According to a new report published by Allied Market Research, titled, " Hydraulic Tools Market by Type and End-User: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global hydraulic tools market size was valued at $1,567.6 million in 2018, and is projected to reach $2,347.0 million by 2026, growing at a CAGR of 5.9% from 2019 to 2026. The growth of the global market is driven by rise in the material handling equipment industry. Increase in new technologies such as SGH wire-actuated encoders, which measure the cylinder stroke in the hydraulic cylinder, boost the demand for hydraulic tools across the globe.
North America serves as the most productive region as compared to others with diverse industry verticals significantly investing for business expansion, and growth in the power and construction sector is anticipated to boost the demand for hydraulic tools.
In 2018, North America dominated the global hydraulic tools market, in terms of revenue, accounting for around 36.4% share of the global market, followed by Europe. The economy of Europe has grown over the past couple of years, which in turn boosts the growth of the construction industry. This in turn is expected to fuel the growth of the market.
By type, the hydraulic cylinder and jack segment has accounted for the largest share in the global hydraulic tools market share in 2018 and the tension and torque tools segment is expected to witness significant growth during the forecast period, owing to technical innovations and deployment in the power and oil & gas industry. Companies such as Eaton Plc., Römheld GmbH, Mapro d.o.o., and others, are developing reliable and highly efficient double-acting hydraulic cylinders, which propel their demand, thus driving the growth of the market. For instance, Eaton Plc. offers a new hydro-electric cylinder with a valve integration system. It is a high-performance industrial cylinder, which provides a cost-effective and unique solution to the problem of classical systems. Moreover, current demand for material handling equipment accompanied by measures heading for expansion of the existing construction equipment market are expected to positively impact the growth of the industry.
In terms of end user, the industrial manufacturing segment secured the highest share in the market in 2018, and is expected to grow at a CAGR of 5.6% during the forecast period owing to increase in the manufacturing sector around the globe. These factors are expected to provide lucrative growth opportunities to market players in developing economies.
The key players profiled in the report include Actuant Corporation, Atlas Copco AB, SPX Flow, Kudos Mechanical Co., Ltd., Textron Inc., IDEX Corporation, HTL Worldwide Ltd., Shinn Fu, Hi-Force, and Cembre Inc.
Key Findings of the Study:
- The report provides an extensive analysis of the current and emerging hydraulic tools market trends and dynamics.
- Depending on type, the hydraulic cylinder and jack segment dominated the market, in terms of revenue in 2018 and the tension and torque tools segment is projected to experience growth at a CAGR of 5.9% during the forecast period.
- By end-user, the industrial manufacturing segment led the hydraulic tools market in 2018.
- North America is projected to register the highest growth rate in the coming years.
- Key market players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the hydraulic tools industry.
- The report provides an extensive analysis of the market trends and emerging opportunities of the market.
- In-depth hydraulic tools market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global hydraulic tools market forecast analysis from 2019 to 2026 is included in the report.