Global Hydraulic Equipment Market 2018-2022
About Hydraulic Equipment
Hydraulic equipment uses pressurized fluid to generate power. The fluid used can be water or oil and the market is segmented on the basis of components into pump and motor, cylinder, valve, and others.
Technavio’s analysts forecast the Global Hydraulic Equipment Market to grow at a CAGR of 3.28% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the Global Hydraulic Equipment Market. To calculate the market size, the report considers the consumption of hydraulic equipment in various regions and applications.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hydraulic Equipment Market 2018-2022
Technavio recognizes the following companies as the key players in the Global Hydraulic Equipment Market:
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is increasing penetration of digitization and IoT in hydraulic devices. Vendors are integrating IoT technology for predicting hydraulic hose failure or connector leakage. Such rising use of IoT integrated hydraulic devices will propagate the market growth in the forthcoming years.”
According to the report, one driver influencing this market is the rise in building and construction activities. Growing infrastructure development in the emerging and advanced economies has proliferated the growth of the market in the recent years.
Further, the report states that one of the factors hindering the growth of this market is the continuous replacement of hydraulic applications with fully electrical systems. Several mobile applications are using electric equipment compared with hydraulic equipment, in turn, impacting the market growth adversely during the predicted period.
Kawasaki Heavy Industries