Publishing: October 2021 | Report Code: CM12212 | Available Format: PDF
The global hydraulic equipment market generated ~$37 billion in 2020, and it is projected to witness significant growth during the forecast period (2021–2030). The key factors responsible for this are the rising demand for material handling equipment and increasing adoption of hydraulic equipment in many industries. Further, the increase in underwater exploration activities is propelling the market for hydraulic equipment worldwide.
The impact of the COVID-19 pandemic on the hydraulic equipment market has been negative. Due to the implementation of lockdowns worldwide, the demand for hydraulic equipment decreased, while its production stopped, as many factories were closed.
In 2020, the mobile hydraulics bifurcation held the larger share in the hydraulic equipment market, and it would show significant growth during the forecast period, based on type. This can be credited to the rising need for hydraulic power at remote and difficult terrain, or when lifting heavy loads, and advancements in the hydraulics technology.
In the upcoming years, the agricultural end-user category would display the fastest growth rate, owing to the rapid adoption of hydraulics in agriculture machinery because of its benefits, especially in plowing. Further, planting and harvesting can be improved by using hydraulic equipment, which is are easy to operate with agricultural machines.
Globally, the largest market for hydraulic equipment was APAC in 2020, and it is predicted to witness a significant growth rate in the upcoming years. This can be ascribed to the rapid industrialization, rising construction activities, and increasing investments in infrastructure development in this region. Moreover, the advantages of hydraulic equipment over other systems, such as easy control and constant torque regardless of speed changes, are increasing the demand for it.
In the hydraulic equipment market, players’ main focus is on expanding their product portfolio in order to enhance their presence. For instance, in 2019, Eaton Corporation plc launched Delta series motor, designed mainly for traction drives for turf care equipment. This is helping the company increase its portfolio of turf care products and serve its customers in a better way. Thus, product launches have become a key trend in the market for hydraulic equipment.
The demand for construction equipment in developing countries is increasing, as high investments are being made for the construction of apartments, offices, and civic infrastructure. For instance, in 2020, the Government of India set a target to improve the infrastructure by constructing roads with a total sum of INR 15 lakh crore in the next two years. Further, the rapidly rising population has resulted in the increasing demand for housing, which has boosted the procurement of hydraulic equipment in emerging economies.
The increasing industrialization rate in developing countries has helped the hydraulic equipment market grow. Companies are opening their manufacturing bases in APAC countries, as they have found a well-established supply chain in the region. Further, the low cost of raw materials and labor and less-strict environmental regulations in the region are attracting manufacturers. This has led to the rapid establishment of factories, which is driving the demand for hydraulic equipment increased the region.
|Base Year (2020) Market Size||~$37 Billion|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling|
|Market Size by Segments||By Equipment, By Type, By End User, By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa|
|Secondary Sources and References (Partial List)||Associated Builders and Contractors, Association of Equipment Manufacturers, Association of Hydraulic Equipment Manufacturers, Indian Construction Equipment Manufacturers Association, Japan Machinery Federation, Material Handling Equipment Distributors Association, National Fluid Power Association, North America Heavy Equipment Training Services, Equipment Service Association, Committee for European Construction Equipment|
In recent years, players in the industry have been involved in product launches and acquisitions to improve their position. Some of the major players operating in the global hydraulic equipment market are Daikin Industries Ltd., Danfoss SA, Eaton Corporation plc, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Parker-Hannifin Corp., Bosch Rexroth AG, Siemens AG, and Wipro Enterprises Private Limited.
In March 2020, Bosch Rexroth AG launched two mid-pressure load sensing valve platforms, RM10-MPP (left) and RM15-MPP (right). These multi-application load sensing, directional control valves feature a flexible assembly, with no transition plate needed between the two distinct sizes.
In January 2020, Danfoss SA declared its acquisition of Eaton Corporation plc’s hydraulics business for $3.3 billion. Through this acquisition, Danfoss SA has broadened its hydraulic solutions portfolio and enhanced the support offered to its core business and customers.
The hydraulic equipment market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Equipment
Based on Type
Based on End User
Market Segment Analysis of Countries
The global hydraulic equipment market was valued at ~$37 billion in 2020.
Asia-Pacific held the largest share in the hydraulic equipment industry in 2020.
The agricultural end-user category will exhibit the fastest growth in the hydraulic equipment industry during 2021–2030.
The increasing industrialization rate and surging construction activities, especially in the developing countries, are the major growth drivers of the market for hydraulic equipment.
The COVID-19 pandemic negatively impacted the market for hydraulic equipment.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws