Hydraulic Equipment Market Revenue Reached $ 37 Billion In 2020, Says P&S Intelligence
NEW YORK, July 14, 2021 / PRNewswire / – The growing use of hydraulic equipment in the automotive and agricultural industries, the increasing availability of affordable hydraulic devices, and the surge in investment in construction projects are fueling the expansion of the global hydraulic equipment market. Due to these factors, the market has 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 closures in several countries to mitigate the spread of the COVID-19 infection has hampered the progress of the hydraulic equipment market. Due to the closure of production facilities, the manufacture of hydraulic equipment has ceased. In addition, the closure of construction sites caused a sharp drop in demand for these devices, thus negatively impacting the development of the market.
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The hydraulic equipment market is divided into industrial hydraulic and mobile hydraulic categories based on type. Between these, the mobile hydraulics category has contributed to an increase in market revenue in 2020, and it will also show substantial growth in the years to come. This is attributed to the growing demand for mobile hydraulic equipment, due to the increase in construction activities, especially in remote areas and areas with difficult terrain.
Further, the hydraulic equipment market is categorized into agriculture, aerospace, construction, automotive, metal and machinery manufacturing, marine, oil and gas, and mining, based on the end user. Among these, the agricultural category is expected to experience a huge expansion in the coming years, due to the growing acceptance of hydraulic systems in the agricultural sector, due to its ease of use and excellent compatibility with machines. agricultural.
Browse the detailed report with COVID-19 impact analysis on Hydraulic Equipment Market Research Report: By Equipment (Pumps & Motors, Cylinders, Valves, Transmissions, Accumulators, Filters), Type (Mobile Hydraulic, Hydraulic Industrial), End User (Aerospace, Agriculture, Automotive, Construction, Marine, Metal & Machinery Manufacturing, Mining, Oil & Gas) – Global Industry Analysis & Growth Forecast to 2030 @ https: // www.psmarketresearch.com/market-analysis/hydraulic-equipment-market
Overall, Asia Pacific (APAC) dominated the hydraulic equipment market in 2020. The market is also expected to experience a sharp increase in the region in the next few years, owing to the increasing demand for agricultural and construction equipment, due to the increasing investments made. in infrastructure development activities. and a booming population in the countries of the region.
The hydraulic equipment market players are developing new products to improve and strengthen their presence. For example,
In march 2020, Parker-Hannifin Corp. has developed a new electronic configuration tool for the Gold Cup pump and motor series. This device was developed by the Hydraulic Pumps and Fuel Systems Division to streamline a user’s online setup using a convenient tool view, including product summary and sizing based on the model, in one place.
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Likewise, Eaton Corporation plc launched a Delta series engine equipped with a parking brake incorporated into December 2019. This engine is reliable and was primarily designed for use in traction drives, which are commonly used in turf maintenance 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 players in the hydraulic equipment market around the world.
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