Hydraulic Power Market Top Vendors
The major companies profiled in hydraulic power market 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.
According to a new report published by Allied Market Research, the hydraulic power market size was valued at $13.7 billion in 2021, and hydraulic power market is estimated to reach $24.1 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
North America was the leading segment in 2021expected to possess a CAGR of 5.2% during 2022-2031
Japan contributes around 3.9% of total hydraulic power market share and would exhibit CAGR of 5.7% during 2022-2031.
South Korea contributes around 2.51% of total market share and would exhibit CAGR of 7.0% during 2022-2031
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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, auxiliary component was the leading segment in 2021 comprising 47.6% of market share in 2021.
By application, cutting segment occupied market share of 27.5% and is the leading segment in 2021.
By end use, mobile segment was the highest revenue contributor in 2021 contributing a market share of 45.2% in 2021.
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.
Rapid development of industrialization, modernization and investment in the development of tourism industry has led to surge in the construction and other sectors; which in-turn has fueled the demand for hydraulic power.
Rise in construction and increase in production capacities of oil fields coupled with surge in stress on the agricultural sector is projected to drive the demand for hydraulic equipment.
Rise in demand for these machineries and rapid industrialization across the globe are the factors expected to foster the growth of the hydraulic power market.
The 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.
COVID-19 analysis:
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for solar related equipment in most of the countries across the world led to decline in the demand of the hydraulic power market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the 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.
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