Hydraulic Equipment Market
Market Overview
Hydraulic equipment is used in pressurized fluids for performing machinery operations in different industrial verticals. This system uses liquid for transmitting power and is advantageous over electrical and mechanical. Due to its various industrial applications, the Hydraulic Equipment Market is propelling globally. This system can be simply operated by just one ON/OFF button. In addition, there are no gears or levers, which further reduces the equipment weight. This property is enhancing the demand for hydraulic equipment.
Mobile hydraulic equipment is used for moving objects such as loaders, dumpers, cranes, bulldozers, and other machines, while industrial hydraulic equipment is used in industrial sectors, including plastic, packaging, paper, and printing. Both of the types have higher demand among the end-users.
The constant development of construction and mining activities and implementation of automation in agriculture are chief driving factors of the Hydraulic Equipment Market.
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The expansion of new manufacturing activities is boosting the demand for hydraulic equipment. The hydraulic equipment manufacturers are adopting various marketing strategies to expand their product portfolio and offer better service to the customers.
During the pandemic period, the Hydraulic Equipment Market faced a difficult situation when the equipment production was stopped due to the worldwide lockdown. The product demand has significantly reduced in various industrial verticals. As the lockdown was lifted in various countries, industries tried to revive their economy, and this factor has gradually increased the demand for hydraulic equipment. The higher demand for hydraulic equipment is noticed in prominent manufacturing countries such as the U.S., Germany, the UK and Italy, as these regions were badly affected by the pandemic.
The Hydraulic Equipment Market is expected to reach a value worth USD 61.23 billion by 2028 and a CAGR of 9.11 % in the forecast period between 2021 to 2028. The market was previously valued at USD 46.17 billion in 2021.
Market Segmentation
The Hydraulic Equipment Market is segmented into components and applications. The component segment of the market is segregated into pumps, motors, valves, cylinders, and accessories. Valves are noticed to be the dominating segment during the forecast period.
The application section is comprised of industrial and mobile. The mobile segment accounts for the largest market share within this segment, and it will continue its growth consistency during the forecast period.
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Regional Analysis
According to the geographical status, the Hydraulic Equipment Market covers major regions such as Asia-Pacific regions, North America, the European region, the Middle East and Africa, and South America.
Among the above regions, the Asia-Pacific region is capturing the largest share of the market. This is due to the heavy investments in construction activities in developing nations, including India and China. China is resulting in the largest share of the APAC regional market, and India is considered the fastest-growing country. Countries with emerging construction sectors such as China, Germany, and the US has registered significant growth rates in the past years. The hydraulic equipment is mostly used in construction machinery, which is driving the APAC market.
All the above regions will contribute to the growth of the global Hydraulic Equipment Market.
Industry News
M+S Hydraulic, a Bulgarian hydraulic equipment manufacturer, confirmed that it consolidated a net profit of 19.6 million levs, i.e. $11.3 million/10 million euro in 2021 from 15.5 million levs in the previous year.
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