January 09, 2021
According to the research report titled ‘Global Industrial Hydraulic Equipment Market Analysis, 2020’, available with Market Study Report LLC, global industrial hydraulic market size is projected to expand at y-o-y growth rate of 4.5% during 2020-2025.
Industry experts claim that large-scale investments across industrial sectors in Asia Pacific and Middle East serve as a major growth impetus for global industrial hydraulic equipment market. Moreover, development of electro-hydraulic solutions, in line with increasing funding in renewable energy sector is boosting the industry growth.
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Further, implementation of connected technologies such as AI and IoT in machineries and equipment is positively impacting the industry dynamics. Besides, increasing oil exploration activities at both onshore and offshore sites is boosting the demand for hydraulic equipment.
Based on component, global industrial hydraulic equipment market is fragmented into pumps, valves, motors, accumulators & filters, transmission, cylinders, and others. Moving on to the application scope, the industry bifurcated into industrial and mobile. Under sales channel, the market is split direct and indirect. Considering the end-user spectrum, automotive, food & beverage, water & wastewater, renewable energy, hydraulic press, oil & gas, machine tools, plastics, entertainment & simulators, and hydraulic press are the major industry segments covered in the report.
Elaborating on the geographical scope, North America accounted for majority of the overall industrial hydraulic equipment industry share during 2015-2019, and is likely witness modest gains in the upcoming years. However, North America and Europe markets have reached a maturity stage. On the other hand, Asia Pacific is slated to witness strong growth through 2025, largely creditable to robust economic progression in India and China, with strong focus of these nations towards enhancing domestic production and expanding manufacturing facilities. Apart from this, inflow of foreign direct investments are expected to favor the regional industry expansion in the upcoming years.
Leading players influencing global industrial hydraulic equipment market trends are Wipro Enterprises Pvt. Ltd., Weber-Hydraulik GmbH, Siemens Ag, Robert Bosch GmbH, Parker-Hannifin Corp., Komatsu Ltd., Kawasaki Heavy Industries Ltd., Emerson Electric Co., Linde Hyraulics GmbH & Co. KG, Argo-Hytos Group, HYDAC International, Danfoss Power Solutions, Bosch Rexroth AG, Eaton Corp. plc, and Daikin Industries, Ltd.