Kawasaki Jukogyo Kabushiki Kaisha; Kayaba Kogyo Kabushiki Kaisha; Linde Hydraulics GmbH & Co. KG; Marzocchi Pompe Società per Azioni; Moog Inc.; Oilgear Company; Permco Incorporated; Racine Federated Incorporated; Sauer-Danfoss A/S; Sunfab Hydraulics Aktiebolag; Toshiba Pvt. Limited
Hydraulic Power Unit Market 2024 Key Insights:
• The hydraulic power unit market will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Hydraulic Power Unit Market Surges Amidst Rising Construction Activities Worldwide
• Weber-Hydraulik Redefines Innovation In Hydraulic Power Units With Launch Of Advanced Valve Portfolio
• Asia-Pacific was the largest region in the hydraulic power unit market in 2023, and is expected to be the fastest-growing region in the global hydraulic power unit market during the forecast period
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