After a decline in the market demand for industrial machinery and equipment prior to 2017, the demand for industrial hydraulic equipment improved during 2018 and 2019 largely due to the major industrial investments made in the Middle East and the Asia-Pacific region. The trend of revival is expected to prolong in the future as well, owing to the development in the equipment technologies from fuel-based to the electro-hydraulic solutions, growing focus and investments in the renewable energy sector, and advancing production for electro-hydraulic products in the end-user segments.
According to MarkNtel Advisors’ research report titled “Global Industrial Hydraulic Equipment Market Analysis, 2020”, the Global Industrial Hydraulic Equipment market is anticipated to grow at a CAGR of around 4.5% during 2020-25. The increasing penetration of the connected technologies such as IoT and AI in the machineries and equipment is providing impulsive growth opportunities to the operators in the industrial hydraulic equipment market to expand their product portfolio through electro-hydraulic systems. Furthermore, the rising exploration activities of both onshore and the offshore oil refineries would surge the demand for industrial hydraulic equipment through 2020-25.
Cylinder, Pumps, and Valves Components Accounting for the Maximum Market Share
The pumps and the valves and cylinder components comprised of the significant market share of the overall Global Industrial Hydraulic Equipment market, as stated in the MarkNtel Advisors’ research report on “Global Industrial Hydraulic Equipment Market Analysis, 2020”. The hydraulic cylinder is an actuator that converts hydraulic energy into mechanical motion. The hydraulic pump uses the mechanical energy to generate flow and overcome the pressure induced by the pump outlet. With the increasing infusion of the electro-hydraulic equipment, the demand for these components is set to surge during 2020-25.
Asia-Pacific Region to Witness the Lucrative Growth During 2020-25
The North America region was the largest revenue generating region to the industrial hydraulic equipment market during 2015-2019. However, the market of developed countries such as North America and the European region has reached its maturity phase. The Asia-Pacific and the Middle East regions are anticipated to attain the highest CAGR during 2020-25. The presence of the two fast growing economies viz. China and India and their focus on domestic production is catalyzing the demand for industrial hydraulic equipment. The Government of China is focused on the expansion of its manufacturing facilities and the overall production output. However, the Government of India is pushing further on gaining foreign investments to establish their manufacturing units in the country. The upcoming projects under the government initiative is expected to propel the market growth of industrial hydraulic equipment through 2025.
According to MarkNtel Advisors, some the of key competitors operating in the global Industrial Hydraulic Equipment market include Eaton Corp. Plc, Bosch Rexroph, Danfoss Power Solution, HYDEC International, Argo Hytos, Linde Hydraulics, Emerson Electric Co., Kawasaki Heavy Industries Ltd., and Robert Bosch GmbH.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Market Segmentation, Market Shares) of Global Industrial Hydraulic Equipment Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Industrial Hydraulic Equipment Market?
4. Who are the key competitors or market players and how they perform in Global Industrial Hydraulic Equipment Market, competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Industrial Hydraulic Equipment Market study?