ID: MRFR/E&P/6594-HCR | February 2021 | Region: Global | 111 pages
Hydraulic equipment refers to the use of pressurized fluids in order to perform machining operations. The hydraulic system uses liquid (usually oil) to transmit power and has few advantages over electrical and mechanical. The hydraulic systems can easily produce linear motion using hydraulic cylinders whereas the electrical and mechanical methods require mechanical device in order to convert rotational motion into linear motion. The hydraulic equipment operates with the help of a wide range of pumps, valves, filters, motors, and actuators. Materials that are used in hydraulic equipment include a vast variety of synthetics and metals. Titanium, steel and stainless-steel alloys, woven wire, brass, and rubber are some of the materials that are used in extremely high-pressure systems. Furthermore, various plastics are used in tubing and valve fittings applications.
The global hydraulic equipment market is projected to reach USD 54.6 billion by 2024 and is expected to grow at 4.02% CAGR during the period, 2019 to 2024. The key factors driving the hydraulic equipment market are the rising need for water and wastewater infrastructure in Asia-Pacific and the growing demand from the food & beverage industry. In March 2019, SUEZ won three contracts regarding water management and waste recovery in Greater Bay Area, China for building and operating wastewater treatment plant in Guangdong province. This plant will require the deployment of hydraulic equipment, such as pumps, motors, and valves, for various operations, driving the global hydraulic equipment market. Moreover, the rising demand for construction equipment in the infrastructure projects and other factors are expected to offer lucrative business opportunities in the hydraulic equipment market. However, the factors such as high cost and complex functionality of such hydraulic equipment can act as a restraint for the global hydraulic equipment market.
Global hydraulic equipment market has been segmented based on component, and application. On the basis of component, the hydraulic equipment market has been segmented into pumps, motors, valves, cylinder, and accessories. Valves sub-segment will dominate the hydraulic equipment market during the forecast period. On the basis of application, the market is further segmented into industrial and mobile. Within application segment, mobile sub-segment is expected to account for the maximum share during the forecast period.
On the basis of region, the global hydraulic equipment market is segmented as Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific held the largest share in the hydraulic equipment market due to the growing investments in construction activities in the emerging nations, including India and China. China is expected to account for the largest share of the regional market and India is expected to be the fastest growing country in the region. For instance, the construction sector in China, Germany, and US is expected to witness a growth of 4.0%, 2.8%, and 2.1%, respectively in 2019. The hydraulic equipment is primarily used in construction machinery. Such factors are likely to drive the hydraulic equipment market in the Asia-Pacific.
The key players of global hydraulic equipment market are Bosch Rexroth (Germany), Eaton Corporation Plc (Ireland), Parker Hannifin (US), Kawasaki (Japan), HAWE (Germany), Hydac (Germany), Moog, Inc. (US), Bucker Hydraulics (Germany), Daikin (Japan), Concentric (Sweden), Casappa (Italy), Nachi-Fujikoshi (Japan), Dantal Hydraulics (India), Fluitronics GmbH (Germany), and Linde Hydraulics (Germany).
The intended audience of global hydraulic equipment market are:
Frequently Asked Questions (FAQ) :
HAWE (Germany), Casappa (Italy), Hydac (Germany), Moog, Inc. (US), Daikin (Japan), Bucker Hydraulics (Germany), and Concentric (Sweden) are the outstanding market contenders.
The APAC region is predicted to incentivize the market’s development.
A compelling CAGR is expected to guide the market’s development in the impending period.
The budding demand from the food & beverage industry is appraised to motivate the market.
The high price and complex functionality are projected to hold back the market’s development.