Hydraulic Power Market Research, 2031
The global hydraulic power market size was valued at $13.7 billion in 2021, and hydraulic power industry is projected to reach $24.1 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
The hydraulic power market is segmented into Operating Pressure, Component, Application and End Use.
Hydraulic power is a package consisting of various components such as hydraulic motor & pump, reservoir/accumulators and other accessories such as filter, valves, tubes, regulators, and instruments used to monitor the performance of a hydraulic system. It is used to transmit, control, and distribute energy from a pressurized fluid to perform various mechanical tasks and is a main component of hydraulic systems producing enormous amount of power, driving various hydraulic rams and equipment.
Hydraulic power has various applications in presses, machine tools, computerized numerical control (CNC), lifts, saws, and in other construction equipment such as fork lifters, cranes, crushers, and excavators among others. It forms the primary component of hydraulic systems and produces enormous amount of power, which can drive hydraulic rams and equipment by controlling and distributing energy from a highly pressurized fluid.
Growth in industrial activities and increase in applications of hydraulic power for agricultural products are some important factors driving the 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. Rise in defense spending and surge in automation in industrial processes are some of the areas which display promising growth prospects for the hydraulic power market. Rise in cases for product failures form the key market challenge for the hydraulic power market growth.
The hydraulic power market is segmented on the basis of by operating pressure, component, application, end use and region. On the basis of operating pressure of hydraulic power, the market is segmented into 0-750 PSI, 750-2000 PSI, 2000-3000 PSI, and more than 3000 PSI. On the basis of component, it is classified into power component, control component, and auxiliary component. On the basis of application, it is categorized into cutting, grinding, milling, multi-tooling, forming, rubber & plastic, handling, simulation and testing, and others. On the basis of end-use, it is segmented into mobile, industrial, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest hydraulic power market share, followed by Asia-Pacific and Europe.
The major companies profiled in this report include Bosch Rexroth AG, Brevini Fluid Power S.p.A, Nachi-Fujikoshi Corporation, Parker Hannifin Corporation, Weber Hydraulik GmbH, Hydac International GmbH, Hydro-Tek Co Ltd., Bailey International LLC, Eaton Corporation, Energy Manufacturing Company Inc., Hydromega, Branch Hydraulic Systems Ltd., Related Fluid Power Ltd., HCS Control Systems Ltd., Danfoss, Siemens AG, and Daikin Industries. Rapid development of industrialization, modernization and investment in the development of tourism industry has led to surge in the construction and other sectors; which in-turn has fuelled the hydraulic power market forecast growth. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the application of hydraulic equipment in various sectors is projected to provide a suitable platform for the development of hydraulic power market.
The 2000-3000 PSI segment dominates the global hydraulic power market. The applications of HPUs over 2000-3000 PSI in medium to large scale industries where heavy machinery operations are required drive the market. Assembly machinery, multi-tasking machinery, hydraulic presses, and mounting stands & equipment are a few examples that have HPUs for their functioning. The increase in utilization of hydraulic press in the large scale industries has driven the demand for the market. The increase in the construction of automation of automotive industry for the production of electric cars is anticipated to foster the demand for hydraulic power market. The increase in the application of multi-tasking machinery in the agriculture and electronics industry, owing to increase in demand for the agricultural equipment and automation manufacturing equipment for electronic industry is projected to drive the demand for the hydraulic power market.
The auxiliary segment dominates the global hydraulic power market. This segment comprises of couplings, manifold block, suction pipe, return pipe, tank, air breather, and others. Auxiliary component is the supporting component yet plays an important role for an HPU to work as a whole. It keeps together the hydraulic power by facilitating the supporting parts such as tank, filter, suction pipe, return pipe, an intermediate manifold, control switches, pressure gauge, and accumulator. The right choice of auxiliary component is very important for stable and reliable functioning of a hydraulic power to function. These parts or component are also part of the service and maintenance services as they need to be checked and replaced over a due course of time. The presence of above mentioned advantages is projected to drive the growth of the market.
The cutting segment dominates the global hydraulic power market. The cutting machines are used in various industries such as metal sheet cutting, planning, and others. Cutting machine is a type of forging machinery, widely used in automobile, aviation, metallurgy, light industry, chemical industry, ships, electric power, construction, and other industries to deliver complete machinery equipment. The surge in the construction sector and light & heavy manufacturing industry is anticipated to drive the market growth. The presence of above mentioned advantages is projected to drive the growth of the market.
The mobile segment dominates the global hydraulic power market. Mobile hydraulic power are power transmission systems for mobile applications across various industries. Mobile hydraulic power is easy to maintain and reduce troubleshooting time. Mobile hydraulic power is more productive, functional, and safer for the people behind the machine. The mobile hydraulic power industry is projected to expand at a rapid pace during the forecast period due to increasing demand for mobile hydraulic power from agriculture, forestry, and construction sectors. This is primarily because machinery and equipment operate in rigorous or harsh conditions in these sectors. Construction is an integral part of industrialization. Rise in demand for efficient, maneuverable, precise, and safe equipment from the construction sector is expected to boost the demand for mobile hydraulic power during the forecast period.
