Hydraulic power is a basic technology that is widely utilized in various industries. The surge in the urban population led to the demand for residential and commercial buildings which led to the demand for hydraulic equipment in construction sector. The surge in the construction sector has positive impact on the mining industry due to surge in demand for cement and iron. The increasing utilization of automation in small, medium and large scale industries will have positive impact on the hydraulic power market.
Hydraulic power is a vital part of a hydraulic system as it can generate a significant quantum of power to initiate mostly any type of hydraulic ram. They draw power using Pascal’s law, i.e., through ratios of area and pressure. The hydraulic power industry includes applications such as machine tools, aerospace test equipment, automation systems, meat processing machinery, mobile equipment, rolling mill machinery, and material handling equipment. Also, they are applied in agricultural equipment, paper mill machinery, oil exploration, oil spill clean-up equipment, industrial process, marine equipment, construction equipment, and theatrical & production equipment.
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The rise in construction and increase in production capacities of oil fields coupled with a surge in stress on the agricultural sector is projected to drive the demand for hydraulic equipment. It had witnessed considerable growth in the past decades since its implementation in hydraulic machinery. The rise in demand for these types of machinery and rapid industrialization across the globe are the factors expected to foster the growth of the hydraulic power market. However, an increase in demand for alternative power systems such as electromechanical and electric drives with efficient clean, and shorter lead times are some of the factors hampering the hydraulic power market growth.
Hydraulic power consists of various components, such as a hydraulic motor and pump, reservoir/accumulators, and other accessories, such as filters, valves, tubes, regulators, and instruments used to monitor the performance of a hydraulic system. In 2021, there was a rapid increase in construction across the United States and Canada. The residential sector was a key driver of the increasing demand for more housing units needing hydraulic power. For instance, construction spending in the United States registered significant growth in 2021 compared to 2020. As of 2021, the average construction spending in the private sector was around USD 1230 billion and over USD 346 billion in the public sector, thus creating significant market demand for hydraulic power. Also, construction projects in Europe like Crossrail1, Crossrail2, Heathrow airport expansion, Hinkley Point C nuclear plant (UK), and Fehmarn Fixed Belt link (Denmark) are likely to increase the need for hydraulic power during the forecast period. In January 2020, there were nearly 343 pre-construction coal-powered thermal power plants worldwide. The pre-construction plants are estimated to have a capacity of around 299 GW, which may drive the hydraulic power market considerably.
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The hydraulic power market forecast is segmented on the basis of operating pressure, component, application, end-user, and region. On the basis of the operating pressure of hydraulic power, the market is segmented into 0-750 PSI, 750-2000 PSI, 2000-3000 PSI, and more than 3000 PSI. On the basis of components, it is classified into power components, a control component, and an auxiliary component. On the basis of application, the market is divided into cutting, grinding, milling, multi-tooling, forming, rubber & plastic, handling, simulation & testing, and others. On the basis of end-use, it is segmented into mobile, industrial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Asia-Pacific and Europe.
The major companies profiled in this report include Bosch Rexroth AG, Brevini Fluid Power S.p.A, Nachi-Fujikoshi Corporation, Parker Hannifin Corporation, Weber Hydraulik GmbH, Hydac International GmbH, Hydro-Tek Co Ltd., Bailey International LLC, Eaton Corporation, Energy Manufacturing Company Inc., Hydromega, Branch Hydraulic Systems Ltd., Related Fluid Power Ltd., HCS Control Systems Ltd., Danfoss, Siemens AG, and Daikin Industries. The rapid development of industrialization, modernization, and investment in the development of the tourism industry has led to a surge in the construction and other sectors; which in turn has fueled the demand for hydraulic power. Additional growth strategies such as the expansion of production capacities, acquisition, partnership, and research & innovation in the application of hydraulic equipment in various sectors will provide a suitable platform for the development of hydraulic power market trends.
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Key findings of the study
- Japan contributes around 3.9% of the total hydraulic power market share and would exhibit a CAGR of 5.7% during 2022-2031.
- South Korea contributes around 2.51% of the total market share and would exhibit a CAGR of 7.0% during 2022-2031
- As per global hydraulic power market analysis, by operating pressure, the 2000-3000 PSI segment accounted for the largest share of 46.2% in 2021.
- By component, the auxiliary component was the leading segment in 2021 comprising 47.6% of the market share 2021.
- By application, the cutting segment occupied a market share of 27.5% and is the leading segment in 2021.
- By end use, the mobile segment was the highest revenue contributor in 2021 contributing a market share of 45.2% in 2021.
- By region, North America was the leading segment in 2021expected to possess a CAGR of 5.2% during 2022-2031
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