Hydraulic Equipment Market by Component (Pumps, Valves, Cylinders, Motors, Filters & Accumulators, Transmission, and Others), and by End User (Construction, Agriculture, Aerospace & Defense, Oil & Gas, Manufacturing, Automotive, Mining, and Others)–Global Opportunity Analysis and Industry Forecast 2024-2030

Hydraulic Equipment Market Overview

The global Hydraulic Equipment Market size was valued at USD 46.56 billion in 2023 and is predicted to reach USD 67.06 billion by 2030 with a CAGR of 5.4% from 2024-2030. The hydraulic equipment market also known as hydraulic tool market involves the global industry dealing in manufacturing, designing, and servicing of hydraulic machineries and systems. The equipment works with the help of pressure exerted on fluid to generate mechanical force and movement and is employed in various industrial sectors. The market includes advanced tool capable of handling and controlling large loads required in numerous industries. 

One of the key aspects of the hydraulic tool includes its capability to maintain high precision while effectively handling heavy loads. Additionally, hydraulic tool provides greater reliability, durability, flexibility and cost savings to various businesses as it offers improved performance as compared to its counterpart and capable of ensuring high productivity in today’s business arena. 

Market Dynamics and Trends

The surge in construction industry increases the demand for energy required to power heavy equipment used for construction purpose, thereby propelling the market growth. A recent report of World Bank reveals that the construction industry registered significant growth, with a 24% rise from USD 22.32 trillion in 2020 to USD 27.76 trillion in 2022. Hydraulic tool ensures the easy operation of the heavy construction machines to provide better performance in lifting, digging, and material handling. This increase in construction sector fuels the use of hydraulic tool to ensure efficiency of the construction machineries.

Furthermore, the hydraulic equipment market is growing due to the expansion of the automotive industry that drives the need for automated tool for manufacturing, assembly, and maintenance of vehicles, thereby accelerating the market demand. The global car sales experienced a 5.2% growth, indicating a rise to 76.6 million units in 2023 from 72.8 million units in 2022. Hydraulic system is important for several tasks such as stamping, molding, lifting and material handling within the automotive industry. Therefore, the growth of the automotive industry leads to increased hydraulic tool adoption as it plays an important role in increasing the efficiency, quality, and productivity of automotive production processes and services. 

Moreover, the surge in adoption of automation in various industries enhances the adoption for hydraulic equipment to execute heavy-duty operations effortlessly. Hydraulic tool is crucial to drive and manage automatic equipment such as robotic arms, presses as well as conveyors that require consistent and high-force capabilities. Additionally, various industries are increasingly incorporating automated system to ensure robust performance. This emerging trend towards automation creates a necessity for enhanced hydraulic solutions for the effective working of the automated systems in different industries.  

However, the high initial costs associated with adoption of the hydraulic equipment is restraining the market growth. This prevents small and medium-sized enterprises (SMEs) to adopt hydraulic systems due to high upfront cost, thus slowing down the overall market growth.

On the other hand, the integration of Artificial Intelligence (AI) and machine learning (ML) in hydraulic tool, is expected to create ample growth prospects for the market in the coming years. AI and ML algorithms are capable to consider massive data from hydraulic systems in real time and anticipate failures before occurrence and optimize system parameters. This decreases the maintenance charges, and enhances reliability in hydraulic tools.  

Market Segmentations and Scope of the Study

The hydraulic equipment market report is segmented on the basis of component, end user, and region. On the basis of component, the market is divided into pumps, valves, cylinders, motors, filters & accumulators, transmission, and others. On the basis of end user, the market is bifurcated into construction, agriculture, aerospace & defense, oil & gas, manufacturing, automotive, mining, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific dominates the hydraulic equipment market share and is projected to maintain its dominance throughout the forecast period. This is attributed to the growth of the automotive industry in countries such as China and India that necessities the requirement for automation in manufacturing, assembly and maintenance within the fast-growing industry. According to the recent State Council Information Office report, China is a leading country in automotive industry. The sales of domestic-brand passenger vehicles rose by 5.3% on yearly basis and surpassed the sales of 2.68 million units during the first quarter of 2023. Hydraulic tools aid precision, speed, and reliability in vehicle manufacturing and assembly, enhancing the production within the automotive industry. 

