Market overview
The Fluid Power Equipment Market is expected to register a growth of USD 28.6 billion by 2024 and a CAGR of 6.05% during the forecast period. The rising demand for the food and beverage industry and the increasing need for water and wastewater infrastructure are the major drivers of the market. The rising demand for construction equipment for the infrastructure project is forming growth opportunities. High cost and complex functionality are the key factors that will hinder in the future.
Fluid equipment is industrial equipment or components that use fluids to transmit power from one place to another. Pneumatic and hydraulic methods mainly operate these tools. The pneumatic system uses gas to transmit power, whereas the hydraulic system uses fluids like oil to transmit power. There are certain advantages of this one of them is; that it can easily produce this motion using the hydraulic or pneumatic cylinders. The fluid power systems can produce high forces and pressures in compact volumes rather than the electrically driven systems. The exerted forces can be monitored without much difficulty within a system by sung gauges and meters. These tools have a long life span and more appropriate maintenance. The motors used here do not provide sparks, and it is also an ignition in hazardous areas containing flammable vapors.
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Market segmentation
The Fluid Power Equipment Market has been segmented into components, types and applications. Based on type, the market is divided into Hydraulic and Pneumatic. The hydraulic segment is expected to hold the largest market share due to its high-pressure capability, increased volumetric efficiency, and compact dimension. The Fluid Power Equipment Market is categorized into Pumps, Motors, Valves Cylinders, Steel tubes and Compression Fitting, and Accumulators and Accessories. The motor segment will dominate the market in the forecast period due to its efficient load-bearing capacity, low heat generation and compact size. The need for various valves to regulate the high pressure and bleed off excessive pressure will increase the component demand. Application segment variables are Construction, Automotive, Oil & Gas, Food Processing, Packaging, Semiconductor and others. The construction segment will have the largest market share in the forecast period owing to the higher utility and consumption of the fuel
power equipment in the segment. Due to the rise in hydrocarbon exploration and increase in production activity globally, the oil and gas segment will have a high market in the forecast period.
Regional analysis
The Fluid Power Equipment market is analyzed in Asia Pacific, North America, Europe, Latin America, the middle east and Africa. The Asia Pacific will dominate the market in the forecast period. The rapid growth of the population is joined by increased demand for energy. North America is also showcasing subsequent growth due to the continuous demand for the modernization of existing infrastructure in Canada, and U.S. Europe is also growing due to the increasing requirement of efficient equipment in different industries such as automotive, defense etc. Other segments will also have a glowing effect on the market in the forecast period.
Competitive Landscape
The growing investment in construction activities and growing awareness about advantages are presumed to drive the fluid power equipment market growth worldwide. The global fluid power equipment market could be challenged by complexities and technical limitations, nevertheless, organizations in the fluid power equipment market will carry the growth rate forward. The fluid power equipment market research report presents company profiles of major companies active in the fluid power equipment market globally. Furthermore, the global fluid power equipment market report offers an all-inclusive analysis of the market collected from the fluid power equipment market’s primary and secondary sources covering both decision makers and thought leaders. The fluid power equipment market research report highlights such key areas assisting businesses operating in the fluid power equipment market to build better growth strategies.
Fluid-Power Equipment, Inc., Concentric, Parker Hannifin, Casappa, Sparrows Group, Bucker Hydraulics, Hydac, Related Fluid Power Ltd, Daikin, Kawasaki, Moog, Inc., Kent Fluid Power Ltd, Eaton Corporation Plc, HAWE, Fluid Systems, Inc., and Bosch Rexroth are key players of the global fluid power equipment market.
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Industry news
Concentric receives a development contract from a global OEM for a high voltage electric coolant pump in a battery-electric mining machine.
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