Hydraulic Equipment Market 2021: COVID-19 Impact by Current & Upcoming Trends
Market Highlights
The Hydraulic Equipment Market is expected to reach USD 54.6 billion by 2024 at 4.02% CAGR during the forecast period. Hydraulic equipment is an important component of any machining equipment and is responsible for precision of machine and its efficiency. Any small defects can hamper the performance of entire system. The key advantages of hydraulic systems are accuracy of control, constant force and torque, multiplication of force, and are safety. The key hydraulic equipment are pumps, motors, and valves that are used in power generation, control, and transmission.
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Asia-Pacific held the largest share and of the hydraulic equipment market.
The global hydraulic equipment market has been segmented into regions, namely, Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
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.
In addition to regions, the global hydraulic equipment market has been segmented based on component and application.
On the basis of component, the market has been segmented into pumps, motors, valves, cylinders, and accessories. The valves sub-segment is expected to dominate the market during the forecast period.
On the basis of application, the market has been segmented into industrial and mobile. The mobile sub-segment is expected to dominate the market during the forecast period owing to use of such equipment in construction, agriculture, automotive, and material handling applications.
Key Players
The key players of the global hydraulic equipment market are Bosch Rexroth (Germany), Eaton Corporation Plc (Ireland), Linde Hydraulics (Germany), Parker Hannifin (US), Nachi-Fujikoshi (Japan), Kawasaki (Japan), HAWE (Germany), Bucker Hydraulics (Germany), Hydac (Germany), Daikin (Japan), Dantal Hydraulics (India), Concentric (Sweden), Moog, Inc. (US), Casappa (Italy), and Fluitronics GmbH (Germany).
Scope of the Report
This report provides an in-depth analysis of the global hydraulic equipment market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the hydraulic equipment market by its component, application, and region.
- By Component
- Pumps
- Motors
- Valves
- Cylinder
- Accessories
- By Application
- Industrial
- Mobile
- By Region
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
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