Hydraulic equipment: Key market research findings
- Growth in the agricultural machinery market is the primary driver for the market
- The Americas dominate the market geographically
- Key vendors—Bosch Rexroth, Daikin Industries, Eaton, Kawasaki Heavy Industries, and Parker Hannifin
Technavio’s market research analysts expect the global hydraulic equipment market to grow at a CAGR of more than 5% between 2016 and 2020. The market is driven primarily by the mechanization of agriculture and the growth in the agricultural machinery market. Increased mechanization makes it possible to overcome various agricultural constraints such as unskilled labor, limited arable land, and limited resources. Technological innovations, the demand for advanced agricultural machinery, a rise in the mechanization of farming operations, increased per capita income of farmers in developed economies, and global food demand are factors driving the expansion of the agricultural machinery market. In 2015, the Americas dominated the global hydraulic equipment market by occupying almost 37% of the overall market share. The replacement of legacy hydraulic equipment, parts, and accessories in various industries and industrial and economic development in South America are some of the factors that will boost growth in the market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the hydraulic equipment segments by application.
“The rising demand for fire-resistant hydraulic fluids is an ongoing trend in the market. Hydraulic equipment operating under extreme heat may suffer from the risk of oil leakage, resulting in a high fire risk. As a precautionary measure, vendors are now focusing increasingly on the development of equipment with fire-resistant fluids to reduce the potential risk of fire. For instance, several Japanese automakers are shifting to polyol-ester hydraulic fluids due to higher saving from greater productivity and higher efficiency in die casting operations,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
During 2015, the industrial segment dominated the global hydraulic equipment market by occupying more than 40% of the total market share. This segment is flourishing due to the growth of the steel making and primary metal extraction, machine tool, furnace equipment, textile machinery, rubber machinery, plastic processing, and general mechanical industries. Owing to the key role that hydraulic equipment plays in these sectors, the projected growth in these industries will reflect positively on the hydraulic equipment market across the globe by 2020.
The key vendors in the market include Bosch Rexroth, Daikin Industries, Eaton, Kawasaki Heavy Industries, and Parker Hannifin. The global hydraulic equipment market is highly competitive and has high growth potential. The competitive environment in this market is expected to intensify further with the increase in product extensions and technological innovations in the upcoming four years. This forecast predicts a critical opportunity for the leading vendors of hydraulic equipment in material handling at construction sites and industrial operations. The versatile nature and easy maneuverer of this equipment make it appropriate for use in various sectors, and hence, this market holds great promise for vendors to venture into newer areas.
A more detailed analysis is available in the Technavio report, Global Hydraulic Equipment Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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