The fluid power equipment market is expected to reach USD 28.6 Billion by 2024 with a CAGR of 6.05% from 2019–2024.
Fluid power equipment are important components of any machining equipment and are responsible for the precision and efficiency of a machine. Any small defect can hamper the performance of an entire system. Hence, a wide range of materials are used in hydraulic and pneumatic equipment to minimize wear and provide optimum performance. The key fluid power equipment are pumps, motors, and valves.
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Global Fluid Power Equipment Industry Segmentation:
The global fluid power equipment market has been segmented based on type, component, and application.
On the basis of type, the global market has been divided into hydraulics and pneumatics. In 2018, the hydraulics segment dominated the market owing to the extensive use of this equipment in construction, agriculture, automotive, and material handling applications. The type segment is further sub-segmented into mobile and industrial. The mobile segment is estimated to dominate the market during the forecast period due to the large-scale use of fluid power equipment in agriculture, mining, and construction industries.
On the basis of component, the global fluid power equipment market is segmented into pumps, motors, valves, cylinder, steel tube and compression fitting, accumulators, and accessories. The motors sub-segment is expected to dominate the market during the forecast period.
On the basis of application, the global market has been segmented into construction, automotive, oil & gas, food processing, packaging, semiconductor, and others. The construction sub-segment is expected to dominate the market during the forecast period.
Top Industry Players:
- Bosch Rexroth (Germany),
- Kent Fluid Power Ltd (US),
- Eaton Corporation Plc (Ireland),
- Fluid-Power Equipment, Inc. (US),
- Parker Hannifin (US),
- Sparrows Group (UK),
- Kawasaki (Japan),
- Fluid Systems, Inc. (US),
- HAWE (Germany),
- Bucker Hydraulics (Germany),
- Hydac (Germany),
- Daikin (Japan),
- Concentric (Sweden),
- Moog, Inc. (US),
- Casappa (Italy), and
- Related Fluid Power Ltd (UK).
The global fluid power equipment market has been segmented into regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
Geographically, in 2018, Asia-Pacific held the largest market share of the global fluid power equipment market. The region is expected to be the fastest growing market during the forecast period, primarily due to the rising investment in construction activities in the emerging nations, such as India and China.
The market in North America is expected to hold the second-largest share of the market owing to the increasing demand for modernization of existing infrastructure. The US is likely to dominate the market in North America during the forecast period. The market in Europe is also expected to grow at a significant rate owing to rising requirement of fluid power equipment in the automotive industry.
The Middle East & Africa and South America are two of the key regions of the fluid power equipment market. Saudi Arabia and Brazil are the two countries which are expected to dominate the regions, respectively. The growth of the market in the Middle East & Africa is attributed to the rising use of hydraulic and pneumatic equipment in excavators, loaders, vacuum trucks, dump trucks, cranes, tractors, and other vehicles in the construction industry.
The intended audience of Global Fluid Power Equipment market are:
- Fluid power equipment manufacturers and distributors
- Power generation companies
- Environmental research institutes
- Manufacturing industry
- Construction sector
- Government and research organizations
- Consulting companies in the power sector
- Investors and shareholders
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