Hydraulic Equipment Market worth USD 61.23 billion by 2028, registering a CAGR of 9.11% – Report by Market Research Future (MRFR)
Pune, Oct. 14, 2021 (GLOBE NEWSWIRE) — Hydraulic Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hydraulic Equipment Market Research Report, Component, Application and Region – Forecast till 2028” the market is projected to be worth USD 61.23 billion by 2028, registering a CAGR of 9.11% during the forecast period (2021 – 2028)., The market was valued at USD 46.17 billion in 2021.
Leading Companied in the global hydraulic equipment market profiled are
- Bosch Rexroth (Germany)
- Eaton Corporation Plc (Ireland)
- Parker Hannifin (US)
- Kawasaki (Japan)
- HAWE (Germany)
- Hydac (Germany)
- Moog, Inc. (US)
- Bucker Hydraulics (Germany)
- Daikin (Japan)
- Concentric (Sweden)
- Casappa (Italy)
- Nachi-Fujikoshi (Japan)
- Dantal Hydraulics (India)
- Fluitronics GmbH (Germany)
- Linde Hydraulics (Germany)
- among others.
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Industry News
In March 2020, Bosch Rexroth AG introduced two mid-pressure load sensing valve platforms, the RM10-MPP (left) and the RM15-MPP (right). These multi-application load sensing, directional control valves include a flexible assembly that eliminates the requirement for a transition plate between the two unique sizes.
In January 2020, Danfoss SA announced its $3.3 billion acquisition of Eaton Corporation plc’s hydraulics business. Danfoss SA has expanded its hydraulic solutions offering and improved support for its core business and customers as a result of this acquisition.
Market Research Future’s Review on Hydraulic Equipment Market
Increasing Demand from the Food and Beverage Industry
The use of pressurized fluids to execute machining processes is referred to as hydraulic equipment. The hydraulic system transmits power via liquid (typically oil) and offers few advantages over the electrical and mechanical systems. Hydraulic systems can simply generate a linear motion with hydraulic cylinders, whereas electrical and mechanical methods require a mechanical device to transform rotational motion to linear motion. Hydraulic equipment is powered by a variety of pumps, valves, filters, motors, and actuators. The materials used in hydraulic equipment include a wide range of synthetics and metals. Materials used in extremely high-pressure systems include titanium, steel and stainless-steel alloys, woven wire, brass, and rubber. Various plastics are also used in tubing and valve fittings applications.
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The increased demand for water and wastewater infrastructure in the Asia Pacific, as well as increasing demand from the food and beverage industry, are the primary factors propelling the hydraulic equipment market. In March 2019, SUEZ was awarded three contracts in the Greater Bay Area, China, for the construction and operation of a wastewater treatment plant in Guangdong province for water management and waste recovery. This plant will necessitate the use of hydraulic equipment, such as pumps, motors, and valves, for a variety of tasks, propelling the worldwide hydraulic equipment market. Furthermore, increased demand for construction equipment in infrastructure projects, as well as other reasons, are likely to provide profitable business prospects in the hydraulic equipment market.
COVID-19 Impact on the Worldwide Market
As a result of COVID-19, the production of hydraulic equipment was halted in numerous nations. Furthermore, as a result of the country-wide lockdowns, demand for hydraulic equipment has been severely reduced. Despite the fact that several nations have lifted the lockdown and are attempting to recover the economy, the increase in demand for hydraulic equipment was gradual in 2020. The significant demand for hydraulic equipment often originated from some of the major manufacturing countries such as the United States, Germany, Italy, and the United Kingdom, which have been adversely affected by the pandemic, causing the market to weaken.
Market Segmentation
The global hydraulic equipment market has been segmented based on components and application.
On the basis of components, the global hydraulic equipment market has been segmented into pumps, motors, valves, cylinders, and accessories. Valves sub-segment will lead the hydraulic equipment market during the forecast period.
On the basis of application, the global hydraulic equipment market has been segmented into industrial and mobile. Within the application segment, the mobile sub-segment is projected to account for the maximum share during the forecast period.
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Regional Analysis
APAC to Lead the Global Market
Due to increased investments in construction activities in emerging nations such as India and China, Asia Pacific held the highest share of the hydraulic equipment market. China is predicted to hold the largest portion of the regional market, while India is expected to be the region’s fastest expanding economy. For example, the construction sector in China, Germany, and the United States is predicted to rise by 4.0%, 2.8%, and 2.1%, respectively, in 2019. Hydraulic equipment is typically seen in construction machinery. Such factors are projected to drive the Asia Pacific hydraulic equipment market.
Segmentation of Market covered in the research:
Hydraulic Equipment Market Research Report: Information by Component (Pumps, Motors, Valves, Cylinder and Accessories), Application (Industrial and Mobile) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America) – Forecast till 2028
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