Europe Industrial Hydraulic Power Unit Industry Top Vendors
Key players operating in the Europe hydraulic power unit market are Brevini Fluid Power S.P.A, Danfoss, Eaton Corporation, Emerson Electric Co., Festo, Hydac International GmbH, Robert Bosch, Sick Holding GmbH, SOMI srl GmbH, and Weber Hydraulik GmbH.
According to a new report published by Allied Market Research, the Europe Industrial Hydraulic Power Unit Market was valued at $2.8 billion in 2019 and is anticipated to generate $4.1 billion by 2027. The market is projected to experience growth at a CAGR of 6.3% from 2020 to 2027.
The Europe Industrial Hydraulic Power Unit Market size is provided in terms of revenue.
By country, the UK is projected to grow at the highest CAGR of approximately 7.7%, in terms of revenue, during the forecast period.
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By application, the cutting application and rubber & plastic application from 27.5% to 16.2% segment is anticipated to grow with CAGR 6.5% and 6.9% respectively, in terms of revenue, during the forecast period.
By country, Germany and rest of Europe dominated the market for Europe region with a revenue share of over 34.0% and 24.4% in 2019.
The qualitative data in this report aims at the Europe Industrial Hydraulic Power Unit Market trends, dynamics, and developments in the Europe Industrial Hydraulic Power Unit industry.
The Europe Industrial Hydraulic Power Unit Market forecast and estimations are based on factors impacting the market growth.
COVID-19 impact
The COVID-19 outbreak disrupted the functions of many industries around the world. Europe was impacted majorly with lockdowns in most of the countries extending to 6 months. The region’s economy was deeply impacted by the lockdowns as many activities came to halt. The industries were at total lockdown thus, many sectors shut down their activities of production and manufacturing. This led to decrease in demand for HPU. Now, as the region is again preparing for lockdown measures for the second wave that has hit again. Countries such as Germany and Switzerland are experiencing steep rise in fresh cases and thus, have yet again resorted to lockdown till December.
Europe industrial hydraulic power unit market witnessed considerable growth last few years since its implementation in hydraulic machinery. The hydraulic power unit can generate a significant quantum of power to initiate the work of any hydraulic equipment.
The hydraulic power unit has applications in machine tools, rolling mill machinery, automation systems, meat processing machinery, and material handling equipment. With rising demand for these machineries, the hydraulic power unit market is expected to witness high growth as a result of rapid industrialization.
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The hydraulic power unit implements the pressure that runs cylinders, motors, and other parts of a hydraulic system. These power units, unlike standard pumps, use pervasive pressurization networks for moving fluid; and comprise temperature control devices.
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