Newark, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global hydraulic market is expected to grow from USD 41.2 billion in 2021 to USD 54.7 billion by 2030, at a CAGR of 3.2% during the forecast period 2022-2030.
The applied science and technology of hydraulics use pressured fluid to drive an engine. Hydraulic pressure is the force delivered by the controlled circulation of pressured fluid, primarily water-soluble oil or a water-glycol mixture, to a motor that transforms it into a mechanical output capable of working on a load. The hydraulics system uses chemistry, engineering, and other fields that use liquids and mechanical operations. Automobile power steering, aeroplane landing gear, front-end loaders, packaging machinery, the bottle-filling industry, artificial hearts, logic control systems, robotic material handling, etc., are some notable hydraulics uses. Hydraulic system parts are often purple in hue. Blue and yellow are the typical hues for hydraulic lines. To distinguish between different tube materials, the end fittings are coloured.
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Competitive Landscape:
To enhance their market position in the global Hydraulic market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In August 2022, HAWE introduced the tiny hydraulic power pack type HICON, which was created for use in recreational boats but also has a number of other applications. Because it is waterproof, it can operate when splashed with water or briefly submerged.
● In July 2022 to complement its eLION product line for the electrification of off-highway vehicles, Bosch invested in BRUSA HyPower. In the upcoming years, prominent corporations will likely prioritize strategic acquisition and investments in up-and-coming businesses.
Market growth and trends:
The growing construction industry, expanding demand for cutting-edge agricultural equipment, rising demand for material handling equipment, and expanding adoption of hydraulic equipment by numerous industries is expected to drive the market’s growth over the forecast period. However, the fluctuation in maintenance costs over the equipment's lifespan is the biggest obstacle preventing the growth of the hydraulic equipment market. The design cost of hydraulic equipment has fluctuated due to price changes in raw materials, including stainless steel, iron ore, aluminium, bronze, and other metal alloys. However, the high production and maintenance costs as well as rising concerns about oil leaks, hinders the market’s growth. The costs associated with maintaining and repairing the equipment and parts used in hydraulics are referred to as maintenance charges, which restraints the market’s growth.
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Key Findings
● In 2021, cylinders segment dominated the market with the largest market share of 17% and market revenue of 7.0 billion.
The component segment is divided into motors, cylinders, pumps, valves, accumulators, filters, transmission, and others. In 2021, cylinders segment dominated the market with the largest market share of 17% and market revenue of 7.0 billion. The increasing use of cylinder hydraulics to carry heavy load increases the demand for segment.
● In 2021, the mobile hydraulics segment dominated the market with the largest market share of 69% and market revenue of 28.4 billion.
The product type segment is divided into mobile hydraulics and industrial hydraulics. In 2021, the mobile hydraulics segment dominated the market with the largest market share of 69% and market revenue of 28.4 billion. The increasing development in the remote and terrain areas propel the segment’s growth.
● In 2021, the construction segment accounted for the largest share of the market, with 12% and market revenue of 4.9 billion.
The end-user segment is divided into agriculture, aerospace, automotive, construction, material handling, marine, metal & machinery manufacturing, mining, oil & gas, and others. In 2021, the construction segment accounted for the largest share of the market, with 12% and market revenue of 4.9 billion. The increasing construction activity increases the demand for hydraulic, which drives the segment's growth.
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Regional Segment Analysis of the Hydraulic Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global hydraulic market, with a market share of around 34.9% and 14.3 billion of the market revenue in 2021. The infrastructure development in banking, healthcare, and other sectors are expected to accelerate the demand for the region's Hydraulic market. In addition, the increasing urbanization and population in the region adds impetus to the market’s growth. Furthermore, the rising spending power and economic growth are also expected to drive market growth in the Asia Pacific region.
Key players operating in the global hydraulic market are:
● Chevron Corporation
● S-OIL CORPORATION
● Motiva Enterprises LLC
● SK innovation Co., Ltd.
● AVISTA OIL Deutschland GmbH
● Calumet Specialty Products Partners, L.P.
● Petroliam Nasional Berhad (PETRONAS)
● Exxon Mobil Corporation
● PetroChina Company Limited
● Saudi Aramco
● Abu Dhabi National Oil Company (ADNOC)
● PT Pertamina (Persero)
● Phillips 66 Company
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global hydraulic market based on the below-mentioned segments:
Global Hydraulic Market by Component:
● Motor
● Cylinder
● Pumps
● Valves
● Accumulators
● Filters
● Transmission
● Others
Global Hydraulic Market by Product Type:
● Mobile Hydraulics
● Industrial Hydraulics
Global Hydraulic Market by End-User:
● Agriculture
● Aerospace
● Automotive
● Construction
● Material Handling
● Marine
● Metal & Machinery Manufacturing
● Mining, Oil & Gas
● Others
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About the report:
The global hydraulic market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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