BANGALORE, India, Sept. 22, 2021 /PRNewswire/ -- The Hydraulic Equipment Market is Segmented by Application (Mobile and Industrial), End User (Mining & Construction, Agriculture & Forestry, Packaging, Material Handling, and Others), and Product (Pumps, Motors, Valves, and Cylinders): Global Opportunity Analysis and Industry Forecast, 2020–2027. This report is published in Valuates Reports under Heavy Machinery Category.
The global hydraulic equipment market size is expected to reach USD 51,653.1 Million in 2027, from USD 40,518.6 Million in 2019, growing at a CAGR of 3.8% from 2020 to 2027.
Machines that use liquid fluid power for their operations are referred to as hydraulic machines.
Major factors driving the growth of the hydraulic equipment market are:
Increasing application in various end-user industries is expected to drive the growth of the hydraulic equipment market. Hydraulic machinery is both mobile and industrial in nature. Mobile hydraulic equipment is used in machines that move, such as cranes, loaders, dumpers, bulldozers, and other similar devices, whereas industrial hydraulic equipment is utilized in industries such as packing, paper, plastic, and printing.
Development in construction & mining industries, automation in agriculture, and expansion of new manufacturing facilities have boosted the demand for hydraulic equipment.
TRENDS INFLUENCING THE GROWTH OF THE HYDRAULIC EQUIPMENT MARKET
An increase in the number of construction activities around the world is expected to drive the growth of the hydraulic equipment market. The rapidly rising population has resulted in the increasing demand for housing, which has boosted the procurement of hydraulic equipment in emerging economies. Hydraulics are used in various construction equipment such as cranes, loaders, dumpers, bulldozers, and similar other machines. Furthermore, an increase in underwater exploration activities is propelling the hydraulic equipment market.
Hydraulics equipment is also used in the agriculture and forestry sector in the form of tractors, harvesters, harrows, chippers, and shredders. Furthermore, pumps, valves, cylinders, and motors are used as components of various machines to perform a variety of operations in industries such as paper, packaging, printing, and plastic. Valves, for example, are used in filling machines to fill various types of containers, such as cans, bottles, or tetra packs. Hence, application in a wide range of end-user industries is expected to further boost the hydraulic equipment market growth.
Based on application. The mobile segment is projected to grow at a significant 4.1% CAGR. Mobile hydraulic equipment is used in moving objects such as cranes, loaders, dumpers, bulldozers, and similar machines
Based on end-user, the Packaging is expected to grow at a significant rate during the forecast period.
Based on region, Asia-Pacific holds a dominant position in 2019, and LAMEA is expected to grow at the highest rate during the forecast period.
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