Hydraulic Equipment Market Global Opportunity Analysis and Industry Forecast, 2020-2027
WILMINGTON, DELAWARE, March 1, 2024 /EINPresswire.com/ — Hydraulic equipment are operated by using liquid fluid as working medium. Hydraulic liquid is pumped into the machine, and is pressurized considering the resistance by cylinders and motors. The valves control the flow of liquids, and the liquid is further distributed through pipes, hoses, or tubes. These equipment are simple to operate, safe, and reliable irrespective of variable speed. Rise in adoption of mechanized agricultural activities and increase in industrialization are the major driving factors of the global hydraulic equipment market. Rise in awareness toward the use of energy-efficient hydraulic equipment is anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.
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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Hydraulic equipment represents a pivotal category of machinery that harnesses the power of liquid fluids as their primary working medium. The operational principle revolves around the pumping of hydraulic liquid into the equipment, subsequently subjecting it to pressure to overcome resistance presented by cylinders and motors. Integral to this process are valves that intricately control the flow of liquids, guiding them through a network of pipes, hoses, or tubes. The simplicity, safety, and reliability of these hydraulic systems remain consistent even in scenarios of variable speed.
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. 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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David Correa
Allied Market Research
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