Portland, OR, July 06, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hydraulic equipment market generated $40.51 billion in 2019, and is estimated to reach $51.65 billion by 2027, registering a CAGR of 3.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in adoption of mechanized equipment across the agricultural sector drives the growth of the global hydraulic equipment market. However, demand for electro-mechanical systems hinders the market growth. Furthermore, increase in need for energy efficient hydraulic equipment is expected to create new growth opportunities for market players during the forecast period.
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Covid-19 scenario:
- Several major hydraulic equipment manufacturers have halted their production activities during Covid-19 pandemic due to disrupted supply chain amid lockdown.
- The demand for hydraulic equipment is likely to increase post-lockdown across the agriculture based economies such as India as the supply and distribution begins. This is due surge in seasonal agricultural activities and increase in crop production to meet the growing demand for food across the developing countries.
- The demand during the Covid-19 pandemic has been declined due to halt in building & construction and mining activities across the globe.
The report offers a detailed segmentation of the global hydraulic equipment market based on application, product, end-user, and region.
Based on application, the industrial segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the mobile segment is estimated to portray the highest CAGR of 4.1% during the forecast period.
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Based on product, the cylinders segment accounted for the largest share in 2019, holding more than one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the motors segment is expected to register the highest CAGR of 4.7% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 4.9% from 2020 to 2027.
Leading market players analyzed in the research include Danfoss A/S, Daikin Industries Ltd., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Robert Bosch GmbH, Parker-Hannifin Corp., Wipro Limited, Siemens AG, Emerson Electric Co., and Eaton.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.