Market Research Future (MRFR) has published a cooked research report on the “global Hydraulic Power Unit market” that contains the information from 2023 to 2030.
Global Hydraulic Power Unit Market
The global Hydraulic Power Unit market has been segmented into type, rated capacity, heat source, end-user, and region. Based on type, the Hydraulic Power Unit market has been divided into condensing and noncondensing. Based on rated capacity, the Hydraulic Power Unit market has segmented into Up to 150 MW, 151-300 MW and Above 300 MW. Based on the heat source, the market has been segmented into Coal, Nuclear, Biomass and Others. Based on the end user, the market has been segmented into industrial and power & utility. Based on region, the Hydraulic Power Unit market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World, which is further divided into the Middle East & Africa and South America.
According to the MRFR analysis, Global Hydraulic Power Unit Market Size was valued at USD 12,055.35 Million in 2022. The Hydraulic Power Unit market industry is projected to grow to USD 18.95 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.82 % during the forecast period (2023 - 2030).
A hydraulic power unit is a self-contained system that includes hydraulic pumps, motors, and reservoirs. Hydraulic power units can generate a lot of power, which can be used to drive any form of hydraulic ram. The Hydraulic Power Unit (HPU) provides pressurised oil to the hydraulic actuation system. A redundant pump system charges the bladder accumulator(s) automatically at a high pressure to utilize the ability of the actuators to store energy. A hydraulic system employs enclosed fluid to transfer energy from one source to another, and subsequently create rotary motion, linear motion, or force. The power unit/pack provide the power needed for this transfer of fluid. The global hydraulic power unit market has been negatively impacted, as many industries have been experiencing a decline in demand for hydraulic power units, especially in economies with complete lockdowns. Various projects and production houses had been halted or shifted to the end of 2020 or by early 2021, which led to a decline in the demand for hydraulic power units in the global market. Market growth was effectively curbed along with trade restrictions and supply chain disruptions. However, with the lockdown easing and the normal routine of business, trade, and commerce resuming, demand is projected to grow post-pandemic. While fluctuating raw material and component prices and supply chain constraints might restrict market growth. The hydraulic power unit industry will likely reach a pre-covid level in a couple of years, thanks to increased manufacturing and consumer sales.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Hydraulic Power Unit Market Research Report
The global market for Hydraulic Power Units has witnessed significant growth over the forecast period. There are several domestic, regional, and global players operating in the Hydraulic Power Unit market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global Hydraulic Power Unit market who have contributed to the market growth. Bosch Rexroth AG, Nachi-Fujikoshi Corporation, Parker Hannifin Corporation, Weber-Hydraulik GmbH, Hydac International GmbH, Related Fluid Power Ltd., HCS Control Systems Ltd., Bailey International, LLC, Eaton Corporation, Dana Motion Systems, Energy Manufacturing Co., Inc., Hydromega Services Inc., Branch Hydraulic Systems Ltd., Branch Hydraulic Systems Ltd., Hydro-Tek Co Ltd. are the major players in the market.
Based on By Operating Pressure:
- Up to 750 PSI: The market for 0-750 PSI is estimated to be worth US$2.29 billion during the forecast period. Owing to increasing worldwide demand of hydraulic power units of low operating pressure ranges for some non-industrial applications.
- 750-2000 PSI: The market for 750-2000 PSI held the largest market of worth US$3.64 billion in 2022. The market for 750-2000 PSI is projected to grow at a rate of 5.40% during the forecasted period. The 750-2000 PSI operating pressure rating market is also expected to grow at a significant rate during the same period. Owing to increasing worldwide demand of hydraulic power units of intermediate operating pressure ranges.
- 2000-3000 PSI: The market for 2000-3000 PSI is projected to grow at a rate of 6.23% during the forecasted period. The 2000-3000 PSI operating pressure rating market is expected to grow at the fastest rate during the same period. This is due to the increasing demand for high-pressure hydraulic systems used in various industrial and commercial applications.
