Global Hydraulic Equipment Market Size is Projected to Reach USD 62375 million by 2030, Growing at a CAGR of 4%: Straits Research

Advertisement

The growth of the mining and construction industries, agricultural automation, and the expansion of new manufacturing facilities have all increased the demand for hydraulic machinery. Manufacturers of hydraulic equipment have implemented several strategies to improve their product offerings and provide better customer service to meet the rising demand.

New York, United States, Feb. 19, 2024 (GLOBE NEWSWIRE) — Hydraulic machines are machines that operate through the use of liquid fluid power. Considering the resistance, hydraulic fluid is pumped to cylinders and motors through the machine and pressurized. The valves regulate the liquid flow, distributed through pipes, hoses, or tubes. A single ON/OFF button controls the system. In addition, the system is lighter as no gears or levers are involved in its operation. The hydraulic equipment maintains constant force regardless of changes in operation speed.

The demand for hydraulic equipment has increased due to the growth of the construction and mining industries, automation in agriculture, and expansion of new manufacturing facilities. To meet the increasing need, hydraulic equipment manufacturers have adopted various strategies to expand their product lines and improve customer service. These strategies increase the demand for technologically advanced hydraulic equipment, fostering market expansion.

Advertisement

Download Free Sample Report PDF @ https://straitsresearch.com/report/hydraulic-equipment-market/request-sample

Report Scope

Study Period 2018-2030 CAGR 4%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 43825 Million
Forecast Year 2030 Forecast Year Market Size USD 62375 Million
Largest Market North America Fastest Growing Market Asia-Pacific


Adoption of Mechanized Agricultural Equipment to Drive the Global Hydraulic Equipment Market

According to Straits Research, The global hydraulic equipment market size was worth USD 43825 million in 2021 and is estimated to reach an expected value of USD 62375 million by 2030, growing at a CAGR of 4% during the forecast period (2022 – 2030). Since ancient times, agriculture has been the world’s primary and most important industry. In the past, many agricultural processes were performed manually, including plowing, sowing, fertilizer and pesticide application, harvesting, and others. With the rise of industrialization and the development of novel machinery, farmers prefer to use machines for agricultural tasks. Advanced equipment such as atomized tractors and harvesters are utilized in agriculture to improve productivity and reduce labor costs.

Several companies, including Komatsu, Bosch, John Deere, New Holland, and AGCO, are offering advanced machinery with hydraulic motors, valves, and pumps, such as tractors, dryers, sprayers, rotary cutters, mini excavators, wheel loaders, and planters & seeders, in response to the increase in agricultural equipment adoption. For example, in April 2018, Mahindra & Mahindra’s Farm Equipment Sector introduced the new Novo 65 HP and 75 HP tractors, which feature an advanced synchromesh transmission and a precision hydraulics system. Thus, the adoption of automation and machinery in agriculture is driving the expansion of the market for hydraulic equipment.

The Surge in Need for Energy-Efficient Hydraulic Equipment to Provide Opportunities for the Global Hydraulic Equipment Market

The most significant concern is the energy consumption of hydraulic equipment, which increases the overall cost of purchasing and operating industrial plants and machinery. Due to the high pressure in hydraulic equipment, a substantial amount of energy is consumed, increasing energy costs. To curb additional costs, energy-efficient hydraulic equipment is deployed. In addition, several recent developments in hydraulic technology have increased its effectiveness. In plastics processing machines, variable speed pump drives reduce pressure holding losses during pauses and partial load operation—similarly, variable pump and valve systems permit electronic flow matching to minimize losses.

Caterpillar introduced backhoe loaders 426 F2, 426 B2, Cat 336E excavators, and Hindustan 2021 D-wheel loaders in December 2017. Even for heavy work, the superior hydraulic system of this new equipment’s pump flow provides energy-efficient hydraulic performance. Consequently, manufacturers’ introduction of advanced hydraulic equipment is anticipated to create lucrative growth opportunities for the global market over the forecast period.

