Hydraulic Equipment Market Revenue Rose To $37 Billion in 2020 says P&S Intelligence
NEW YORK, July 14, 2021 /PRNewswire/ -- The increasing usage of hydraulic equipment in the automotive and agriculture sectors, surging availability of affordable hydraulic devices, and soaring investments being made in construction projects are fueling the expansion of the global hydraulic equipment market. Due to these factors, the market reached $37 billion revenue in 2020, and it is expected to demonstrate rapid expansion during 2021–2030, according to P&S Intelligence.
The announcement of lockdowns in several countries to mitigate the spread of the COVID-19 infection hampered the progress of the hydraulic equipment market. Due to the closing of production facilities, manufacturing of hydraulic equipment stopped. Moreover, the shutting down of construction sites caused a sharp fall in the demand for these devices, thereby negatively impacting the advancement of the market.
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The hydraulic equipment market is divided into industrial hydraulics and mobile hydraulics categories, depending on type. Between these, the mobile hydraulics category contributed higher revenue to the market in 2020, and it will exhibit substantial growth in the forthcoming years as well. This is ascribed to the escalating demand for mobile hydraulic equipment, on account of the increasing construction activities, especially in the remote areas and regions having difficult terrain.
Furthermore, the hydraulic equipment market is categorized into agriculture, aerospace, construction, automotive, metal & machinery manufacturing, marine, oil & gas, and mining, based on end user. Out of these, the agriculture category is expected to demonstrate huge expansion in the forthcoming years, on account of the growing acceptance of hydraulic systems in the agriculture sector, due to its ease of operation and excellent compatibility with agricultural machines.
Browse detailed report with COVID-19 impact analysis on Hydraulic Equipment Market Research Report: By Equipment (Pumps and Motors, Cylinders, Valves, Transmissions, Accumulators, Filters), Type (Mobile Hydraulics, Industrial Hydraulics), End User (Aerospace, Agriculture, Automotive, Construction, Marine, Metal & Machinery Manufacturing, Mining, Oil & Gas) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/hydraulic-equipment-market
Globally, Asia-Pacific (APAC) dominated the hydraulic equipment market in 2020. The market is also expected to surge sharply in the region in the upcoming years, due to the surging requirement for agricultural and construction equipment, on account of the soaring investments being made in infrastructural development activities and booming population in the regional countries.
The players operating in the hydraulic equipment market are developing new products for improving and strengthening their presence. For example,
In march 2020, Parker-Hannifin Corp. developed a new e-configurator tool for Gold Cup pump and motor series. This device was developed by the Hydraulic Pump and Power Systems division for streamlining the online configuration of a user with the help of a convenient tool view, including that of product summary and model-based dimensioning, in a single location.
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Likewise, Eaton Corporation plc launched a Delta series motor equipped with an incorporated parking brake in December 2019. This motor is reliable and was primarily made for use in traction drives, which are commonly used in turf care systems.
Emerson Electric Co., Siemens AG, Bosch Rexroth AG, Kawasaki Heavy Industries Ltd., Wipro Enterprises Private Limited, Daikin Industries Ltd., Parker-Hannifin Corp., Danfoss SA, Komatsu Ltd., and Eaton Corporation plc are some of the major hydraulic equipment market players across the world.
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