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Fluid Power Equipment Market Share, Industry Analysis and Forecast 2033
Fluid Power Equipment Market Share
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According to The Business Research Company's, The fluid power equipment market size has grown strongly in recent years. It will grow from $30.39 billion in 2023 to $32.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to expansion of construction and infrastructure projects, automotive industry applications, mining and material handling equipment demand, energy sector utilization, aerospace and defense applications.
The fluid power equipment market size is expected to see strong growth in the next few years. It will grow to $44.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rise in renewable energy projects, focus on energy efficiency, expansion of e-commerce and logistics, increased adoption of electric and hybrid vehicles, infrastructure development in emerging markets. Major trends in the forecast period include integration of industry 4.0 technologies, advancements in hydraulic technology, focus on energy-efficient solutions, advancements in hydraulic fluid, emphasis on condition monitoring and predictive maintenance.
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Market Drivers and Trends:
An increase in demand from the food and beverage industry is significantly contributing to the growth of the fluid power equipment market going forward. The food and beverage industry includes companies that are involved in the processing, packaging, and distribution of food materials and alcoholic and non-alcoholic beverages. Fluid power equipment is used in the food and beverage industry for processing, moving ingredients, and final packaging. For instance, in November 2023, according to the USDA Economic Research Service, a US-based federal agency, in 2022, food expenditures constituted 12.8 percent of spending for U.S. households, marking a rise from the 12.4 percent recorded in 2021. Therefore, an increase in demand from the food and beverage industries is driving the growth of the fluid power equipment market.
Strategic partnerships and collaborations are the key trends gaining popularity in the fluid power equipment market. Major companies operating in the fluid power equipment sector are focused on partnerships with other companies to increase product portfolio and lead the market. For instance, in June 2022, Bosch Rexroth, a Germany-based engineering firm that provides hydraulic products partnered with AGILOX to open up the market for autonomous mobile robots. This partnership aimed to combine strong products and scale the global presence. AGILOX is an Austria-based automation company. Similarly, in February 2022, Parker Hannifin Corporation, a US-based motion technologies company that develops hydraulic pumps and power systems partnered with Cummins Inc. to add connected engine solutions with Parker's Mobile IoT platform. This partnership enables customers to receive real-time alerts and access diagnostic messages for Parker components and Cummins engines in a single dashboard. Cummins Inc. is a US-based company that manufactures filtration, engines, and power generation products.
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Major Key Players of the Market:
Hengli America Inc., Eaton Corporation plc, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Atos S.p.A., Dover Corporation, Bosch Rexroth AG, Alfa Laval, Festo SE & Co. KG, Flowserve Corporation, Crane Holdings, Hydac GmbH, Graco Inc., Colfax Ltd., Helios Technologies Inc., Christian Bürkert GmbH and Co, Circor International, Moog Inc., Sparrows Offshore Group Limited, Bucher Hydraulics GmbH, Oilgear Company, Casappa S.p.A, Duplomatic Motion Solutions S.p.A., Hawe Hydraulik SE, Fluid Systems Inc., Daikin Industries Ltd., Daman Products Co. Inc., Fluid-Power Equipment Inc., Applied Fluid Power, Hydraulics International Inc., BVA Hydraulics
Fluid Power Equipment Market 2024 Key Insights:
• The fluid power equipment market size is expected to see strong growth in the next few years. It will grow to $44.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Fluid Power Equipment Market Surges With Food And Beverage Demand
• Strategic Collaborations Redefine The Fluid Power Equipment Industry
• Asia-Pacific was the largest region in the field power equipment market in 2023
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