Hydraulics Market with COVID-19 Impact Analysis - Global Forecast to 2025: Opportunities in Growing Focus on Smart Hydraulic Equipment & Increasing Adoption of Electric Vehicles - ResearchAndMarkets.com
However, factors such as High high manufacturing and maintenance costs and Increased concerns regarding oil leaks are restraining market growth.
The "Hydraulics Market with COVID-19 Impact Analysis, by Components (Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Transmissions, Others), Type (Mobile hydraulics and Industrial hydraulics), End User, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global hydraulics market size is expected to grow from USD 37.4 billion in 2020 to USD 42.1 billion by 2025, at a CAGR of 2.4%
The growth of this market is mainly driven by growing construction activities drive significant demand for hydraulic equipment, increasing demand for material handling equipment, rising demand for advanced agriculture equipment, a growing adaptation of hydraulic equipment by various industries ,. However, factors such as High high manufacturing and maintenance costs and Increased concerns regarding oil leaks are restraining market growth.
Mobile hydraulics to grow at the highest CAGR during the forecast period.
The increasing requirement of using hydraulic power at remote and difficult terrains leads to the installation of hydraulic cylinders in mobile equipment. Advancements in hydraulics technology have resulted in easy lifting and moving of heavy objects or equipment. The increased level of stability provided by mobile hydraulic systems during the lifting of heavy loads has made mobile hydraulics preferable for companies. The rise in the adoption of automated heavy construction and mining vehicles is fueling the growth of the mobile segment of the hydraulics market.
Construction Industry to hold a significantly large share of hydraulics market by 2025.
The rise in population in emerging countries such as China and India is driving the growth of the construction industry. The US is also expected to witness major growth in the construction industry. The application of hydraulic cylinders in construction equipment and mobile equipment is supporting market growth. Hydraulic cylinders in construction equipment are used in hitches, excavators, skid steer loaders, backhoes, wheel loaders, motor graders, dumper trucks, dozers, trenchers, road rollers, and other types of equipment used for heavy loading, high cycle rating, and accurate movement.
Market in APAC to grow at the highest CAGR during the forecast period.
The rapid urbanization and industrialization in developing countries, such as China, Japan, and India, increasing automation activities in the industries are some of the reasons for the growth of the hydraulics products market in APAC. However, COVID-19, a global health emergency and an economic crisis, has impacted the hydraulics market growth in 2020 adversely. Moreover, Hydraulic equipment is a major component in both construction equipment and agricultural equipment. Since both equipments has high demand in APAC, the market for hydraulics is expected to grow at a substantial rate in the next few years.
Major players profiled in this report are as follows: Bosch Rexroth (Germany), Parker Hannifin Corporation (US), Danfoss (Denmark), Eaton (Ireland), KYB Corporation (Japan), SMC Corporation (Japan), HYDAC (Germany), Wipro Enterpises (India).
Market Dynamics
Market Drivers
- Growing Construction Activities Drive Significant Demand for Hydraulic Equipment
- Increasing Demand for Material Handling Equipment
- Rising Demand for Advanced Agriculture Equipment
- Growing Adaptation of Hydraulic Equipment by Various Industries
Restraints
- Increased Concerns Regarding Oil Leaks
- High Manufacturing and Maintenance Costs
Opportunities
- Growing Focus on Smart Hydraulic Equipment
- Increasing Adoption of Electric Vehicles
Challenges
- Availability of Substitute Products
Case Study
- Use Case 1: Eaton Corporation
- Use Case 2: Parker-Hannifin Corp
- Use Case 3: Bosch Rexroth
Technology Analysis
- Impact of IoT in Hydraulic Ecosystem
- IoT Empowers Control in Hydraulic Applications
- IoT Offers Remote Control of Plant Systems
- Integration of IoT with Fluid Power
- IoT Sensors in Hydraulics
- Increasing Digitization of Mobile Hydraulic Product Portfolio
- Increasing Use of Different Sensor Technologies In Mobile Hydraulics
- Position Sensors Have Become Vital in Mobile Hydraulic Solutions
- Impact of 5G Technology in Hydraulic Ecosystem
- Shift of Functionality in Software Architecture Used for Industry 4.0
- Software & Services
- Software to Help Automate Various Tasks Involved in Running and Monitoring Devices
Regulatory Landscape
- Iso 4413:2010
- Iso 4409:2007
- Iso 4401:2005
Companies Mentioned
- Actuant Corporation (Enerpac Tool Group)
- Advanced Hydraulics, LLC
- Aggressive Hydraulics, Inc.
- Bailey International, LLC
- Bosch Rexroth Ag
- Danfoss
- Eaton
- GBB Industries
- Holmatro
- Hydac
- Interpump Hydraulics
- Kawasaki Heavy Industries
- KYB Corporation
- Lehigh Fluid Power, Inc.
- Ligon Hydraulic Cylinder Group
- Marrel
- Other Key Players
- Pacoma GmbH
- Parkerhannifin Corp
- 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/5h53ux
View source version on businesswire.com: https://www.businesswire.com/news/home/20210118005247/en/