Hydraulic Equipment Market Expected to Reach $51.6 Billion by 2027

PORTLAND, OR, UNITES STATES, March 20, 2023 /EINPresswire.com/ -- Top Companies Outlook

The key players analyzed in the global hydraulic equipment market are Daikin Industries Ltd., Danfoss A/S, Eaton, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Parker-Hannifin Corp., Robert Bosch GmbH, Siemens AG, and Wipro Limited.

AMR Says, the global hydraulic equipment market size accounted for $40,518.6 million in 2019, and is expected to reach $51,653.1 million by 2027, registering a CAGR of 3.8% from 2020 to 2027.

In 2019, Asia-Pacific dominated the global hydraulic equipment market, in terms of revenue, accounting about 35.7% share of the global hydraulic equipment industry, followed by North America and Europe.

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Driving Factors:
Hydraulic equipment are operated by using liquid fluid as working medium. Hydraulic liquid is pumped into the machine, and is pressurized considering the resistance by cylinders and motors. The valves control the flow of liquids, and the liquid is further distributed through pipes, hoses, or tubes. These equipment are simple to operate, safe, and reliable irrespective of variable speed. Rise in adoption of mechanized agricultural activities and increase in industrialization are the major driving factors of the global hydraulic equipment market.

However, replacement of hydraulic equipments with electro-mechanical systems has restrained the growth of the market. On the contrary, rise in awareness toward the use of energy-efficient hydraulic equipment is anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.

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Growth Demands:

The growth of the global hydraulic equipment market is driven by atomization of activities in agriculture, construction, mining, packaging, and other manufacturing industries, which fuel the demand for hydraulic equipment. Machines such as cranes, loaders, bulldozer, tractors, and harvester use motors, pumps, cylinders, and valves for their operations. However, electro-mechanical equipment are being preferred by some customers, as they are maintenance-free due to fluid and oil free operation.

In addition, COVID-19 pandemic has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact for market growth all over the year. The industrial equipment and machinery industries are struggling with immediate impact owing to the disruption in both manufacturing and supply chain operations. On the contrary, manufacturers are offering new and advanced hydraulic equipment to customers with more stability and safety.

Regional Analysis:

Region wise, the hydraulic equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, Denmark, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

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David Correa
Allied Analytics LLP
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