According to a recent report published by Allied Market Research, titled, " Hydraulic Equipment Market by Application, End User and Product: Global Opportunity Analysis and Industry Forecast, 2020–2027," the global hydraulic equipment market size accounted for $40,518.6 million in 2019, and is expected to reach $51,653.1 million by 2027, registering a CAGR of 3.8% from 2020 to 2027. In 2019, Asia-Pacific dominated the global hydraulic equipment market, in terms of revenue, accounting about 35.7% share of the global hydraulic equipment industry, followed by North America and Europe.
Hydraulic equipment are operated by using liquid fluid as working medium. Hydraulic liquid is pumped into the machine, and is pressurized considering the resistance by cylinders and motors. The valves control the flow of liquids, and the liquid is further distributed through pipes, hoses, or tubes. These equipment are simple to operate, safe, and reliable irrespective of variable speed. Rise in adoption of mechanized agricultural activities and increase in industrialization are the major driving factors of the global hydraulic equipment market. However, replacement of hydraulic equipments with electro-mechanical systems has restrained the growth of the market. On the contrary, rise in awareness toward the use of energy-efficient hydraulic equipment is anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.
The growth of the global hydraulic equipment market is driven by atomization of activities in agriculture, construction, mining, packaging, and other manufacturing industries, which fuel the demand for hydraulic equipment. Machines such as cranes, loaders, bulldozer, tractors, and harvester use motors, pumps, cylinders, and valves for their operations. However, electro-mechanical equipment are being preferred by some customers, as they are maintenance-free due to fluid and oil free operation. In addition, manufacturers are offering new and advanced hydraulic equipment to customers with more stability and safety.
Region wise, the hydraulic equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, Denmark, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings of the Study:
- By application, the industrial segment was the highest revenue contributor in 2019.
- On the basis of end user, the mining & construction segment generated the highest revenue in 2019.
- Depending on product, the cylinder segment was led the market in 2019.
- Region wise, Asia-Pacific garnered the largest market share in 2019, followed by North America and Europe.
The key players analyzed in the global hydraulic equipment industry are Daikin Industries Ltd., Danfoss A/S, Eaton, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Parker-Hannifin Corp., Robert Bosch GmbH, Siemens AG, and Wipro Limited.