Hydraulic Equipment Market Demand and Outlook

1. Hydraulic Equipment Market, By Product - Trend Analysis, Competitive Market Share & Forecast, 2020-2027

2. Hydraulic Equipment Market- Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global hydraulic equipment market was worth USD 41.2 billion in the year 2020. It is estimated to grow at a CAGR of 3.4%, earning revenue of around USD 51.7 billion by the end of 2027. The growth of the market is attributed to factors like the flourishing construction and mining activities due to rapid industrialization and urbanization. Furthermore, its expanding application in various sectors, such as aerospace and defense, is expected to propel significant growth for the global hydraulic equipment market in the forecast period.

3. Growth Drivers  Increasing Use of Hydraulic Equipment in Agriculture Though the construction & mining industry is the leading end-user industry of the global hydraulic equipment market, the growing application of hydraulic equipment in the agriculture sector presents immense growth opportunities to the market. Global hydraulic equipment market growth is largely driven by the growth of mechanized agricultural activities. The high-tech agricultural machinery used in cropproduction requires hydraulic equipment. This equipment makes it easy to operate the agricultural machines as the operator does not have to make continuous corrections to cylinder positions.

4. Restraints  High Cost of Hydraulic Equipment and Dominance of Substitute Equipment One of the most important factors holding back the growth of the global hydraulic equipment market is the high cost of hydraulic equipment. The average cost of hydraulic lifts, for instance, ranges from USD 30,000 to USD 50,000.Such high price limits its adoption, especially in emerging countries like India and China that are extremely price sensitive. Additionally, overhead costs associated with this equipment, including maintenance costs, restrict demand.Moreover, the market growth of hydraulic equipment has been slowed by the replacement of hydraulic equipment with electro-mechanical systems.

5. Impact of COVID-19 The global hydraulic equipment sales have been adversely affected by the unprecedented COVID-19 pandemic.The reason for this is the lockdown imposed by the governments of several countries to combat the spread of the virus. As a result of the lockdown, various end-user activities like construction and mining were obstructed by social distancing protocols and a labor shortage. Due to this, the demand for hydraulic equipment witnessed a sharp decline all around the world. However, in the post-COVID-19 period, the global hydraulic equipment market is projected to witness growth as the countries start focusing on economic elevation.

6.  Regional Insights Geographically, the global hydraulic equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America accounts for the largest market share due to the expanding mining activities in this region. A favorable standard set by the US, such as low interest rates, together with an increasing demand for commodities have been the key catalysts for this investment boom in the mining industry. The profusion of gold, copper, coal, iron, zinc-lead, crushed rocks, and rare earths reserves in the region are linked with the region's rapid growth. The Asia-Pacific region, on the other hand, is projected to witness the highest CAGR during the forecast period because of the growing construction activities for infrastructural development purposes.

7. Recent Developments • In August 2021, Airline Hydraulics Corp., a US-based commercial and industrial supplier, announced the acquisition of Hy-Performance Hydraulics, an Australian hydraulics and drive products supplier. This acquisition is aimed towards expanding the service and repair sector of the airline’s business. • In August 2021, Eaton Corporation, a US-based machine industry company announced the completion of the sale of its hydraulics business to Danfoss A/S, a Danish industrial company.

8. Competitive landscape The leading market players in the global hydraulic equipment market are Bucher Hydraulics GmbH, Daikin Industries Ltd, Caterpillar Inc., Bosch Rexroth AG, WEBER-HYDRAULIK GmbH, Emerson Electric Co., Eaton Corporation, Kawasaki Heavy Industries Ltd., Anker-Holth USA, Metro Hydraulic Jack Co., Parker Hannifin Corporation, Danfoss A/S, Komatsu Ltd., Siemens AG, Wipro Limited, Actuant Corporation, KYB Corporation, GBB Industries, Holmatro, and other prominent players. Sample Copy: https://www.blueweaveconsulting.com/report/global-hydraulic-equipment-market/report-sample

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