Hydraulics Market by Components (Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Transmissions), Type (Mobile Hydraulics, Industrial Hydraulics), End User (Construction, Agriculture, Material Handling), Sensors & Region - Global Forecast to 2027
The hydraulics market size is expected to grow from USD 41.2billion in 2022 to USD 49.7billion by 2027; it is expected to grow at a CAGR of 3.8% from 2022 to 2027. The key factors driving the growth of the hydraulics marketare rapidly increasing demand for advanced agriculture equipment, rising demand for material handling equipment, and growing potential of construction industry.
“Cylinders held the largest share of the hydraulics market in 2021”
Several companies in the hydraulic cylinder market are continuously investing in R&D to develop better and upgraded hydraulic cylinders, which would offer better solutions to their clients. Due to the high competition in the hydraulic cylinder market, companies need to upgrade their products periodically. The development of smart hydraulic cylinders is one of the key innovations driving the hydraulics market. Hydraulic cylinders are durable and simple. They are easy to use. These cylinders are installed in industrial and mobile equipment used in construction, aerospace, material handling, automotive, agriculture, mining, oil and gas, and marine applications.
“Mobile hydraulics held larger share of the hydraulics market in 2021”
Continuous R&D investments have led to advancements in hydraulics technology which have led to development of sophisticated equipment for automating lifting and movement of heavy objects or equipment, which in turn is increasing the demand for hydraulics in the material handling industry. Development of hydraulics technology has led to development of equipment to be used at remote and difficult terrains which in turn promotes the growth of hydraulic cylinders and other hydraulic components.
“Construction industry held largest share of the hydraulics market in 2021”
Construction equipment such as excavators, loaders, and trenchers use hydraulics equipment for increasing productivity. Hydraulics based construction equipment are used to manage complex tasks and are able to withstand the harshest environments. To ensure peak efficiency and safe operability of equipment, they are fitted with hydraulics equipment to tackle extreme conditions, which in turn is increasing the demand for hydraulics market.
“Asia Pacificheld thelargest share of the hydraulicsmarket in 2021”
The need to meet the demand of the growing population in this region, along with increasing industrialization in emerging countries, is fueling the growth of the agricultural and construction industries in the region. The hydraulics market in Australia is one of the major markets in Asia Pacific. Australia is rich in minerals, and the increased mining of these minerals is fueling the demand for mining equipment in the country.
The break-up of the profiles of primary participants for the report has been given below:
By Company Type: Tier 1 = 52%, Tier 2 = 31%, and Tier 3 = 17%
ByDesignation: C-Level Executives = 47%, Directors= 31%, and Others= 22%
ByRegion: North America = 44%, Europe = 25%, Asia Pacific = 21%, and RoW= 10%
Major players operating in the hydraulics market includeBosch Rexroth (Germany), Danfoss (Denmark), Parker-Hannifin Corporation (US), Enerpac Tool Group (US), HYDAC (Germany), Kawasaki Heavy Industries (Japan), KYB Corporation (Japan), SMC Corporation (Japan), Wipro Enterprises (India), and Caterpillar (US), among others.
The research report on the global hydraulics market covers the market based oncomponents, type, end user, and region. Based on components, the hydraulics market has been segmented into cylinders, valves, motors, pumps, accumulators, filters, transmissions, and others. Based on type, the hydraulics market has been segmented into industrial and mobile hydraulics. Based on end user, the hydraulics market is segmented into construction, agriculture, material handling, aerospace, metals & machinery manufacturing, automotive, mining, oil & gas, marine, and others. The report covers four major regions, namely,North America, Europe, AsiaPacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
This report segments thehydraulics market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different components, type, end user, and regions.
The report helps stakeholders understand the pulse of the market, expected market scenario and provides information on key market drivers, restraints, challenges, and opportunities.
The report helps to understand the COVID-19 impact on the hydraulics market
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