Hydraulic Power Unit Market
The Hydraulic Power Unit 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 Hydraulic Power Unit Global Market Report 2024, The hydraulic power unit market size has grown strongly in recent years. It will grow from $6.76 billion in 2023 to $7.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to growth in manufacturing sector, expansion of construction activities, mining and material handling operations, energy industry requirements, agricultural machinery applications.
The hydraulic power unit market size is expected to see strong growth in the next few years. It will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing demand for electric and hybrid vehicles, focus on energy efficiency, growth in offshore wind energy, focus on sustainable hydraulic fluids, emphasis on noise reduction. Major trends in the forecast period include integration of smart technologies, compact and modular designs, advancements in pump technologies, integration of condition monitoring systems, customization for specific industry requirements.
Increasing construction activities is expected to propel the growth of the hydraulic power unit market going forward. Construction activities refer to the building of structures such as residential and commercial buildings, infrastructure projects, and industrial facilities. Hydraulic power units are essential in construction activities due to their ability to provide a tremendous amount of power to drive most any kind of hydraulic ram. For instance, according to the Census Bureau, a US-based government agency, construction spending in October 2023 was estimated to be $2,027.1 billion, which is a 0.6 percent increase from the revised September estimate of $2,014.7 billion. The October 2023 figure is also 10.7% higher than the October 2022 estimate of $1,830.5 billion. Therefore, the increasing construction activities is driving the growth of the hydraulic power unit market.
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The hydraulic power unit market covered in this report is segmented –
1) By Type: Gas Hydraulic Power Unit, Electric Hydraulic Power Unit
2) By Component: Hydraulic Motors, Hydraulic Pumps, Accumulators, Accessories
3) By Pressure Rating Type: 0-750 PSI, 750-2000 PSI, 2000-3000 PSI, >3000 PSI
4) By Application: Civil Engineering Projects, Automotive Industry, Energy Industry, Other Applications
Major companies operating in hydraulic power unit market are developing innovative products such as WEBER-HYDRAULIK valve portfolio with advanced features to better serve the customers. The first version of the WEBER-HYDRAULIK valve portfolio offers a comprehensive range of hydraulic components for various applications. For instance, in March 2023, Weber-Hydraulik GmbH, a Germany-based machinery manufacturing company launched the first version of the WEBER-HYDRAULIK valve portfolio. The valves are tested on hydraulic test benches before delivery to ensure their quality and performance. The valve portfolio includes various types of on-off solenoids, pressure relief, flow control, and check valves, which can be used in hydraulic power units for various applications. The integration of the WEBER-HYDRAULIK valve product portfolio in Famic Technologies’ advanced system Automation Studio provides users with access to a comprehensive set of data attributes, technical details, simulation models, and commercial information to support their engineering and design processes, including the design of hydraulic power units.
The hydraulic power unit market report table of contents includes:
1. Executive Summary
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