Categories: Market Research

Fluid Power Equipment Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Fluid Power Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fluid Power Equipment Global Market Report 2024, The fluid power equipment market size has grown strongly in recent years. It will grow from $30.39 billion in 2023 to $32.74 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to expansion of construction and infrastructure projects, automotive industry applications, mining and material handling equipment demand, energy sector utilization, aerospace and defense applications.

The fluid power equipment market size is expected to see strong growth in the next few years. It will grow to $44.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rise in renewable energy projects, focus on energy efficiency, expansion of e-commerce and logistics, increased adoption of electric and hybrid vehicles, infrastructure development in emerging markets. Major trends in the forecast period include integration of industry 4.0 technologies, advancements in hydraulic technology, focus on energy-efficient solutions, advancements in hydraulic fluid, emphasis on condition monitoring and predictive maintenance.

An increase in demand from the food and beverage industry is significantly contributing to the growth of the fluid power equipment market going forward. The food and beverage industry includes companies that are involved in the processing, packaging, and distribution of food materials and alcoholic and non-alcoholic beverages. Fluid power equipment is used in the food and beverage industry for processing, moving ingredients, and final packaging. For instance, in November 2023, according to the USDA Economic Research Service, a US-based federal agency, in 2022, food expenditures constituted 12.8 percent of spending for U.S. households, marking a rise from the 12.4 percent recorded in 2021. Therefore, an increase in demand from the food and beverage industries is driving the growth of the fluid power equipment market.

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The fluid power equipment market covered in this report is segmented –

1) By Type: Hydraulic, Pneumatic

2) By Product Types: Pumps, Motors, Valves, Cylinders, Accumulators And Filters, Other Product Types

3) By Application: Construction, Automotive, Oil And Gas, Food Processing, Packaging, Semiconductor, Other Applications

Major companies operating in the fluid power equipment market are focused on developing innovative solutions, such as fluid power business brands. A fluid power business brand refers to the unique identity, image, and representation of a company operating in the fluid power industry. For instance, in June 2022, Motion Industries Inc., a US-based industrial parts distributor company, launched the ‘Mi Fluid Power Solutions (Mi FPS)’. The brand serves as a comprehensive provider of fluid power, integrated electronic controls, and electro-mechanical technologies catering to both industrial and mobile equipment. The primary areas of emphasis for the brand include hydraulics, pneumatics, lubrication, filtration, process pumps, precision industrial tooling, and products for factory automation.

The fluid power equipment market report table of contents includes: