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(IT-NEWSWIRE.COM, December 25, 2023 ) The Hydraulics Market is expected to grow from USD 42.5 billion in 2023 to USD 50.5 billion by 2028, at a CAGR of 3.5% during the forecast period. Rising construction projects, escalating demand for material handling equipment, increased need for advanced agricultural machinery, and the expanding process industry are driving forces behind the growth of the hydraulics market. In addition, continuous R&D and technological advancements in hydraulic cylinders present significant opportunities for the expansion of the hydraulics market.
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Key Market Players:
The major players are Enerpac Tool Group (US), Bosch Rexroth AG (Germany), Danfoss (Denmark), Hydac International GmbH (Germany), Kawasaki Heavy Industries, Ltd. (Japan), KYB Corporation (Japan), SMC Corporation (Japan) Parker-Hannifin Corporation (US), Wipro Enterprises (India), Caterpillar (US), and others.
Based on components, Cylinders are expected to grow at a higher CAGR during the forecast period. The expanding global population has heightened the demand for housing, consequently driving the growth of the construction industry. As construction equipment is now handling increasingly complex tasks and designed to endure harsh environmental conditions, it becomes imperative for the components within this equipment to function optimally for peak efficiency. Therefore, these machines are equipped with hydraulic cylinders capable of withstanding extreme pressures, high temperatures, shocks, vibrations, and contamination. Furthermore, with increased investments in the aircraft industry, there is an expected surge in aircraft production, leading to an increased need for cylinders utilized in various applications across commercial and military aircraft.
Based on type, Mobile hydraulics is expected to grow at a higher CAGR during the forecast period. Mobile hydraulic equipment finds its primary use in machinery that operates without being fixed in one place. The growing demand for hydraulic power in remote and challenging terrains drives the incorporation of hydraulic cylinders into mobile equipment. Advancements in hydraulic technology have simplified the movement of heavy objects or machinery. The increased stability provided by mobile hydraulic systems when lifting heavy loads makes them a preferred choice for various companies. The increased adoption of automated heavy construction and mining vehicles is propelling the expansion of the mobile segment in the hydraulics market.
Based on end users, the Agriculture industry is expected to grow at a higher CAGR during the forecast period. The agricultural industry undergoes constant advancements, integrating innovative technologies employing hydraulics to streamline tasks. High-tech agricultural machinery is well-suited for both crop production and efficient livestock management. These systems play a pivotal role in maintaining operational efficiency, reducing downtime, and sustaining high productivity levels. The demand for contemporary agricultural equipment equipped with smart hydraulics remains substantial due to their reliability, adaptability, and user-friendly features.
Asia Pacific is expected to grow at a higher CAGR during the forecast period. The surge in the hydraulics market across the Asia Pacific region is driven by rapid industrialization and the expansion of infrastructure. Constructing residential and commercial buildings requires a range of machinery such as backhoes, excavators, trenchers, road construction planers, grinders, machines for laying concrete or asphalt, concrete cutting saws, dozers, motor-graders, dumpers, and skid steers. Incorporating hydraulic equipment into these machines is expected to bolster the growth of the hydraulics market in this area. Furthermore, the thriving shipbuilding industry, particularly in South Korea, serves as a significant factor contributing to the expansion of the hydraulics market in the Asia Pacific region.
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