PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290837
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1290837
Hydraulics Market size was valued at USD 41,705.8 million in 2022, expanding at a CAGR of 4.9% from 2023 to 2030.
Hydraulics is a mechanical function that operates through the force of liquid pressure. It contains the use of pressurized fluids, typically oil or water, to transmit and control power. Hydraulic systems are commonly used in machinery, vehicles, and industrial applications, providing advantages such as high power density, precise control, and safety. Many hydraulic tools can be hooked up to a hydraulic power unit or connected to the hydraulic system of a larger piece of equipment. It is applied in airplanes and jet planes in many instances like adjusting wings, retraction and extension of landing gears, opening/closing of doors, brakes, steering, etc.
The increasing requirement for material handling equipment is expected to propel the growth of the Hydraulics market. Factors such as industrialization, e-commerce growth, automation, safety considerations, supply chain optimization, and infrastructure development contribute to this trend. As industries expand and evolve, there is a higher demand for efficient handling and movement of materials. E-commerce and online retail have driven the need for handling the growing volume of packages. According to e-commerce statistics, in 2022, retail e-commerce sales were estimated to exceed 5.7 trillion U.S. dollars worldwide, and this figure is expected to reach new heights in the coming years. Overall, all these factors are expected to drive the growth and demand for material handling equipment in the market.
The Global Hydraulics Market is segmented on the basis of Product Type, Component, End-user, and Region.
The market is divided into two categories based on product type: Industrial Hydraulics and Mobile Hydraulics. Industrial Hydraulics dominates the market. Hydraulic industrial systems are used wherever large and heavy goods are moved. Industrial hydraulics find applications in various industries, including manufacturing, construction, mining, agriculture, and transportation. The growth of industrial hydraulics is also due to the existing infrastructure and expertise developed over the years. Many industries have well-established supply chains, service networks, and skilled professionals who are familiar with hydraulic systems.
The market is divided into seven categories based on Components: Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Transmission, and Others. The cylinders accounted for the largest Hydraulics market and are likely to maintain their dominance during the forecast period. This is partly due to growing demand in the region for agricultural, construction, and mining equipment. There is a growing population and a desire for more industrialization, necessitating the use of these machines.
The market is divided into eight categories based on End-user: Aerospace, Agriculture, Automotive, Construction, Marine, Material Handling, Metal & Machinery Manufacturing, Mining, Oil & Gas, and Others. The Construction segment dominates the market. Hydraulic systems in construction equipment are designed to meet stringent safety standards and endure harsh working conditions
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. In this region, Asia Pacific is expected to dominate the growth of the Hydraulics Market, due to growing construction activities and rising demand for advanced agriculture equipment. According to the latest data from the Ministry of Transport, From January 2022 to November, China completed 3.5 trillion yuan of fixed asset investment in transportation, a year-on-year increase of 5.8 percent. Europe is driven by the demand for energy-efficient and environmentally friendly hydraulic systems, as well as the integration of hydraulics with advanced control systems. Overall, the Hydraulics market is expected to experience significant growth in all regions.
The demand for hydraulics has been influenced by various factors, and companies in the hydraulic industry need to stay competitive to meet evolving consumer needs. Growing awareness of environmental concerns and the need for energy-efficient solutions have restricted the demand for hydraulics. Because of that, customers now prioritize hydraulic systems that minimize energy consumption, reduce emissions, and comply with environmental regulations. Companies that focus on developing energy-efficient hydraulic components and systems gain a competitive advantage by meeting sustainability goals and attracting environmentally conscious customers. As businesses increasingly operate in a globalized environment, expanding into new markets is a strategy for growth and competitiveness. Firms that strategically expand their presence in emerging markets or regions with high growth potential can tap into new customer segments and gain a competitive advantage. For instance, on 27 Feb 2023, Helios Technologies' Strategy Drives Another Record Year of Product Line and Technological Innovation within its Hydraulics Segment.
February 27, 2023, Helios Technologies a global leader in highly engineered motion control and electronic controls technology for diverse end markets, announced nowadays another record year of commercially available product releases and inter-company product iterations within our Hydraulics segment.
The scope of this report covers the market by its major segments, which include as follows: