Industrial Hydraulic Equipment Market Share, Trends, Revenue, Key Players, Growth Drivers, Challenges, Opportunities and Competitive Analysis 2024-2033


Industrial Hydraulic Equipment Market Share, Trends, Revenue, Key Players, Growth Drivers, Challenges, Opportunities and Competitive Analysis 2024-2033: SPER Market Research

 Published: Apr-2024
 Author: SPER Analyst

Hydraulic Equipment Market is projected to be worth USD 65.17 billion by 2033 and is anticipated to surge at a CAGR of 3.83%.

Hydraulic equipment uses fluid power to generate, control, and transmit power, making it a critical technology utilized in a variety of sectors to manage huge loads. This equipment promotes operating safety and improves reliability for facility operators. The current era of automation and Industry 4.0 integration has proven to be a watershed moment in the transformation of operational standards and increased procurement of industrial hydraulic equipment. However, competing technologies such as electric and pneumatic have emerged as a significant threat, potentially limiting market growth during the foreseeable period.

Global Hydraulic Equipment Market Driving Factors and Challenges

The need for various hydraulic systems is steadily increasing as the modern industry demands faster speeds and more efficiency at higher working pressures and temperatures. Hydraulic oils perform several functions, including lubrication, energy transmission, and heat removal from machine parts. The expansion of the industrial sector will enhance the growth rate of the hydraulic market. Furthermore, higher-quality hydraulic fluids will boost market value. Base oils from Groups II and III are also suitable for lubricant formulations for automatic transmission engines, heavy-duty vehicles, and passenger cars. Their various characteristics are expected to aid the market's progress.

Hydraulic equipment is rapidly being replaced with electromechanical technologies. When considering the cost of supplementary hydraulic equipment, an electromechanical system is less expensive than a hydraulic system. Furthermore, because there is a lower risk of a leak, these systems require minimum maintenance and repair. Furthermore, electromechanical devices only use electricity when the load is moved. Hydraulic systems, on the other hand, must maintain operational fluid pressure levels in order to retain position while holding the load, which may slow their response time to operator inputs. This reduces the market for hydraulic equipment.

Impact of COVID-19 on Global Hydraulic Equipment Market

The extraordinary COVID-19 outbreak has had a negative impact on the global hydraulic equipment market. The reason for this is that numerous countries' governments have instituted a shutdown to stop the spread of the virus. As a result of the lockdown, several end-user activities such as construction and mining were hampered by social distancing protocols and workforce shortages. As a result, global demand for hydraulic equipment fell sharply. However, in the post-COVID-19 period, the global hydraulic equipment market is expected to expand as countries begin to focus on economic development. 

Global Hydraulic Equipment Market Key Players:

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Kawasaki, HAWE, Hydac, Moog Inc., Bucker Hydraulics, Daikin, Concentric, Casappa, Nachi – Fujikoshi & Dantal Hydraulics.

Global Hydraulic Equipment Market Segmentation:

By Application: Based on the Application, Global Hydraulic Equipment Market is segmented as; Mobile, Industries.

By End User: Based on the End User, Global Hydraulic Equipment Market is segmented as; Mining & Construction Agriculture & Mining, Packaging, Material Handling.

By Product: Based on the Product, Global Hydraulic Equipment Market is segmented as; Pumps, Motors, Valves, Cylinders, Accessorise.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. 

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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