Global Hydraulic Equipment Market Analysis and Insights
The global Hydraulic Equipment market estimated at US$67.5 billion in the year 2022 is now projected to grow at a CAGR of 7.18% and reach US$102.3 billion by 2028. The market’s growth can be attributed majorly to the increasing demand for hydraulic equipment in sectors such as construction, industrial machinery, mining, automotive, aerospace, mechanized agricultural implements and machinery, forestry machines, material handling equipment, conveyor machines, oil and gas drilling and exploration equipment.
Increasing adoption of material handling equipment across industries is a major booster for the growth of the market. There is an increasing potential of the construction industry, which induces increased adoption of automated heavy construction vehicles equipped with hydraulic cylinders for various operations. The increasing adoption of material handling equipment across industries such as agriculture, construction and mining has also increased the demand for hydraulic cylinders.
Government initiatives to revive infrastructural projects across the country have helped the demand for hydraulic cylinders to grow, owing to their increased adoption in construction and material handling industries. Increasing farm mechanization across regions, especially in all the Asia Pacific countries and increasing mining exploration activities have also promoted the growth of this market.
Other major factors poised to influence growth patterns include development of energy efficient hydraulics, increased R&D focus on formulating innovative hydraulic fluids, growing investments in industrial automation and the ensuing demand for motion and control technologies, and rising focus on predictive maintenance of hydraulic equipment/systems & the ensuing increase in parts replacement frequency, and advancements in electro-hydraulic automation.
Hydraulic Equipment Market Regional Insights
North American hydraulic equipment market is expected to grow significantly over the forecast period. This growth can be attributed to the rising demand for machinery and equipment for applications in growing manufacturing, agriculture, mining, and oil and gas sectors in the US and Canada and early adoption of new and energy efficient hydraulic equipment. U.S. contributed around 78% of the total North American hydraulic equipment market and is estimated to have a market value of US$18.3 billion in the year 2021. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 5.61% and 4.37% respectively over the 2022-2028 period.
Asia Pacific hydraulic equipment market is anticipated to witness an upsurge owing to the rapid urbanization and the growing industrial sector in the region. To boost productivity and decrease downtime, significant OEMs in the region, particularly in nations like China, Japan, India and Australia, are implementing automated and semi-automated material handling equipment. The region’s hydraulics industry is expanding due to the rising demand for material handling equipment. China is expected to dominate the Asia-Pacific market and reach a market size of US$22.4 billion by 2028.
Within Europe, France, Germany, and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 5.19% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, Saudi Arabia and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include Atos Spa; Bailey International LLC; Bosch Rexroth AG; Crane Aerospace & Electronics, Inc.; Daikin Industries Ltd.; Eaton Corporation; Kawasaki Heavy Industries Ltd.; KYB Co., Ltd.; Linde Hydraulics GmbH & Co. KG; Nabtesco Corporation; Nachi-Fujikoshi Corp.; Parker Hannifin Corporation; Tokyo Keiki, Inc.; Weber-Hydraulik GmbH; Wipro Infrastructure Engineering Ltd.; Yuken Kogyo Co., Ltd., among others.
Competitive Landscape
EMP secures hydraulic machining contract in North America
October 31, 2022 — Engineered Machined Products (EMP), a Concentric AB company and leading producer of mechanical and electric water and oil pumps, electric fans, thermal management systems and highly complex precision machined components, was recently awarded a key contract for machined components in the U.S., with a global multinational customer of engineered products, who develop energy efficient technology. The product will be used internationally in mobile machinery for off-highway applications including construction and agriculture.
HydraForce partners with Tan Delta Systems to provide real-time oil quality data
October 26, 2022 — HydraForce, a manufacturer of hydraulic valves and manifolds, has partnered with Tan Delta Systems, a manufacturer of real-time oil quality monitoring sensors and systems, to provide valuable real-time data about machine oil quality and expand its capabilities within the telematics market.
Hydraulic equipment market scope
- By Technology
- Mobile
- Industrial
- By Product Category
- Hydraulic pumps
- Hydraulic motors
- Hydraulic cylinders
- Hydraulic valves
- Hydraulic filters
- Others
- By Sensors
- Pressure sensors
- Flow sensor
- Position sensor
- Tilt sensor
- Level sensor
- Temperature sensor
- Others
- By Industry Vertical
- Manufacturing
- Construction
- Automotive
- Aerospace and defense
- Railway
- Agriculture and forestry
- Others
- By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 298 |
| Published | March-2023 |
| Forecast Period | 2022-2028 |
| Estimated Market Size in 2022 | US$67.5 billion |
| Forecasted Market Size by 2028 | US$102.3 billion |
| CAGR | 7.18% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | Atos Spa; Bailey International LLC; Bosch Rexroth AG; Crane Aerospace & Electronics, Inc.; Daikin Industries Ltd.; Eaton Corporation; Kawasaki Heavy Industries Ltd.; KYB Co., Ltd.; Linde Hydraulics GmbH & Co. KG; Nabtesco Corporation; Nachi-Fujikoshi Corp.; Parker Hannifin Corporation; Tokyo Keiki, Inc.; Weber-Hydraulik GmbH; Wipro Infrastructure Engineering Ltd.; Yuken Kogyo Co., Ltd., among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
