The global hydraulic hammer market size was valued at $2 billion in 2021, and is estimated to reach $3.4 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
The line of hydraulic hammer tools carries advantages over gas and air hammers in the industry of construction. Hydraulic hammers offer higher productivity in terms of performance, versatility, and budget. As high-quality demolition tools, they break up the surface and get the job done fast and effectively when operated by a trained technician.
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Major driving factors of the hydraulic hammer market are extensive increase in investments by governments, majorly in developing countries on constructing new infrastructures such as roads, dams, tunnels, residential & commercial buildings, and other public infrastructures. Moreover, expansion of mining sector for extracting metals, coal and minerals are fueling the hydraulic hammer market growth. However, cost of hydraulic hammers is slightly high. However, lack of skilled & qualified operators and decrease in new construction activity are few factors that hinder the market growth. Moreover, introduction of technologically advanced equipment in mining sector is expected to provide future growth opportunities in the market.
In 2021, Asia-Pacific dominated the global market and accounted for majority of hydraulic hammer market share in terms of revenue. Moreover, the market in Asia-Pacific is growing with high CAGR, owing to urbanization, industrial & infrastructure development in countries such as China, India, and Japan. Moreover, favorable government investments to promote infrastructure construction such as roads, bridges, highways, and tunnels propel the market growth.
Furthermore, on the basis of end user industry, the mining segment is anticipated to grow rapidly during the forecast period, owing to rise in investments in mining of coal, metals, and minerals, which further increases demand for hydraulic hammer. For instance, in June 2021, NLMK Group signs memorandum of intent (MoI) for new metals and mining project in Russia. Similarly, in March 2022, South Korean steelmaker Posco announced that it will invest $4 billion in a new lithium mining project. Thus, increased mining activity is expected to boost the growth demand for the hydraulic hammer market forecast period.
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However, during the COVID-19 pandemic, various manufacturers in the hydraulic hammer market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of hydraulic hammer companies. In addition, lack of manpower and raw materials also constricted supply of equipment of hydraulic hammer system, which negatively influenced growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of hydraulic hammer companies.
Key Findings of The Study
- The report provides an extensive analysis of the current and emerging global hydraulic hammer market trends and dynamics.
- Depending on product type, the heavy duty (more than 31 ton) segment has dominated the hydraulic hammer market, in terms of revenue in 2021 and light duty (up to 10 ton) segment is projected to grow at a significant CAGR during the forecast period.
- By business, the aftermarket segment has registered highest revenue in 2021.
- By end user industry, mining segment has registered highest revenue in 2021.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the global hydraulic hammer market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the hydraulic hammer industry.
- The report provides an extensive analysis of the current trends and emerging hydraulic hammer market opportunities.
- In-depth global hydraulic hammer market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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