- Adoption of mechanized agricultural equipment and growing industrialization drive the global hydraulic equipment market
PORTLAND, Ore., Dec. 3, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Hydraulic Equipment Market by Application (Mobile and Industrial), End User (Mining & Construction, Agriculture & Forestry, Packaging, Material Handling, and Others), and Product (Pumps, Motors, Valves, and Cylinders): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global hydraulic equipment industry was pegged at $40.51 billion in 2019, and is projected to reach $51.65 billion by 2027, growing at a CAGR of 3.8% from 2020 to 2027.
Major motivators of the market-
Adoption of mechanized agricultural equipment and growing industrialization drive the global hydraulic equipment market. However, replacement of hydraulic equipment with electro-mechanical systems hampers the market growth. On the contrary, growing need for energy-efficient hydraulic equipment is expected to create lucrative opportunities in the near future.
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- The demand for hydraulic equipment has been decreased by the end-use sectors including mining and construction, due to lockdown amid the COVID-19 pandemic.
- The equipment manufacturing firms have curtailed the production procedures, owing to stringent measures by the government and dependency on migrant workers. In addition, the supply chain disruptions have resulted in a shortage of raw materials.
- However, certain relaxations have been imposed on the restrictions for economic benefits. Owing to this, manufacturing firms have started production at a slower pace.
The industrial segment dominated the market-
By application, the industrial segment held the largest share in 2019, accounting for more than half of the global hydraulic equipment market. This is due to large scale of manufacturing activities. However, the mobile segment is projected to portray the highest CAGR of 4.1% during the forecast period, owing to rise in powerful and advanced equipment offered by the manufacturers in the market.
The motors segment to manifest highest CAGR through 2026-
By application, the motors segment is anticipated to register the highest CAGR of 4.7% during the forecast period. This is due to rise in manufacturing and usage of machinery operated by motors. On the other hand, the cylinders segment held the largest share in 2019, accounting for nearly one-third of the market. This is attributed to maximum cylindrically operated machinery.
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Asia-Pacific held the lion's share, North America to grow significantly throughout 2027-
The market across Asia-Pacific held the largest share in 2019, accounting for more than one-third of the market, owing to large manufacturing facilities and operations in major Asian countries. However, the global hydraulic equipment market across LAMEA is expected to register the fastest CAGR of 4.9% during the forecast period, owing to increase in usage of hydraulic operated machinery in this province. In addition, the North America region is anticipated to manifest a CAGR of 3.3% during the forecast period.
Major market players-
- Parker-Hannifin Corp.
- Robert Bosch GmbH
- Siemens AG
- Wipro Limited
- Daikin Industries Ltd.
- Danfoss A/S
- Emerson Electric Co.
- Kawasaki Heavy Industries Ltd.
- Komatsu Ltd.
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