- Above 3000 PSI: The market for Above 3000 PSI is projected to grow at a rate of 5.93% during the forecasted period. Units with PSIs above 3000 are typically used for heavy industrial processes and construction. Due to which the Above 3000 PSI operating pressure rating market is expected to grow at a good rate during the forecast period following the 2000-3000 PSI operating pressure rating.
Based on Application:
Based on region:
- Industrial: The market for Industrial applications is projected to grow at a rate of 6.27% during the forecasted period. The Industrial market is expected to grow at a fastest rate during the same period accounting for around 60% of the total market. This expansion might be attributable to the rising need for efficient hydraulic power units in industries such as mining, chemical manufacture, and food processing. Transportation and logistics, oil and gas exploration and production, and manufacturing are the primary industries that are expected to benefit from the use of Hydraulic Power Units.
- Mobile: The market for Mobile Applications held the largest market worth US$7.11 billion in 2022. The Mobile Applications category is expected to rise rapidly in the coming years, owing to rising demand for efficient and portable Hydraulic Power Units. The increased need for smart transportation solutions, such as self-driving cars and trucks, is driving this growth.
- Others: Other applications of hydraulic power unit systems includes subsea equipment, material handling, aerospace test equipment, agricultural equipment, oil fields, automation, machine tools, meat processing machinery, paper mill machinery, rolling mill machinery, government and military equipment, clean up equipment for oil spills, marine equipment, theatrical and production equipment etc. The segment is projected to grow at a rate of 5.40% during the forecasted period.
- North America: North America will continue to project a significant market share for the forecasted period because of the growth in manufacturing industries as well as rising construction activities in this region. In North America, the market is projected to grow at a CAGR of 5.02% during the forecast period. This growth is attributed to the increasing installed capacity of hydrokinetic and hydropower plants in this region.
- Europe: Country wise, Germany dominated the market in 2022, owing to presence of industries such as equipment for mounting, assembly machinery, mining machinery, steel industry, and equipment for robotics and automated manipulation. However, the Italy is expected to grow at higher CAGR during the forecast period owing to use in meat processing machinery, test equipment, construction & mining material handling, and other industries. Growth in industrial activities and increasing applications of HPUs for food processing machinery are some important factors driving the Europe industrial hydraulic power unit market growth. However, alternative sources of power transfer using electro-mechanical & electric drives, which are cost-effective and highly efficient in terms of shorter lead time are some of the factors hampering the growth of the market.
- Asia-Pacific: The market in Asia-pacific region held the largest market worth US$3.87 billion in 2022. With its rapid industrialization and growth in manufacturing and construction sectors, Asia-Pacific is expected to dominate the market during the forecast period. China has the highest number of under-construction coal-powered plants. The construction of these plants is estimated to increase the market’s growth in the future. Additionally, Pulau Muara Besar Refinery & Petrochemical Complex in China is one of the prominent refineries in the region, with a 14 million ton per annum capacity that is expected to get completed by 2022. Lon Son Refinery in Vietnam, Sihanoukville Oil Refinery in Cambodia, and Ratnagiri in India are a few other under-construction and planned refineries in the region that are expected to boost the market’s growth during the forecast period.
- Middle East and Africa and South America: African and South American markets are expected to grow over the forecast period on account of increasing oil exploration activities coupled with rising standard of living demanding better housing facilities and growing stress on agricultural outputs. The Middle East & Africa market is expected to be a significant vacuum region for the market with a CAGR of 5.91% with South America expected be counting a CAGR of 6%. However, there are few players in these regions, which is limiting their growth potential. The Middle East region contributes about 36 percent of the global liquids production. Moreover, it is also the second largest producer of gas, with a contribution of about 20 percent of global production. Nearly half of the energy consumption in the Middle East region is from oil, with huge reserves of oil and natural gas. The renewables have been contributing to only six percent of the total installed power generation capacity in the Middle East region, with only 4 out of 22 Member States observing a non-hydro renewable energy growth.