Fluid Power Equipment Market Overview:
Fluid Power Equipment Market share is projected to reach USD 28.6 Billion by 2024, with a 6.05% CAGR during the period.
Fluid power equipment refers to the wide array of equipment used in moving heavy loads on assembly lines. Its ability to perform a linear motion using hydraulic and pneumatic cylinders has been implemented across industries of robotics, marines, automation, construction, mining, aerospace, and others. The global fluid power equipment market report by Market Research Future (MRFR) stresses on drivers, challenges, and trends in the industry as well as forecasts for the assessment period (2020-2027). The COVID-19 pandemic and its effects on the industry are included in the report.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 6.05 % CAGR |
Revenue forecast in 2022-2030 | USD 28.6 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2022 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
Market Scope
Major factors driving market growth are critical demand for water and wastewater infrastructure and demand from the food and beverage sector. This is exemplified by collaboration between governments and international agencies for revamping and upgrading legacy infrastructure. Investments in research and development for improving energy-efficiency of systems can bolster market demand significantly. New regulations passed for curbing emission levels can be leveraged by the market to launch new products to its end-users and increase revenues.
The COVID-19 pandemic had disrupted the global market owing to deficit in supply and demand numbers. Suspension of agreements and contracts due to the coronavirus had affected the market. But relaxation of rules and resumption of production can lead the market to pre-coronavirus valuation.
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Segmentation
On the basis of type, the global market is divided into hydraulic and pneumatic. In 2018, the hydraulic sub-segment led the market and held the largest market share. This is attributed to the use of oil for functioning of equipment. Huge demand for shale gas can facilitate the growth of the hydraulic fluid power equipment segment. On the other hand, the pneumatic segment is likely to gain steam owing to its simple design and use of gaseous media to generate pressure.
Based on application, the type segment is segmented into industrial and mobile. The mobile sub-segment of the global fluid power equipment market is estimated to register the highest growth rate during the forecast period.
By component, the global fluid power equipment market has been segmented into valves, pumps, motors, cylinder, accumulators, steel tube and compression fitting, and accessories. The motors sub-segment is expected to dominate the fluid power equipment market during the forecast period.
Major applications of the global market are construction, semiconductor, automotive, oil gas, food processing, packaging, and others. The construction segment is expected to hold the maximum share of the market during the forecast period. Rise of infrastructural projects in order to upgrade rural areas and modernize existing urban areas can bode well for the segment. On the other hand, the oil gas sector is predicted to generate huge revenues for the fluid power equipment market. This is attributed to the use of gas to flush out oil from existing wells.
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Regional Analysis
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global fluid power equipment market.
North America is expected to be a major market owing to continuous industrial developments in all sectors. The large potential in mining and aerospace can provide new growth opportunities for the regional market.
Competitive Landscape
Sparrows Group, Related Fluid Power Ltd, Bosch Rexroth, HAWE, Parker Hannifin, Eaton Corporation Plc, Bucker Hydraulics, Fluid-Power Equipment, Inc., Casappa, Fluid Systems, Inc., Daikin, Kent Fluid Power Ltd, Hydac, Moog, Inc., Kawasaki, and Concentric are key players of the global fluid power equipment market. Partnership agreements and new franchises are likely to be in order as players aim to expand their offerings.
Industry News
The new 4"-6" fixed-engined padding system, announced by EuroVent Vehicle Exhaust Extraction, JohnDow Industries, has now entered the range of its products. This new technology has been developed to be used in automobiles, diesel trucks, aircraft ventilation, military vehicles, etc. One of the main characteristics of this new device is encoder technology in that even power loss doesn't affect the pre-set tube drop time. Other features include hose options, a power-dissociation switch, and a UL508A Industrial Panel specified for certain temperatures.
