Global Hydraulic Motors Market - Analysis of Growth, Trends, Forecast (2018 - 2023)
The global hydraulic motors market is anticipated to register a CAGR of 5.12% during the forecast period, 2018 to 2023. Europe and Asia-Pacific are likely to propel high demand in the market, owing majorly to their revival in the agricultural machinery market. The government programs towards improving agricultural economy with agricultural mechanization practices, is likely to see demand for hydraulic motors in the agricultural machinery in the above regions.
Increasing Machinery in Various Sectors in both Matured and Emerging Regions
Hydraulic motors find their major application in construction machinery, agricultural machinery, mining equipment, marine operations and power transmission systems in heavy automobiles. In 2017, majority of the European countries experienced growth in the agricultural machinery market when compared to its past declining records and the market is likely to continue to increase during the forecast period. Hence, there is a potential scope for the demand of hydraulic motors especially gear motors such as gerotor motors- well suited for conveyor drives, reel drives, wheel drives etc., in agricultural application. Similarly, Asia- Pacific and Africa is likely to see more demand for hydraulic motors in the agricultural machinery applications.
In 2017, agricultural machinery alone accounted for over 31% of the market share by application type. Within agriculture, hydraulic motors are finding extensive employment in harvesters and combines. The employment of these motors to drive the conveyer belts in the manufacturing sector is poised to register a CAGR of 4.88% over the coming five years.
The Asia- Pacific market is poised to witness higher growth rates in the hydraulic motors market, in light of the expanding infrastructure and room for mechanization of the agricultural sector. The market for hydraulic motors is poised to grow at CAGR 7.07% in the region.
The demand from the oil and gas industry in North America and increasing construction and infrastructural development activities in the emerging economies are expected to open up new opportunities for the construction machinery sector, and in turn, the market for hydraulic motors.
By type, piston motors dominated the hydraulic motors market. Within piston type, axial motors are expected to grow at a decent pace over the forecast period, owing to its increasing demand, majorly in the construction, mining, manufacturing, marine equipment applications.
Technology Advancement in the Motor Mechanism
Manufacturers are consistently striving to be in-line with the customer requirements and changing technology, thus, developing small sized motors offering high efficiency and reducing noise level of its operations are the current features in the types of hydraulic motors which are gaining traction in diverse applications. However, the demand from non-hydraulic counterparts like electric motors and high maintenance cost are the major restraints for the market.
Key Developments in the Market: