SANTA CLARA, Calif., March 8, 2017 /PRNewswire/ -- Smart, energy-efficient, electro-hydraulic products that offer improved control and flexibility, and support communication gateways are in high demand as end users in the manufacturing landscape actively explore the Industrial Internet of Things (IIoT) platform. To boost uptake and augment growth, manufacturers should position themselves as one-stop, value-add solution providers, offering a holistic range of services from installation to maintenance and replacement.
Global Industrial Hydraulic Equipment Market, Forecast to 2020, part of Frost & Sullivan's Industrial Automation and Process Control Growth Partnership Service program, finds that in the coming years, the market is likely to witness positive growth as investments flow in from end-user segments such as food and beverage, water and wastewater treatment, and renewable energy.
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"With growing environment regulations that require manufacturers to adopt energy-efficient solutions, hydraulic equipment is proving to be one of the most cost-effective methods for maximizing output and productivity," said Frost & Sullivan Industrial Automation and Process Control Research Analyst Kiravani Emani.
Despite prevailing uncertain economic conditions such as a slowdown in China, political instability in Brazil and Russia, and slow recession recovery in parts of Europe, demand for industrial hydraulic systems should remain stable with moderate growth opportunities expected in the next five years due to the increasing focus on electronic integration.
- Strong investment activities make Asia-Pacific a high-growth region.
- United States and Western European countries are concentrating their efforts on supporting smart and digital platforms through hydraulics.
- Food and beverage and steel production industries are interested in exploring new technology advancements, including fluid viscosity.
- Growth will be augmented through new installations in geographies such as India, Eastern Europe and Scandinavia, and retrofit activities in advanced economies such as the United States, Germany, and France.
"Vertical markets, including automotive, aerospace, and energy, are adopting smart hydraulic products for greater efficiency, less noise, and reduced carbon footprints. Hydraulic manufacturers must focus on integrating electronic components, leveraging sealing technologies, and complementing their product offering with service capabilities in order to remain competitive, reduce maintenance costs and improve profit margins," notes Emani.
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Global Industrial Hydraulic Equipment Market, Forecast to 2020
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SOURCE Frost & Sullivan