According to a new report published by Allied Market Research, titled, “Europe Industrial Hydraulic Power Unit Market by Industrial Application, Component, and Operating Pressure Rate: Regional Opportunity Analysis and Industry Forecast, 2020–2027,”
The Europe Industrial Hydraulic Power Unit Market was valued at $2.8 billion in 2019 and is anticipated to generate $4.1 billion by 2027. The market is projected to experience growth at a CAGR of 6.3% from 2020 to 2027.
The hydraulic power unit implements the pressure that runs cylinders, motors, and other parts of a hydraulic system. These power units, unlike standard pumps, use pervasive pressurization networks for moving fluid; and comprise temperature control devices. The mechanical specifications and characteristics of a hydraulic power unit defines the kind of projects it will be effective for.
Europe industrial hydraulic power unit market witnessed considerable growth last few years since its implementation in hydraulic machinery. The hydraulic power unit can generate a significant quantum of power to initiate the work of any hydraulic equipment. It is done using Pascal’s law, that is, through ratios of area and pressure. The hydraulic power unit has applications in machine tools, rolling mill machinery, automation systems, meat processing machinery, and material handling equipment. With rising demand for these machineries, the hydraulic power unit market is expected to witness high growth as a result of rapid industrialization.
Depending on several factors, the market is segmented on the basis of industrial application, components, operating pressure rate, and country. By industrial application, it is divided into cutting application, grinding application, milling applications multi-tooling application, forming application, rubber & plastic application, handling application, simulation & testing application, others.
The cutting application segment dominated the market share in 2019; however, the multi-tooling application segment is expected to grow at a higher CAGR during the forecast period as the multi-tooling machineries are capable of performing more than one functions as and when required.
Similarly, depending on component, power components, control components, and auxiliary components, the auxiliary components segment dominated the market in 2019. However, the power components segment is expected to grow at a higher CAGR during the forecast period. Moreover, on the basis of operating pressure rate, the 200-3000 psi segment dominated the market share in 2019. Country wise, Germany dominated the market in 2019, however, the UK is expected to grow at higher CAGR during the forecast period.
The COVID-19 outbreak disrupted the functions of many industries around the world. Europe was impacted majorly with lockdowns in most of the countries extending to 6 months. The region’s economy was deeply impacted by the lockdowns as many activities came to halt. The industries were at total lockdown thus, many sectors shut down their activities of production and manufacturing. This led to decrease in demand for HPU. Now, as the region is again preparing for lockdown measures for the second wave that has hit again. Countries such as Germany and Switzerland are experiencing steep rise in fresh cases and thus, have yet again resorted to lockdown till December.
Key findings of the study
- The Europe Industrial Hydraulic Power Unit Market size is provided in terms of revenue.
- By country, the UK is projected to grow at the highest CAGR of approximately 7.7%, in terms of revenue, during the forecast period.
- By application, the cutting application and rubber & plastic application from 27.5% to 16.2% segment is anticipated to grow with CAGR 6.5% and 6.9% respectively, in terms of revenue, during the forecast period.
- By country, Germany and rest of Europe dominated the market for Europe region with a revenue share of over 34.0% and 24.4% in 2019.
- The qualitative data in this report aims at the Europe Industrial Hydraulic Power Unit Market trends, dynamics, and developments in the Europe Industrial Hydraulic Power Unit industry.
- The Europe Industrial Hydraulic Power Unit Market forecast and estimations are based on factors impacting the market growth.