Dec 12, 2022   SOURCE: BusinessWire

Global Hydraulics Market Report 2022 to 2027 - Surging Adoption of Lifting Equipment in the Shipping Industry Presents Opportunities - ResearchAndMarkets.com

The "Hydraulics Market by Components (Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Transmissions), Type (Mobile Hydraulics, Industrial Hydraulics), End User (Construction, Agriculture, Material Handling), Sensors & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The hydraulics market size is expected to grow from USD 41.2 billion in 2022 to USD 49.7 billion by 2027; it is expected to grow at a CAGR of 3.8% from 2022 to 2027.

Cylinders held the largest share of the hydraulics market in 2021

Several companies in the hydraulic cylinder market are continuously investing in R&D to develop better and upgraded hydraulic cylinders, which would offer better solutions to their clients. Due to the high competition in the hydraulic cylinder market, companies need to upgrade their products periodically.

The development of smart hydraulic cylinders is one of the key innovations driving the hydraulics market. Hydraulic cylinders are durable and simple. They are easy to use. These cylinders are installed in industrial and mobile equipment used in construction, aerospace, material handling, automotive, agriculture, mining, oil and gas, and marine applications.

Mobile hydraulics held larger share of the hydraulics market in 2021

Continuous R&D investments have led to advancements in hydraulics technology which have led to development of sophisticated equipment for automating lifting and movement of heavy objects or equipment, which in turn is increasing the demand for hydraulics in the material handling industry. Development of hydraulics technology has led to development of equipment to be used at remote and difficult terrains which in turn promotes the growth of hydraulic cylinders and other hydraulic components.

Construction industry held largest share of the hydraulics market in 2021

Construction equipment such as excavators, loaders, and trenchers use hydraulics equipment for increasing productivity. Hydraulics based construction equipment are used to manage complex tasks and are able to withstand the harshest environments. To ensure peak efficiency and safe operability of equipment, they are fitted with hydraulics equipment to tackle extreme conditions, which in turn is increasing the demand for hydraulics market.

Asia Pacific held the largest share of the hydraulics market in 2021

The need to meet the demand of the growing population in this region, along with increasing industrialization in emerging countries, is fueling the growth of the agricultural and construction industries in the region. The hydraulics market in Australia is one of the major markets in Asia Pacific. Australia is rich in minerals, and the increased mining of these minerals is fueling the demand for mining equipment in the country.

Market Dynamics

Drivers

  • Accelerating Construction Activities Leading to Demand for Hydraulic Equipment
  • Increasing Requirement for Material Handling Equipment
  • Mounting Demand for Advanced Agriculture Equipment
  • Increasing Penetration of Hydraulic Equipment Across Various Industries
  • Expanding Process Industries

Restraints

  • Intensifying Concerns Regarding Oil Leaks
  • High Manufacturing and Maintenance Costs

Opportunities

  • Surging Adoption of Lifting Equipment in the Shipping Industry
  • Development of Smart Hydraulic Equipment
  • Continuous R&D and Technological Advancements in Hydraulic Cylinders
  • Increasing Uptake of Electric Vehicles

Challenges

  • Availability of Substitute Products

Companies Mentioned

  • Advanced Hydraulics, LLC
  • Aggressive Hydraulics, Inc.
  • Bailey International, LLC
  • Bosch Rexroth Ag
  • Caterpillar
  • Danfoss
  • Enerpac Tool Group
  • Holmatro
  • Hydac
  • Kappa Engineering
  • Kawasaki Heavy Industries
  • Kyb Corporation
  • Lehigh Fluid Power, Inc.
  • Ligon Hydraulic Cylinder Group
  • Marrel
  • Pacoma Gmbh
  • Parker-Hannifin Corporation
  • Prince Manufacturing
  • Smc Corporation
  • Standex International
  • Texas Hydraulics
  • Valarm
  • Weber-Hydraulik
  • Wipro Enterprises
  • Yuasa Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/a4yvqa