Hydraulic Power Unit Market to Reach $21.9 Billion, globally, by 2032 at 5.9% CAGR: Allied Market Research

Rise in automation in industrial & machinery sector and technological advancements & industry 4.0 drive the growth of the global hydraulic power unit market.

WILMINGTON, Del. , Jan. 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydraulic Power Unit Market by Operating Pressure Rating (0-750 PSI, 750-2000 PSI, 2000-3000 PSI, and more than 3000 PSI) and by Application (Mobile, Industrial, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hydraulic power unit industry generated $12.4 billion in 2022 and is estimated to reach $21.9 billion by 2032, exhibiting a CAGR of 5.9% from 2023 to 2032.

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Prime determinants of growth

Hydraulic power units are used in various industries, including manufacturing, metalworking, plastics processing, and more, in industrial automation and technology. Their capacity to provide strong power, accurate manipulation, and dependable operation renders them a crucial element in numerous industrial uses. Hydraulic technology advancements keep improving industrial automation operations' control, efficiency, and energy conservation.

In hydraulic presses, hydraulic power units are widely utilized for metal forming, stamping, forging, and molding operations. They supply the force required to shape and work with materials. Shears, bending machines, and hydraulic brakes are examples of machine tools powered by hydraulic systems. For precise machining and forming processes, hydraulic power units' precise control is necessary.

Hydraulic system remote monitoring and control is made possible by Industry 4.0 principles. Operators may monitor HPU performance, receive alerts, and even change system parameters remotely through secure cloud-based systems, which increases operational responsiveness and efficiency. The process of building a virtual duplicate of a real hydraulic system is known as "digital twins." Before modifications are made to the real system, this virtual model enables testing, simulations, and optimization, offering insights into the behavior and performance of the system. Cyber-physical systems, which integrate digital and physical components, are increasingly using hydraulic power units. The physical and digital domains can now better coordinate, communicate, and make decisions because of this convergence. Ensuring cybersecurity becomes increasingly important as hydraulic systems grow more interconnected.

Hydraulic power units' (HPUs') costs might differ based on a number of variables, including the application, system complexity, level of customization needed, and market conditions. Acquiring hydraulic power units have high upfront capital cost, particularly for big systems. Specialized hydraulic power units for particular uses frequently come with extra engineering and design expenses. To satisfy certain requirements, customization might be necessary, which would increase up-front costs. For hydraulic systems to operate as efficiently and dependably as possible, frequent maintenance is necessary. The cost of maintenance may involve changing the fluids, replacing the filters and seals, and taking care of component wear and tear.

Report coverage & details:

The 2000-3000 PSI segment is projected to dominate the market growth during the forecast period.

By operating pressure rating, the 2000-3000 PSI segment dominated the market share for hydraulic power unit in 2022 in terms of revenue with more than one-third of the total market revenue, at a CAGR of 6.2%. Hydraulic presses used for metal forming processes, including stamping, punching, and deep drawing, operate in the 2000-3000 psi pressure range. This enables the generation of substantial force for shaping and forming metal sheets. Hydraulic power units in this pressure range are employed in injection molding machines used in the plastics industry. The high pressure facilitates the injection of molten plastic into molds with precision, ensuring accurate and consistent molding.

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The mobile segment is projected to dominate the market growth during the forecast period.

Depending on application, the industrial segment dominated the market share for hydraulic power unit in terms of revenue and contributed nearly one-third of the total market revenue in 2022. HPUs are widely used in a variety of industrial applications as they supply the hydraulic power required to operate systems, machinery, and equipment. Owing to their adaptability, hydraulic systems are useful in many different sectors. Lathes, milling machines, and CNC machining centers are just a few examples of the machine tools that depend on hydraulic power units to function. They supply the energy needed for clamping, moving tools, and other fine activities.

However, the mobile segment is projected to grow at a higher CAGR of 6.4% during the forecast period. Mobile hydraulic power units are essential when portable hydraulic power is needed for a range of applications. These movable components are made to be flexible, portable, and easy to handle. In the construction industry, mobile hydraulic power units are widely utilized to supply hydraulic power to machinery such as excavators, loaders, cranes, and compactors. The power required for digging, lifting, and other building chores is supplied by these units.

The Asia-Pacific region is projected to maintain its dominance the growth during the forecast period.

Region-wise, Asia-Pacific dominated the market share for hydraulic power unit in 2022 in terms of revenue, with more than two-fifths of the revenue at a CAGR of 6.3% during the forecast period.  Due to its rapid industrialization and infrastructure development, the Asia-Pacific region has made a considerable contribution to the worldwide hydraulic power unit market. Growing industrial activity, urbanization, and economic expansion have been the main forces behind the Asia-Pacific hydraulic power unit market. In the region, hydraulic power units are widely used in a wide range of industrial applications, such as mining, construction, manufacturing, and agriculture.

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Leading Market Players: -

• Brevini Fluid Power S.p.A
• Bailey International LLC
• Hydac International GmbH
• Weber Hydraulik GmbH
• Nachi-Fujikoshi Corporation (Nachi Robotic Systems, Inc.)
• Hydro-Tek Co Ltd.
• Bosch Rexroth AG
• Parker Hannifin Corporation
• Eaton Corporation plc
• Dana Incorporated

The report provides a detailed analysis of these key players in the global hydraulic power unit market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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SOURCE Allied Market Research