BlueWeave Consulting revealed that the global hydraulic equipment market was worth USD 41.2 billion in the year 2020. It is estimated to grow at a CAGR of 3.4%, earning revenue of around USD 51.7 billion by the end of 2027. The market’s growth is attributed to factors like the flourishing construction and mining activities due to rapid industrialization and urbanization. Furthermore, its expanding application in various sectors, such as aerospace and defence, is expected to propel significant growth for the global hydraulic equipment market in the forecast period. However, the high cost of hydraulic equipment and the replacement of hydraulic equipment with electro-mechanical systems may restrict the market growth.
Growing Construction Activities Are Expected To Boost The Global Hydraulic Equipment Market
The increasing construction activities, especially in emerging economies, act as a major driving factor for the global hydraulic equipment market. Most of the machinery used at the construction sites is hydraulic power-driven. With a hydraulic final drive motor, bulldozers, track loaders, diggers, and backhoes can push or carry heavy loads by converting hydraulic power to torque. Moreover,the governments of various developing countries are increasingly investing in the construction of commercial and residential spaces, which is expected to fuel the growth of the global hydraulic equipment market.
Surging Demand for Material Handling Equipment Is Projected to Drive The Global Hydraulic Equipment Market Growth
Material handling equipment facilitates the production, planning, and inspection process and efficiently performs the basic functions of material handling like storage and transportation of material handling. The application of hydraulic equipment in material handling is used to improve the materials’ function, power, controllability, and safety. With the rapid growth in the manufacturing industry, the demand for hydraulic equipment is projected to witness tremendous growth in the upcoming years.
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Global Hydraulic Equipment Market – By End User
Based on end-users, the global hydraulic equipment market is segmented into mining and construction, packaging, material handling, and others (petrochemical, automotive, machine tools, paper, rubber, plastic, and printing). Among these segments, the mining and construction segment holds the largest market share. Mining activities are expanding rapidly as a result of the increasing urbanization and population, which in turn increase the demand for mining products as a building block to enable growth. Also pushing hydraulic equipment demand is the growing demand for construction activities to support the economy and provide shelter for the growing population.
Global Hydraulic Equipment Market – Regional Insights
Geographically, the global hydraulic equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America accounts for the largest market share. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Because of the surging construction activities for infrastructure development and the increasing agricultural sector for boosting output, the Asia Pacific region has great growth potential. Furthermore, Africa and Latin America are expected to emerge as potential markets for hydraulic equipment due to growing mining activities in those regions. These regions will, however, still experience low growth rates.
Impact of COVID-19 on Global Hydraulic Equipment Market
A negative impact has been seen on the global hydraulic equipment market due to the unprecedented outbreak of COVID-19. This is mainly because of the nationwide lockdowns imposed by the governments of several countries to curb the spread of the virus. The lockdown caused the sudden disruption of end-user activities including construction and mining due to social distancing protocols and an absence of a labor workforce. Due to this, the demand for hydraulic equipment witnessed a sharp decline all around the world. It is estimated that the market will grow post-COVID-19 as countries start focusing on economic development.
Competitive Landscape
The leading players in the global hydraulic equipment market are Bucher Hydraulics GmbH, Daikin Industries Ltd, Caterpillar Inc., Bosch Rexroth AG, WEBER-HYDRAULIK GmbH, Emerson Electric Co., Eaton Corporation, Kawasaki Heavy Industries Ltd., Anker-Holth USA, Metro Hydraulic Jack Co., Parker Hannifin Corporation, Danfoss A/S, Komatsu Ltd., Siemens AG, Wipro Limited, Actuant Corporation, KYB Corporation, GBB Industries, Holmatro, and other prominent players.
The market is highly competitive due to the strong presence of several global and regional players. The adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations is also very prominent among the market players to expand their consumer base and establish their footholds in potential markets.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global hydraulic equipment market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global hydraulic equipment market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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