North America is analyzed across the U.S., Canada, and Mexico. A significant portion of market share is held by the U.S., followed by Canada and Mexico. The presence of mining activities across the U.S., and Canada has positive impact on the demand for mining equipment which operates on hydraulic power. In addition, the presence of modern aircraft manufacturing players, automobile players, heavy industrial machinery, and many kinds of machine tools are anticipated to drive the development of the hydraulic power market. In North America, 85% of mining is regarded as surface mining in which the overlying mineral layer (known as the overburden) is eliminated, and then the mineral is removed with the use of shafts or tunnels. A two-part process is involved in surface mining that involves the power of hydraulics. Hydraulics make mineral extraction possible efficiently and safely. Powerful earthmovers are used to support access to the minerals to remove the overburden. Later, the gigantic excavators are used for mineral extraction from the earth. Hydraulics are also used to transport the materials from the mining site to the processing plant. The presence of application of hydraulic equipment in variety of sectors is projected to provide lucrative opportunities for the growth of the hydraulic power market.
COVID-19 analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the hydraulic power market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.
After the global vaccination the government of various countries has taken initiatives to increase the investment in the energy and transportation infrastructure. Furthermore, India policies to make the country a world class manufacturing hub have led to investment in the construction of air ports, sea ports, and large scale manufacturing facilities. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydraulic power market analysis from 2021 to 2031 to identify the prevailing hydraulic power market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hydraulic power market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hydraulic power market trends, key players, market segments, application areas, and market growth strategies.
Hydraulic Power Market Report Highlights
| Aspects | Details |
 By Operating Pressure |
|
 By Component |
|
 By Application |
|
 By End Use |
|
 By Region |
|
 Key Market Players | Siemens AG, HCS Control Systems Ltd., Hydac International GmbH, Branch Hydraulic Systems Ltd, Sauer-Danfoss Inc., Energy Manufacturing Company Inc., Brevini Fluid Power S.p.A, Bosch Rexroth AG, Bailey International LLC, Parker Hannifin Corporation, Weber Hydraulik GmbH, Related Fluid Power Ltd., Hydro-Tek Co Ltd., Hydromega, Nachi-Fujikoshi Corporation, Eaton Corporation, Daikin Industries Ltd. |
Analyst Review
The global hydraulic power market is expected to witness increased demand during the forecast period. Surge in demand for equipment and machinery, in which hydraulic power is used, is a key factor that fuels the growth of the hydraulic power market. There has been a significant rise in building and construction activities across the region owing to a positive economic outlook and increasing consumer disposable incomes. Higher per capita income has resulted in the improved standards of living, thereby driving the sales and construction of homes. Rapid industrialization in several emerging economies has also contributed toward the expansion of the hydraulic power market substantially.
The key driving factors for the hydraulic equipment are advancements in oil and gas industry across the globe, technological advancements in hydraulic equipment systems along with increase in automation across verticals. Furthermore, during the forecast period, demand for hydraulic equipment is expected to increase due to increased demand to improve machine performance and reduce operation time will foster the development of hydraulic power market. However, high cost of such equipment is expected to restrain market growth during the forecast period.
Increased demand for hydraulic power from industrial activities and robotics and automation application in material handling equipment is being one of the main contributors boosting the hydraulic power market growth.
The market value of Hydraulic power in 2031 is expected to be $24.07 billion
Bosch Rexroth AG, Brevini Fluid Power S.p.A, Nachi-Fujikoshi Corporation, Parker Hannifin Corporation, Weber Hydraulik GmbH, Hydac International GmbH, Hydro-Tek Co Ltd., Bailey International LLC, Eaton Corporation, Energy Manufacturing Company Inc., Hydromega, Branch Hydraulic Systems Ltd., Related Fluid Power Ltd., HCS Control Systems Ltd., Danfoss, Siemens AG, and Daikin Industries.
Mobile based application is projected to increase the demand for Hydraulic power Market
The hydraulic power market is segmented on the basis of operating pressure, component, application, end use and region. On the basis of operating pressure of hydraulic power, the market is segmented into 0-750 PSI, 750-2000 PSI, 2000-3000 PSI, and more than 3000 PSI. On the basis of component, it is classified into power component, control component, and auxiliary component. On the basis of application, the market is divided into cutting, grinding, milling, multi-tooling, forming, rubber & plastic, handling, simulation & testing, and others. On the basis of end-use, it is segmented into mobile, industrial, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Increased spending in automation/automotive machinery industry is the Main Driver of Hydraulic power Market
After the global vaccination the government of various countries has taken initiatives to increase the investment in the energy and transportation infrastructure. Furthermore, India policies to make the country a world class manufacturing hub have led to investment in the construction of air ports, sea ports, and large scale manufacturing facilities. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market during the forecast period.
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