PUBLISHER: The Business Research Company | PRODUCT CODE: 1464115
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464115
Hydraulic equipment comprises machinery or devices that utilize pressurized fluid to execute tasks, typically employing hydraulic cylinders to move pistons. These systems are pivotal for generating motion or force, rendering them versatile tools across various industrial applications.
Key components of hydraulic equipment encompass motors, pumps, cylinders, valves, filters, accumulators, transmissions, among others. Hydraulic motors serve as mechanical actuators converting hydraulic pressure and flow into torque and angular displacement, facilitating rotating shaft movement. These motors find diverse applications across mobile and industrial settings, catering to end-users spanning mining and construction, agriculture, packaging, material handling, and more.
The hydraulic equipment market research report is one of a series of new reports from The Business Research Company that provides hydraulic equipment market statistics, including hydraulic equipment industry global market size, regional shares, competitors with a hydraulic equipment market share, detailed hydraulic equipment market segments, market trends and opportunities, and any further data you may need to thrive in the hydraulic equipment industry. This hydraulic equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hydraulic equipment market size has grown strongly in recent years. It will grow from $42.92 billion in 2023 to $45.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The historic growth can be attributed to urbanization and industrialization trends, the rising demand for advanced agricultural machinery, increased need for material handling equipment, expansion of process industries, and the growing integration of hydraulic systems into automated manufacturing processes.
The hydraulic equipment market size is expected to see steady growth in the next few years. It will grow to $53.54 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.The forecasted growth can be attributed to several factors, including the expansion of the construction industry, the rising demand for eco-friendly hydraulic solutions, increased utilization of hydraulic equipment in the aerospace and defense sectors, growing adoption of electric vehicles, and the expanding demand for hydraulic equipment in the mining industry. Major trends expected in the forecast period include the integration of Internet of Things (IoT) technology into hydraulic systems, the establishment of new manufacturing facilities, increased adoption of mechanized agricultural equipment, ongoing product innovation efforts, and higher levels of investment in the hydraulic equipment sector.
The growth of the hydraulic equipment market is expected to be propelled by the expanding construction industry in the foreseeable future. The construction industry encompasses a wide array of activities involved in the creation and upkeep of buildings, infrastructure, and various physical structures. This growth is fueled by government expenditures on construction projects, increased investments in infrastructure, and stabilization in the real estate sector. Hydraulic systems, known for their ability to generate substantial force using compact components, are well-suited for the demanding tasks essential in construction, including lifting, pushing, and pulling heavy loads using equipment such as cranes, excavators, and bulldozers. For example, the Office for National Statistics reported in August 2023 that estimated monthly construction output witnessed a 1.6% volume increase in June 2023, driven by upticks in both new construction work (2.0%) and repair and maintenance activities (1.1%). The overall construction output rose by 0.3% from Quarter 1 (January to March) 2023 to Quarter 2 (April to June) 2023. Consequently, the burgeoning construction industry is fueling the growth of the hydraulic equipment market.
Prominent players in the hydraulic equipment market are actively pursuing innovation to develop advanced products, such as energy-efficient hydraulic pumps, to cater to evolving customer needs and gain a competitive advantage. Energy-efficient hydraulic pumps are designed to convert mechanical energy into hydraulic energy while minimizing energy losses. For instance, Grundfos, a Denmark-based pump manufacturer, introduced the SP 6-inch hydraulic pump for groundwater pumping in January 2024. This pump distinguishes itself with its superior energy efficiency achieved through enhanced hydraulics, resulting in substantial energy savings. Featuring a high-efficiency permanent magnet motor, it ensures reliable performance while optimizing overall efficiency. The pump's robust stainless-steel rotor design, complemented by a durable stainless-steel-clad canned rotor, ensures optimized operations and prolonged service life. Additionally, the pump offers an expanded temperature range of up to 140°F, enhancing its versatility and suitability for a wide range of applications.
In January 2024, Atlas Copco, a leading manufacturing company based in Sweden, completed the acquisition of Kracht GmbH for an undisclosed sum. This strategic acquisition aims to broaden Atlas Copco's portfolio in the realm of positive displacement pumps and reinforce its standing in the industrial pump segment. Kracht GmbH, headquartered in Germany, specializes in the manufacture of hydraulic pumps predominantly utilized in oil hydraulic systems. This acquisition bolsters Atlas Copco's offerings by integrating Kracht's expertise and product line into its business operations.
Major companies operating in the hydraulic equipment market report are Robert Bosch GmbH, Siemens AG, Komatsu Ltd., Motion Industries Inc., Parker Hannifin Corporation, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Danfoss AS, SMC Corporation, Festo SE, Moog Inc., Concentric AB, HAWE Hydraulik SE, Linde Hydraulics Corp, Wipro Infrastructure Engineering, Casappa Corp, Norgren Limited, Hydac International GmbH, Dantal Hydraulics Pvt. Ltd., Daikin Industries Ltd., Bucher Hydraulics Inc., Hannon Hydraulics Inc., Fluitronics GmbH, American Design & Manufacturing Inc., Nachi-Fujikoshi Corp.
North America was the largest region in the hydraulic equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the hydraulic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hydraulic equipment market consists of sales of hydraulic presses, lifts, fittings and hydraulic power units. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hydraulic Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydraulic equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydraulic equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hydraulic equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.