The hydraulic equipment market is expected to grow significantly from 2021 to 2030, ascribed to the surge in material handling equipment demand and increased adoption of hydraulic equipment in numerous industries. Hydraulics equipment is those which utilize the liquid fluid power to function. As a result, mobile hydraulics equipment holds a larger share of the market. Furthermore, it is expected to follow the same trend in the near future, attributed to increased equipment requirements in remote and difficult terrain.
Under the end user segment, the agricultural category is expected to witness the fastest growth in the hydraulic equipment market. It is due to the rapid adoption of hydraulics in the agriculture machinery, attributed to numerous benefits of hydraulics equipment, specifically in plowing. Moreover, using hydraulic equipment can result in improved planting and harvesting, facilitated by the easy operations of agricultural machines.
APAC holds the largest hydraulic equipment market share, and it is expected to grow significantly in the near future due to rapid industrialization and rising construction activities led by increased investments in infrastructure development projects. However, the numerous benefits associated with the hydraulic equipment compared to other systems drive the demand in the region. In addition, the rise in underwater exploration activities has led to the expansion of the market.
The key players of the hydraulic equipment market are focusing on establishing their manufacturing entities in developing countries due to rising construction activities in the developing countries. Companies are entering the APAC market attracted by the opportunities offered by the region to propel, creating a well-established supply chain. Moreover, the availability of low-cost raw materials, inexpensive labor, and flexible environmental regulations are luring the manufacturers in the region, resulting in establishing factories in the area and thus, proliferating the market.
The major companies offering such equipment are Daikin Industries Ltd., Kawasaki Heavy Industries Ltd., Emerson Electric Co., Siemens AG, Bosch Rexroth AG, Parker-Hannifin Corp., and Wipro Enterprises Private Limited. The key players focus on launching new products to outstand in the competition and enhance their position in the market. For example, RM10-MPP (left) and RM15-MPP (right), two mid-pressure load sensing valve platforms, were launched by Bosch Rexroth AG in March 2020. They both feature flexible assembly without requiring a transitional plate between the distinct zones.
Therefore, the rise in construction activities due to increased investments in infrastructure development projects in developing countries propels the market.
Source: P&S Intelligence