Report: Hydraulic Market Growing

Hydraulic technology empowers operators to perform various tasks, such as rotating shafts, lifting substantial weights, and drilling precise holes.

This process is widely used as the world expands and builds.

Creating a global market that impacts suppliers, distributors, and end-users of hydraulics equipment, we looked to Markets and Markets Hydraulics Market Report published in December 2023 for insight into market predictions and trends through 2030.

The good news is the industry is growing with global expansion and is making technical advances.

With consideration to advancing remanufacturing efforts, HPS is proud to be part of an industry that is trending toward growth across all segments.

Listed below are the highlights of the report, including trends, drivers, key players, market size and growth, challenges, and methodology. Download a pdf of the full text here.

Market Size and Growth

The global hydraulics market size is expected to grow from $42.5 billion in 2023 to $50.5 billion by 2028, at a CAGR of 3.5%.

A combined study by Oxford Economics and Global Construction Perspective (GCP) forecasts that the construction industry is poised to reach a value of $15.5 trillion by 2030. Most of this growth is expected to come from China, India, and the U.S.

Industry Trends

A surge in construction activities will significantly contribute to the expansion of the hydraulics market worldwide.

A global trend of investments in infrastructural development and government-directed funding toward enhanced facilities and projects will drive demand for hydraulic-based construction equipment, including excavators, hydraulic cranes, and loaders.

Market Segmentation

The hydraulic market for this study was segmented based on various factors such as type (industrial, mobile), components (hydraulic pumps, motors, cylinders, valves, accumulators, filters), end-user industry (construction, material handling, agriculture, aerospace, automotive, mining, marine, metals & machinery, oil & gas), and geography (North America, Europe, Asia-Pacific, Rest of World - RoW).

Key Players

Hydraulics companies that will be key market players include:

• Enerpac Tool Group (US)
• Bosch Rexorth AG (Germany)
• Danfoss (Denmark)
• Hydac International GmbH (Germany)
• Kawasaki Heavy Industries, Ltd. (Japan)
• KYB Corporation (Japan)
• SMC Corporation (Japan)
• Parker-Hannifin Corporation (US)
• Wipro Enterprises (India)
• Caterpillar (US)

Industry Trends and Drivers

The expected rapid growth is likely to come from a heightened need for material handling equipment, increased demand for advanced agricultural machinery, and widespread adoption of hydraulic equipment across industries.

Challenges: Cleaner Alternatives

Oil leakage leading to environmental contamination remains a concern in the use of hydraulic equipment, which has sparked a need for alternatives such as pneumatic systems.

Pneumatics are powered by compressed gas pressure and offer contamination-free usage. The availability of cleaner alternatives, such as pneumatics, challenges the growth of the hydraulic market.

Methodology

This study was conducted using four major activities in estimating the current size of the hydraulics market. Secondary research was done to collect further information on the market, and validated by primary research on assumptions with bottom-up and top-down approaches. 

Triangulation methods were then used to estimate the market size of segments and subsegments from these primary and secondary research sources:

• Secondary resources - annual reports, press releases, investor presentations, white papers, certified publications, databases, directories, and certified publications were used
• Primary research - responses taken from experts, such as executives, marketing directors, developers, application users, and related technology directors from various key companies and organizations operating in the hydraulics ecosystem

For the latest developments and forecasts, download a pdf of the report at www.marketsandmarkets.com/Market-Reports/hydraulics-market-209607944.html