Ottawa, Nov. 11, 2023 (GLOBE NEWSWIRE) -- The global hydraulics market size accounted for USD 44.29 billion in 2023 and is projected to reach around USD 53.97 billion by 2029, According to Precedence Research. Asia Pacific dominated the global market with the largest market share of 39% in 2022.
The global hydraulics market is propelled by the growing need for enhanced efficiency in industrial processes. The adoption of hydraulic systems enables industries to achieve higher levels of productivity and performance.
Click to Download Sample Pages@ https://www.precedenceresearch.com/sample/3345
Market Overview
Hydraulic systems use pressurized fluid to transmit power and control mechanical operations in various applications, including construction equipment, manufacturing machinery and automotive systems. The hydraulic work system is widely used by cranes, excavators, bulldozers, forklifts, and other large pieces of heavy gear. This system's power source is fluid, which it uses to move. The market includes products like hydraulic pumps, cylinders, hoses, valves and related equipment. It plays a crucial role in various sectors due to the efficiency and reliability of hydraulic systems in offering precise control and high force output. Technological advancements, expansion of industries and growing economic conditions are observed to drive the growth of the market.
Key Insights:
- North America is expected to witness the fastest CAGR of growth during the forecast period.
- By Component, the cylinders hydraulics segment dominated the market in 2022.
- By Component, the pump segment is expected to grow at a significant rate during the forecast period.
- By Application, the mobile-type segment dominated the market in 2022.
- By Application, the industrial hydraulics segment is expected to grow at a notable rate during the forecast period.
- By End-use, the construction segment dominated the market in 2022.
- By End-use, the agricultural segment is expected to generate a significant revenue share of the market during the forecast period.
Growth Factors of Hydraulics Market
- Growing industrialization in emerging economies increases the adoption of hydraulic systems in various sectors, contributing to market expansion.
- The need for more eco-friendly and energy-efficient solutions drives the development of hydraulic systems that reduce energy consumption and environmental impact.
- Regulations and standards related to safety and emissions drive the adoption of advanced hydraulic technologies to meet compliance requirements.
- Modern agricultural machinery, such as tractors and combine, use hydraulics for precision control and power, increasing the market’s size in the agricultural sector.
- The presence of robust manufacturing bases for hydraulic components and systems in regions like Europe, North America and Asia Pacific fuels market growth.
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Hydraulics Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 44.29 Billion |
| Market Size in 2032 | USD 60.36 Billion |
| Market CAGR | 3.5% from 2023 to 2032 |
| Asia Pacific Market Share | 39% in 2022 |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Key Players | Bosch Rexroth (Germany), Danfoss (Denmark), Parker-Hannifin Corporation (US), Enerpac Tool Group (US) , HYDAC (Germany), Kawasaki Heavy Industries (Japan), KYB Corporation (Japan), SMC Corporation (Japan), Wipro Enterprises (India), Caterpillar (US) |
Customize this study as per your requirement@
https://www.precedenceresearch.com/customization/3345
Report Highlights:
- By Component, the hydraulic pumps segment is expected to witness a significant rate of growth during the forecast period. the development and emergence of smaller and lightweight hydraulic pumps are observed to bring advancements in the industry while promoting the segment’s growth.
- By Application, the mobile hydraulics segment is expected to grow significantly throughout the forecast period. Mobile hydraulic systems can be customized to meet the specific requirements of different mobile equipment applications. This flexibility allows manufacturers to tailor hydraulic solutions to the unique needs of their customers.
- By End-use, the construction segment held dominating share of the market in 2022, the segment is expected to continue the growth at significant rate. The construction industry places a strong emphasis on safety, and hydraulic systems are designed with safety features such as pressure relief valves to prevent overloading and potential accidents. This enhances the safety of both operators and those working around construction equipment.
Regional Snapshot
Asia Pacific dominated the market in 2022, the region is expected to continue its growth at a significant rate during the forecast period. The growth of the market in the region has increased due to the rising industrialization and urbanization in countries like India, China, and Japan are enhancing the growth of the hydraulics market in the region. Higher adoption of semi-automated and automated equipment for faster and better productivity has also contributed to the growth of the hydraulics market in the region. Many countries in Asia Pacific are investing heavily in infrastructure development, including the construction of roads, bridges, railways, and buildings. Hydraulic systems are integral to construction machinery, making them crucial for these projects.
North America is expected to pose as the fastest growing region in the hydraulics market. Ongoing advancements in hydraulic technology, including the development of more energy-efficient and environmentally friendly systems, can drive market growth as companies look to upgrade their existing systems.
Market Dynamics
Driver:
Rising application in the automotive industry
Hydraulic systems are widely used in power steering systems for vehicles. Power steering provides ease of steering and maneuverability, especially in larger and heavier vehicles. The automotive industry's continued production of various types of vehicles, including passenger cars, trucks, and commercial vehicles, ensures a consistent demand for hydraulic power steering systems. Hydraulic brake systems are an integral part of automotive safety. They provide reliable and responsive braking, helping to prevent accidents and ensure driver and passenger safety.
