Press release
Global Trends Overview: The Rapid Evolution of the Fluid Power Equipment Market
Fluid Power Equipment
Forecasted Expansion of the Fluid Power Equipment Market Size
The fluid power equipment market is projected to reach a value of $46.01 billion by 2029, growing at a steady compound annual growth rate (CAGR) of 7.6%. This anticipated growth stems from several factors, including increased investments in renewable energy projects and a sustained focus on improving energy efficiency. Additionally, the surge in e-commerce and logistics operations, the rising adoption of electric and hybrid vehicles, and ongoing infrastructure development in emerging markets are important contributors. Key trends shaping this period include the adoption of Industry 4.0 technologies, innovations in hydraulic systems, a growing focus on energy-saving solutions, enhancements in hydraulic fluid formulations, and greater emphasis on condition monitoring and predictive maintenance techniques.
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Leading Entities Driving the Fluid Power Equipment Industry
Several prominent companies dominate the fluid power equipment landscape. These industry leaders include 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., and BVA Hydraulics.
Recent Market Moves Enhancing Company Strengths
In May 2023, Fluid System Components, Inc. (FSC), a US-based manufacturer and distributor of fluid power systems used in sectors like logging, forestry, construction, and firefighting, completed the acquisition of Norcan Fluid Power. Though the financial details were not disclosed, this acquisition broadens FSC's product lineup and expertise in fluid power systems. Norcan Fluid Power is a Canadian firm specializing in hydraulics, pneumatic and electric panels, manifolds, and fully integrated power unit systems. This strategic move strengthens FSC's market presence and customer base.
View the full fluid power equipment market report:
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Emerging Trends Accelerating Fluid Power Equipment Growth
One of the most significant trends in this market is the growing frequency of strategic partnerships and collaborations among leading companies. These alliances are designed to expand product portfolios and reinforce market leadership. For example, in June 2022, Bosch Rexroth, a German engineering powerhouse known for hydraulic products, partnered with AGILOX, an Austrian automation company, to explore the autonomous mobile robot market. The partnership combines Bosch's strong product expertise with AGILOX's automation capabilities to enhance global reach.
Collaborations Connecting Technologies for Better Customer Solutions
Another notable example occurred in February 2022, when Parker Hannifin Corporation, a US-based developer of motion technologies including hydraulic pumps and power systems, joined forces with Cummins Inc., a US manufacturer of engines, filtration, and power generation equipment. This partnership integrated Parker's Mobile IoT platform with Cummins' connected engine solutions, allowing customers to access real-time alerts and diagnostics for both Parker components and Cummins engines via a single dashboard. This synergy improves operational efficiency and customer service.
Defining the Fluid Power Equipment Market Segments
The market is segmented based on several criteria to provide detailed insights:
1) By Type: Portable, Standalone, Centralized
2) By Component Type: Controller, Lamp, Solar Panel, Sensors, Battery, Other Components
3) By Luminaries: Light Emitting Diode (LED), Compact Fluorescent Lamps
4) By Application: Parking Lot, Highway and Roadway, Airport Runway, Manufacturing Site
Further breakdowns include:
- Portable: Mobile Solar Lights, Solar-Powered Lanterns
- Standalone: Integrated Solar Street Lights, Pole-Mounted Solar Lights
- Centralized: Grid-Tied Solar Street Lights, Smart Solar Street Lighting Systems
These classifications help in understanding product variations and their specific applications across different industries and environments.
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