Also, the surge in mining activities within the region increases the requirement of heavy machineries including hydraulic equipment for operations such as excavation, drilling, and materials handling, thus propelling the market growth. According to the latest report of the India Brand Equity Foundation, the mining sector of India is progressing at a phenomenal growth rate and is ranked fourth in iron ore production with 257.85 million tones production, and its mineral production reached approximately USD 14.37 billion in 2023. The hydraulic tools are capable of precision, and durability, that is beneficial in maintaining operational efficiency, thereby boosting the demand for such equipment.

On the other hand, the North America Region is expected to show a steady rise in the hydraulic equipment market growth. This is due to the expansion of the oil and gas sector in countries such as U.S. and Canada that drives the need for reliable and efficient equipment for exploration activities. As per the Council on Foreign Relations report, the U.S. is recognized as the largest producer of oil and natural gases in the world producing 75% of the crude oil and 90% of the natural gases within its territories in 2022. The development of the oil and gas sector fosters the growth of hydraulic machinery market for exploration and extraction activities of oil and gas in complex high-pressure environments.

Moreover, the surge in government investment towards research, innovation, and production of advanced hydraulic tools is significantly propelling the market growth. For instance, Canadian Northern Economic Development Agency announced funding of USD 481,355 to support the Prairie Agricultural Machinery Institute (PAMI) in implementing a significant enhancement to their hydraulic machinery testing system. Such investment fosters the adoption of efficient and versatile hydraulic systems, fueling the market growth in the region. 

Competitive Landscape

The hydraulic equipment industry comprising of various market players such as Bosch Rexroth AG, Eaton Corporation plc, Enerpac, Kawasaki Heavy Industries Ltd., Grundfos, Caterpillar Inc., Wipro Infrastructure Engineering, Bucher Industries AG, Bolting Systems Inc., Danfoss, and others. These market players are adopting various strategies such as partnership and product launches to stay competitive and maintain their market positions. 

For instance, in March 2024, Bucher Hydraulics in partnership with CADENAS PARTsolutions released an online model builder covering hydraulic powerpack systems. This innovative device allowed the users to specify and design hydraulic powerpacks based on their needs for streamling design and selection process.

Furthermore, in January 2024, Grundfos launched SP 6-inch hydraulic pump in the market that aimed to improve energy savings. The pump utilizes innovative technology to enhance energy efficiency in enabling operations such as water supply, irrigation, and ground water management.

Additionally, in November, 2023, Danfoss Power Solutions launched innovative hydraulic electrification and autonomy solutions to advance the field of mobile machinery. The product launch integrates hydraulic, electric, and autonomous technologies to enhance efficiency, productivity, and sustainability in various industries. 

Moreover, in October 2022, SBL600 was released by Enerpac that is a new addition to its Super Boom Lift hydraulic gantry system. This hydraulic system features a maximum lifting capability upto 10.6 meters height and includes three-stage telescopic hydraulic cylinders with a foldable boom, that enhance transportation on standard flatbed trucks without the need for special permits.

Key Benefits

• The report provides quantitative analysis and estimations of the hydraulic equipment market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the current and future hydraulic equipment market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the hydraulic equipment market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Hydraulic Equipment Market Key Segments

By Component

• Pumps

• Valves

• Cylinders

• Motors

• Filters & Accumulators

• Transmission 

• Others

By End User

• Construction

• Agriculture

• Aerospace & Defense

• Machine Tools

• Oil & Gas

• Manufacturing

• Automotive

• Mining

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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