Regional Insights

Asia-Pacific hydraulic equipment market share is estimated to grow at a CAGR of 4.5% during the forecast period. Due to large populations in countries such as China and India, the market for hydraulic equipment expands the most in the Asia-Pacific region. This region’s fast-moving consumer goods (FMCG) consumption has increased significantly over the past few years, driving market expansion. Moreover, the rapid growth of the manufacturing, construction, mining, agriculture, and transportation industries increases the demand for hydraulic equipment. Due to this increased demand, manufacturers have established production facilities to meet the rising demand in the region. To strengthen their position in the market, prominent players have adopted various growth strategies. To meet the growing demand for valves, manifolds, and integrated packages, Sun Hydraulics began construction on a new facility in Incheon, Korea, in October 2017. It will serve the needs of customers in South Korea, Japan, China, Australia, and Southeast Asia for hydraulic equipment.

North America is the second largest region. It is estimated to reach an expected USD 14508 million by 2030, growing at a CAGR of 3.5% during the forecast period. The food & beverage, pharmaceutical, and fast-moving consumer goods (FMCG) industries have experienced rapid growth in recent years. With an increase in demand for FMCG products, the establishment of new manufacturing plants and the expansion of existing factories have led to the rise in demand for filling and packaging machines that are hydraulically operated. In the food and beverage industry, conveyors are driven by hydraulic motors while containers such as bags and sacks are filled. In addition, companies such as Liebherr, Hitachi, and Caterpiller have introduced new hydraulic-operated cranes, dozers, tractors, and tree cutters in response to increased customer demand for advanced equipment in the construction, mining, and agriculture industries. In 2020, Liebherr intended to release redesigned 42 M5 XXT truck-mounted concrete pumps and hydraulic drives, which will be more stable when operating and transporting heavy loads. Such strategies and applications of hydraulic equipment drive the expansion of the North American hydraulic equipment market.

Europe is the third largest region. The demand for packaged food & beverage, pharmaceutical, and FMCG products has increased significantly in Europe. In addition, the increase in the number of projects in the construction, forestry, mining, agriculture, transportation, and other manufacturing industries has increased the demand for hydraulic equipment in the European market. In addition, market leaders have implemented various growth strategies to strengthen their position. For example, in June 2019, LEFORT introduced a new line of large hydraulic shears and balers. These hydraulic shears and balers have a cutting force between 600 and 1,000 tons and a weight between 45 and 100 tons. All such factors contribute to the expansion of the European market.

Competitive Players

The Top 10 players in the global hydraulic equipment market 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.

Key Highlights

  • By application, the global hydraulic equipment market is classified into mobile and industrial. The industrial segment was the highest contributor to the market and is estimated to grow at a CAGR of 3.7% during the forecast period.
  • Depending end user, the global hydraulic equipment market is segregated into mining & construction, agriculture & forestry, packaging, material handling, and others (paper, plastic, rubber, and printing). The mining & construction segment was the highest contributor to the market and is estimated to grow at a CAGR of 3.4% during the forecast period
  • Based on product, the global hydraulic equipment market is fragmented into pumps, motors, valves, and cylinders. The cylinders segment was the highest contributor to the market and is estimated to grow at a CAGR of 3% during the forecast period. 

Market News

  • January 2022 – To meet the digital-driven demands of the future, OEMs in the mobile hydraulics industry must build smarter, safer, and higher-performance machines than ever before. That’s why, in 2022, Danfoss Sensing Solutions will more than double its thin-film pressure sensor production with additional production capacity from our factory in Minden, Germany.
  • April 2022 – The emphasis on reducing energy consumption and the carbon footprint has never been greater, but results are frequently obtained at the expense of usability or efficiency. The Danfoss Heat Recovery Unit provides substantial environmental benefits and significant heating bill savings, all with a quick return on investment.

Global Hydraulic Equipment Market: Segmentation

By Application

  • Mobile
  • Industries

By End User

  • Mining & Construction
  • Agriculture & Mining
  • Packaging
  • Material Handling
  • Other (petrochemical, machine tools, automotive, paper, plastic, rubber and printing)

By Product

  • Pumps
  • Motors
  • Valves
  • Cylinders

By Region

  • North America
  • Europe
  • Asia Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/hydraulic-equipment-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 905 0080 (U.S.)

+91 8087085354 (India)

+44 203 695 0070 (U.K.)

Email: [email protected]

Follow Us: LinkedIn | Facebook | Instagram | Twitter

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.