Hydraulics Market Size, Restraints, Drivers, Trends And Analysis 2024-2033

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The hydraulics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Hydraulics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –

The hydraulic market size has grown steadily in recent years. It will grow from $40.74 billion in 2023 to $42.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to increasing use of hydraulic fluids, increasing use of hydraulic systems in the aerospace industry, demand for hydraulic systems in the marine industry, rise in the use of hydraulic systems in the oil and gas industry, growing demand for hydraulic systems in the manufacturing industry, and increasing use of hydraulic systems in the transportation industry.

The hydraulic market size is expected to see steady growth in the next few years. It will grow to $51.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to government initiatives for infrastructure repair and modernization, demand for high-efficiency and high-performance hydraulic systems, urbanization and smart cities, significant investments in research and development, and focus on improving the lifespan and reliability of hydraulic components. Major trends in the forecast period include integration of hydraulic and electric systems in construction machinery, advanced simulation tools for designing and testing, development of high-pressure hydraulic systems, innovations aimed at reducing noise levels in hydraulic systems, and creating digital replicas of hydraulic systems.

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Scope Of Hydraulics Market

The Business Research Company’s reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Hydraulics Market Overview

Market Drivers –

The growing infrastructure development projects are expected to propel the growth of the hydraulics market going forward. Growing infrastructure development projects are attributed to rapid urbanization, economic growth, government initiatives, technological advancements, modernization, environmental concerns, globalization, population growth, private sector participation, improved financing options, and resilience planning against natural disasters. Hydraulic technology is indispensable in infrastructure development because it enables the construction, maintenance, and management of various structural projects. For instance, in May 2023, according to the Office for National Statistics, a UK-based government administration, in 2021, total general government investment in infrastructure increased by 15.2% compared to 2020, reaching £23.8 ($30.27) billion in current prices. Therefore, the growing infrastructure development projects are driving the growth of the hydraulics market.

Market Trends –

Major companies operating in the hydraulics market are developing innovative hydraulic components to boost efficiency, reliability, and performance. Hydraulic components refer to pumps, valves, and cylinders essential for transmitting power through fluid pressure. For instance, in November 2023, Danfoss, a Denmark-based manufacturing company, launched the Danfoss H1F fixed displacement bent axis hydraulic motor. The Danfoss H1F fixed displacement bent axis hydraulic motor boasts up to 95% overall efficiency and a compact design, suitable for both open- and closed-circuit applications. It is designed for agriculture, construction, and forestry machinery, delivering high performance and reliability.

The hydraulics market covered in this report is segmented –

1) By Product Type: Hydraulic Pumps, Hydraulic Motors, Hydraulic Cylinders, Hydraulic Valves, Hydraulic Filters, Other Product Types

2) By Application: Construction, Agriculture, Automotive, Aerospace, Oil And Gas, Mining, Marine, Other Applications

3) By End-User: Original Equipment Manufacturers (OEMS), Aftermarket

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Regional Insights –

Asia-Pacific was the largest region in the hydraulics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies operating in the hydraulics market are <b>Caterpillar Inc, Komatsu Ltd, Eaton Corporation, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Webtec Products Limited, Moog Inc., KYB Corporation, HYDAC International GmbH, Nachi-Fujikoshi Corporation, Bucher Hydraulics, Hengli Hydraulic, HAWE Hydraulik SE, HydraForce Inc., Concentric Hydraulics, Prince Manufacturing Corporation, Linde Hydraulics GmbH & Co. KG, Oilgear Company, Yuken Kogyo Co. Ltd., Cross Manufacturing Company Inc., Walvoil S.p.A, Permco Inc., Salami SpA</b>

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