As per the reports published by Market Research Future (MRFR), the global hydraulic equipment market is estimated to generate a revenue of USD 54.6 billion by the conclusion of 2024. The market is likely to develop at 4.02% CAGR over the period, 2019 to 2024.
Hydraulic power is one of the most common methods of generation, control, and transmission of power by using pressurized liquids in various mobile and industrial applications. Hydraulic machines use liquid fluid power and heavy equipment is one of the prominent examples. In such types of machines, hydraulic fluid is transmitted throughout the machine to various hydraulic cylinders and hydraulic motors and become pressurized as per the resistance present. This fluid is controlled by control valves and distributed through tubes and hoses.
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Hydraulic equipment implies the usage of pressurized fluids in order to perform machining functions. The hydraulic system makes use of liquid (usually oil) to transfer electricity and has few benefits over mechanical and electrical systems. The hydraulic systems are known to create linear motion using hydraulic cylinders whereas the mechanical and electrical techniques need mechanical device in order to turn rotational motion into linear motion. The hydraulic equipment functions with the application of a diverse range of valves, pumps, motors, actuators, and filters. Materials that are used in hydraulic equipment comprise a large variety of metals and synthetics. Steel, stainless-steel alloys, titanium, brass, woven wire, rubber is some of the materials that are used in severely high-pressure systems. Additionally, gamut of plastic is used in valve fittings applications and tubing.
Fluid power systems offer effective and simple control of speed, torque, direction, and force using control valves. Thus, these systems do not require electrical power, eliminating the risk of sparks, explosions, electrical shock, and fire. Moreover, hydraulic equipment can transmit power in a much smaller space as compared to mechanical or electrical systems, especially in case of extremely high force or torque.
- Eaton Corporation Plc (Ireland),
- Bosch Rexroth (Germany),
- Parker Hannifin (US),
- HAWE (Germany),
- Kawasaki (Japan),
- Hydac (Germany),
- Bucker Hydraulics (Germany),
- Concentric (Sweden),
- Daikin (Japan),
- Casappa (Italy),
- Dantal Hydraulics (India),
- Nachi-Fujikoshi (Japan),
- Linde Hydraulics (Germany), and
- Fluitronics GmbH (Germany).
Global Hydraulic Equipment Market Segmentation
According to the reports published by Market Research Future, the global hydraulic equipment market can be segmented based on application, component and region.
- North America
- Middle East & Africa
- South America
The global hydraulic equipment market has been geographically segmented into key regions as per the reports published by Market Research Future. The key regions mostly include North America, Asia-Pacific, the Middle East & Africa, South America, and Europe.
On the basis of region, Asia-Pacific held the largest market share of the global hydraulic equipment market in 2018. It is estimated Asia-Pacific would be the fastest growing market during the forecast period, mainly due to the rising investment in construction activities in the emerging nations including India and China. The hydraulic equipment market would be mainly driven by the growing focus on mobile applications. Rising manufacturing activities in South-East Asian countries is expected to add to the market growth during the forecast period.
The market in North America is expected to be the second-largest owing to an increase in demand for modernization of existing infrastructure. The US will dominate the North America market during the forecast period. The market in Europe is also expected to grow at a significant rate owing to the rising requirement of hydraulic equipment in industries. Germany is expected to dominate the European hydraulic equipment market.
The Middle East & Africa and South America are the key regions for hydraulic equipment market. Saudi Arabia and Brazil are the two countries that are expected to dominate the regions, respectively. The market is the Middle East & Africa is attributed to the rising use of hydraulic equipment in excavators, loaders, vacuum trucks, dump trucks, cranes, tractors, and other vehicles in industrial and construction sectors.
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