Hydraulic Reservoir Market - Forecasts from 2023 to 2028

The global hydraulic reservoir market was valued at US$1.054 billion in 2021.

The hydraulic reservoir market is expected to show positive growth during the forecast period. A hydraulic reservoir is a container specifically designed to store hydraulic fluid in a hydraulic system. Hydraulic reservoirs can be segmented into pressurized or non-pressurized types which are made up of aluminum or steel. Such reservoirs are used in construction, agriculture, aerospace & defense, and industrial applications to provide a stable fluid supply, dissipate heat, and ensure reliable and efficient operation of hydraulic systems. Growing sales of agriculture machinery and construction spending are anticipated to accelerate the demand for hydraulic reservoirs, thereby expanding the hydraulic reservoir market size.

Market Drivers

Increase in agricultural machinery sales

Hydraulic systems require hydraulic fluid to power various functions such as lifting, lowering, and controlling agricultural implements, and without a proper reservoir, the hydraulic systems may face fluid shortages, resulting in operational inefficiencies and equipment failures. The increasing adoption of hydraulic pumps and motors in agriculture machinery like tractors and harvesters raises the demand for hydraulic reservoirs. According to the European Agricultural Machinery Association, nearly 108,800 tractors were registered in Europe in the first six months of 2022, out of which 81,800 of these vehicles were agricultural tractors. Such increases in agricultural machinery sales are expected to drive the hydraulic reservoir market growth.

Growing construction spending

Construction machinery such as excavators, bulldozers, cranes, and concrete pumps heavily rely on hydraulic reservoirs to ensure a continuous supply of hydraulic fluid to power these machines, for functions such as lifting, digging, and pushing. The rise in sales of construction equipment coupled with increased construction spending boosts hydraulic reservoir industry growth. According to the Indian Construction Equipment Manufacturers Association, the construction equipment industry of India sold 4,036 units of backhoe loaders and 2,632 units of crawler's excavators in September 2022. Moreover, as per the U.S. Census Bureau, construction spending in the US increased from $1,768.2 billion in March 2022 to $1,829.6 billion in March 2023.

Rising aerospace production

Hydraulic reservoirs play a crucial role in aerospace and defense applications by storing hydraulic fluid and ensuring its availability for various hydraulic systems. These reservoirs are responsible for maintaining fluid levels, temperature regulation, and filtering contaminants, thus ensuring the efficient and reliable operation of hydraulic systems in aircraft, helicopters, missiles, and defense vehicles. Consequently, increased investment in aerospace and defense coupled with rising investments encourage market players to broaden their product range. For instance, Muncie Power Products' product portfolio encompasses custom hydraulic reservoirs that come in a variety of styles (blocks, round, and upright), materials (steel, aluminum, and polyethylene), and sizes (seven gallons to 100 plus gallons) and are suitable for a variety of hydraulic systems, including mobile equipment, tow and recovery vehicles, bulk transportation systems, aerial devices, and utility equipment. Similarly, reservoirs by FORCE America Inc. are manufactured from steel, aluminum, and stainless steel. Industries served include construction, agriculture, mining, marine, rail, defense, energy, metals, and machine tools, among others.

Asia-Pacific region is expected to hold a significant market share

The Asia-Pacific region is anticipated to witness a steady CAGR due to rapid urbanization, the booming construction sector in India and China, and growing agricultural activities. In December 2021, the Chinese government allocated RMB 3.65 trillion of which about 50 percent would be used for transport infrastructure, municipal administration, and industrial park infrastructure sectors. Additionally, the Government of India launched the Pradhan Mantri Krishi Sinchai Yojana with an investment of Rs 50,000 crore to develop irrigation sources that help farmers buy new agricultural equipment. Such developments will accelerate hydraulic reservoir demand for smooth operations in machinery and thereby expand the regional hydraulic reservoir market size.

Market Restraint - Environmental Regulations and Supply Chain Disruptions

Regulations related to emissions, waste management, and energy efficiency may require manufacturers to invest in new technologies or modify existing products to comply with stringent standards. These compliance costs can affect market growth. Furthermore, disruptions in the global supply chain, such as natural disasters, trade disputes, or political instability, can impact the availability of raw materials, components, and finished products. These disruptions can lead to delays in manufacturing, and increase costs thereby negatively affecting the growth of the hydraulic reservoirs industry.

Hydraulic Reservoirs Products

• Micropac MR Hydraulic Reservoir by Sarum Hydraulics is a hand-carried portable, two-wheel mobile, and 4-wheel trolley hydraulic with a strainer to prevent contamination of the system reservoirs.
• Donaldson's hydraulic reservoirs featured integrated filtration technology to aid overall system performance by providing a single-source supplier solution to simplify the engineering process.
• Double Overhead Reservoir: This hydraulic reservoir by LDI Industries is produced in a state-of-the-art ISO9001:2015 environment with documented processes and certified personnel. Combined with their extensive line of reservoir accessories, they provide significant value-added opportunity by supplying a desired "build up" and not just a weldment.
• A3000-2STRF Hydraulic Tank: This product by American Mobile Power includes chain chain-mounted 40-micron filtered breather cap with a stainless basket and bayonet closure and an ASK-200 mounting kit.ASK-200 mounting kit includes (4) pre-drilled, powder-coated mounting angles, (4) plated bolts, (8) plated washers, (4) nyloc nuts, (4) plated springs, and (4) pre-drilled mounting pads.

Segmentation

By Type

• Pressurized
• Non-Pressurized

By Material

• Aluminum
• Steel

By Shape

• Rectangular
• Cylindrical

By End-User

• Construction
• Agriculture
• Industrial
• Aerospace & Defense
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Other