Overview and Scope
The hydraulics market consists of revenues earned by entities by providing services such as installation services, maintenance and repair services, system design and engineering services. The market value includes the value of related goods sold by the service provider or included within the service offering. The hydraulics market also includes sales of hoses, fittings, power units, accumulators, and filtration systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The hydraulic market size has grown steadily in recent years. It will grow from $40.74 billion in 2023 to $42.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to increasing use of hydraulic fluids, increasing use of hydraulic systems in the aerospace industry, demand for hydraulic systems in the marine industry, rise in the use of hydraulic systems in the oil and gas industry, growing demand for hydraulic systems in the manufacturing industry, and increasing use of hydraulic systems in the transportation industry.
The hydraulic market size is expected to see steady growth in the next few years. It will grow to $51.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to government initiatives for infrastructure repair and modernization, demand for high-efficiency and high-performance hydraulic systems, urbanization and smart cities, significant investments in research and development, and focus on improving the lifespan and reliability of hydraulic components. Major trends in the forecast period include integration of hydraulic and electric systems in construction machinery, advanced simulation tools for designing and testing, development of high-pressure hydraulic systems, innovations aimed at reducing noise levels in hydraulic systems, and creating digital replicas of hydraulic systems.
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Segmentation & Regional Insights
The hydraulics market covered in this report is segmented –
1) By Product Type: Hydraulic Pumps, Hydraulic Motors, Hydraulic Cylinders, Hydraulic Valves, Hydraulic Filters, Other Product Types
2) By Application: Construction, Agriculture, Automotive, Aerospace, Oil And Gas, Mining, Marine, Other Applications
3) By End-User: Original Equipment Manufacturers (OEMS), Aftermarket
Asia-Pacific was the largest region in the hydraulics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing infrastructure development projects are expected to propel the growth of the hydraulics market going forward. Growing infrastructure development projects are attributed to rapid urbanization, economic growth, government initiatives, technological advancements, modernization, environmental concerns, globalization, population growth, private sector participation, improved financing options, and resilience planning against natural disasters. Hydraulic technology is indispensable in infrastructure development because it enables the construction, maintenance, and management of various structural projects. For instance, in May 2023, according to the Office for National Statistics, a UK-based government administration, in 2021, total general government investment in infrastructure increased by 15.2% compared to 2020, reaching £23.8 ($30.27) billion in current prices. Therefore, the growing infrastructure development projects are driving the growth of the hydraulics market.
Key Industry Players
Major companies operating in the hydraulics market are Caterpillar Inc, Komatsu Ltd, Eaton Corporation, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Webtec Products Limited, Moog Inc., KYB Corporation, HYDAC International GmbH, Nachi-Fujikoshi Corporation, Bucher Hydraulics, Hengli Hydraulic, HAWE Hydraulik SE, HydraForce Inc., Concentric Hydraulics, Prince Manufacturing Corporation, Linde Hydraulics GmbH & Co. KG, Oilgear Company, Yuken Kogyo Co. Ltd., Cross Manufacturing Company Inc., Walvoil S.p.A, Permco Inc., Salami SpA
The hydraulics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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