The use of hydraulic brake systems is a standard practice in the automotive industry, driving demand for hydraulic components and maintenance services. Many convertible vehicles use hydraulic systems to operate the roof mechanism. These systems allow for easy and automated roof folding, making convertible cars more practical and appealing to consumers. Considering such multiple advantages of automotive industry, the element is observed to act as a driver for the market.
Restraint:
Lack of skilled professionals
Hydraulic systems require regular maintenance and occasional repairs to ensure their proper functioning. Skilled technicians are needed to diagnose issues, troubleshoot problems, and perform maintenance tasks. Without an adequate number of skilled professionals, there can be delays in servicing hydraulic systems, leading to downtime and increased costs for businesses that rely on them. Setting up hydraulic systems in various applications, especially in complex industrial machinery, requires a high level of expertise. Skilled professionals are needed to ensure that the systems are installed correctly, integrated with other components, and calibrated for optimal performance. Inadequate skill levels can lead to system inefficiencies, malfunctions, and safety risks.
Opportunity:
Technological advancements
The growth of automation and robotics in manufacturing and other industries has created opportunities for hydraulics. Precision and power are essential in automated systems, and hydraulics can be delivered on both fronts. Advancements in materials science have led to the development of lighter and more durable hydraulic components, which can contribute to reduced weight in mobile applications and improved longevity in industrial settings.
Advancements in electronics have led to the development of electro-hydraulic systems, which combine the precision of electronic control with the power of hydraulic systems. These systems offer enhanced control, accuracy, and responsiveness, making them attractive for a wide range of applications. Technological innovations in hydraulic components and systems can lead to increased energy efficiency. This is a crucial advantage, especially as industries strive to reduce energy consumption and environmental impact. More efficient hydraulic systems can help lower operating costs and reduce the carbon footprint.
Challenge:
Environmental effects and available alternatives
Environmental regulations and concerns about hydraulic fluid leaks and disposal can impact the market. There is increasing pressure to develop more environmentally friendly hydraulic fluids and systems that minimize the risk of leaks and pollution. The hydraulics market faces competition from alternative technologies, such as electric and pneumatic systems. Electric systems, in particular, are gaining traction due to their energy efficiency and environmental benefits. To remain competitive, hydraulic systems must continue to innovate and improve their efficiency.
Related Reports
- Industrial Fasteners Market: The global industrial fasteners market size reached USD 94.2 billion in 2022 and is expected to surpass around USD 153 billion by 2032, growing at a CAGR of 4.97% during the forecast period from 2023 to 2032.
- Servo Motors and Drives Market: The global servo motors and drives market size surpassed USD 18.56 billion in 2022 and is projected to reach around USD 36.41 billion by 2032, growing at a CAGR of 6.97% during the forecast period from 2023 to 2032.
- Bolts Market: The global bolts market size was reached at USD 43.76 billion in 2022 and it is expected to hit around USD 68.62 billion by 2032, poised to grow at a CAGR of 4.6% from 2023 to 2032.
Recent Developments
- In September 2023, the latest DX-7M was launched by DEVELON, a Doosan Construction Equipment. The DX-7M includes tracked excavators ranging from 2 to 53 tonnes for the Tier 2 and Tier 3 markets globally. The excavators were designed and manufactured for the operations of industries such as recycling, rental, construction, utilities mining and quarrying, and waste processing.
- In October 2023, the BSA 1407 D Classic Stationary Concrete Pump was introduced by the Putzmeister, the latest launch of the concrete pump was designed to take up exceptional values to the projects. The BSA 1407 D was specifically designed and able to handle the hurdles and polishing concrete mixes.
Market Segmentation
By Component
- Cylinders
- Pumps
- Motors
- Valves
- Filters
- Accumulators
- Transmissions
- Others
By Application
- Mobile Hydraulics
- Industrial Hydraulics
By End-Use
- Construction
- Agriculture
- Aerospace
- Metals & Machinery Manufacturing
- Automotive
- Mining
- Marine
- Oil & Gas
- Material Handling
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/3345
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
Unlocking Market Insights through Data Excellence
The "Precedence Statistics" flexible dashboard is a powerful tool that offers real-time news updates, economic and market forecasts, and customizable reports. It can be configured to support a wide range of analysis styles and strategic planning needs. This tool empowers users to stay informed and make data-driven decisions in various scenarios, making it a valuable asset for businesses and professionals looking to stay ahead in today's dynamic and data-driven world.
To Access our Premium Real-Time Data Intelligence Tool, Visit: www.precedencestatistics.com
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
Our Blogs:
https://www.towardshealthcare.com
https://www.towardspackaging.com
For Latest Update Follow Us:
