The high adoption of hydraulic equipment in the agriculture and automotive sectors, rising availability of affordable hydraulic equipment, and high investments in construction projects are some of the major factors behind the growth of the hydraulic equipment market. Because of these factors, in 2020, the global hydraulic equipment market generated revenue of $37 billion, and it will show substantial growth during the forecast period (2021–2030).
Due to the implementation of lockdowns to prevent the spread of the COVID-19 disease, the global hydraulic equipment market was affected negatively. Because of the suspension of production activities, hydraulic equipment was not manufactured, while the demand for it reduced due to the closure of end-user manufacturing plants and construction sites.
The global hydraulic equipment market is bifurcated into mobile hydraulics and industrial hydraulics, on the basis of type. In 2020, mobile hydraulics held the larger share, and it will display significant growth in the upcoming years. This can be attributed to the increase in the construction activities in remote areas and difficult terrain, which increases the requirement for hydraulic equipment.
Further, the global hydraulic equipment market is classified into aerospace, agriculture, automotive, construction, marine, metal & machinery manufacturing, mining, oil & gas, and others, on the basis of end user. The agriculture category is predicted to witness substantial growth during the forecast period. This can be credited to the rapid acceptance of hydraulic equipment in the agriculture sector because of its ease of operation with agricultural machines.
Geographically, the Asia-Pacific (APAC) region held the largest share in the market for hydraulic equipment in 2020, and it would show substantial growth during the forecast period. This would be owing to the high demand for construction and agricultural equipment in the region due to the increasing investments in infrastructure development and growing population, respectively.
Players in the hydraulic equipment market have been launching new products to enhance their presence. For instance,
In march 2020, Parker-Hannifin Corp. launched a new e-configurator tool for Gold Cup pump and motor series. It was launched by the Hydraulic Pump and Power Systems division to streamline a user’s online configuration with a convenient tool view, including that of model-based dimensioning and product summary, in one location.
Similarly, in December 2019, Eaton Corporation plc launched a Delta series motor with integrated parking brake. It is a reliable and compact solution designed mainly for the traction drives used in turf care equipment.
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.