PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1399418
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1399418
Scope of the Report | |
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Years Considered for the Study | 2019-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | By Components, Type, End User, Sensors & Region |
Regions covered | North America, Europe, APAC, RoW |
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. The surge in construction projects, the growing need for advanced agricultural machinery, and the rising demand for material-handling equipment are some of the factors driving the hydraulics market. In addition, the increased utilization of lifting machinery in shipping and the growing embrace of electric vehicles are expected to open up opportunities in the evolving hydraulics market.
"Cylinders segment is expected to grow at the highest CAGR during the forecast period."
The cylinders segment is expected to grow at the highest CAGR during the forecast period. Multiple companies operating within the hydraulic cylinder market consistently allocate resources to research and development, aiming to enhance and innovate their hydraulic cylinders to offer superior solutions to their clients. Due to the intense competition in the hydraulic cylinder market, companies find it imperative to regularly upgrade their products. The evolution of smart hydraulic cylinders stands out as a crucial innovation propelling the hydraulics market forward. Known for their durability and simplicity, hydraulic cylinders are user-friendly components utilized in both industrial and mobile equipment. These cylinders find application in various sectors such as construction, aerospace, material handling, automotive, agriculture, mining, oil and gas, as well as marine applications.
"Mobile hydraulics is expected to grow at the highest CAGR during the forecast period."
The mobile hydraulics segment is expected to grow at the highest CAGR during the forecast period. Mobile hydraulic equipment, used in non-stationary machinery, meets the rising demand for hydraulic power in remote areas, leading to the incorporation of hydraulic cylinders. Technological advancements allow for easy lifting of heavy objects, enhancing stability and making mobile hydraulics a preferred choice. The increasing use of automated heavy construction and mining vehicles drives the growth of the mobile hydraulics market, ensuring worker safety and operational efficiency across various industries.
"Agriculture industry is expected to grow at the highest CAGR during the forecast period."
The agriculture industry is expected to grow at the highest CAGR during the forecast period. The agricultural industry is expanding due to the increased reliance on machinery for executing intricate tasks, ranging from planting vegetables to plowing fields. Manufacturers consistently aim to sustain high production levels while navigating diverse terrains and adapting to varying environmental conditions. Tasks involving moving heavy loads, fieldwork, crop handling, and more are performed on mobile equipment under significant stress. From pecan tree shakers to sugar cane harvesters and automated bale trailers to sprayer booms, hydraulics are integrated into nearly all agricultural equipment for controlling lifting and movement.
"Asia Pacific region to register highest CAGR between 2023 and 2028."
The hydraulics market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. Rapid industrialization stands as a prominent driver, as countries within this region undergo significant industrial expansion. This surge in industrial activity generates a substantial demand for machinery and equipment reliant on hydraulic systems across various sectors such as manufacturing, construction, mining, and more. Moreover, the ongoing development of infrastructure plays a pivotal role in propelling the hydraulics market. Countries like China, India, and several Southeast Asian nations are actively engaged in extensive infrastructure projects, necessitating heavy machinery equipped with hydraulic components for construction purposes. This heightened demand for hydraulic systems and equipment in infrastructure development contributes significantly to market growth.
Breakdown of primaries
Major players operating in the hydraulics market include Enerpac Tool Group (US), Bosch Rexorth 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), among others.
The report segments the hydraulics market and forecasts its size by components, type, end-user, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions-North America, Europe, Asia Pacific, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the hydraulics ecosystem.
The report will help the market leaders/new entrants with information on the closest approximate revenues for the hydraulics market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.