Hydraulic Equipment Market Size
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 46.94 Billion |
| Market Size (2029) | USD 56.07 Billion |
| CAGR (2024 - 2029) | 3.62 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hydraulic Equipment Market Analysis
The Hydraulic Equipment Market size is estimated at USD 46.94 billion in 2024, and is expected to reach USD 56.07 billion by 2029, growing at a CAGR of 3.62% during the forecast period (2024-2029).
Hydraulic equipment encompasses various components and offers many benefits for various industrial applications. These tools usually use the force created by pressurized fluids, transferring the force as energy through the system to complete a wide range of tasks and applications. Furthermore, hydraulic equipment can generate much greater force than pneumatic tools of a similar size, as fluids are incompressible, which gives hydraulic systems the ability to operate at much higher pressure levels. Hence, hydraulic tools are often used in heavy-duty industrial applications.
- Electronics for intelligent mobility & data collection sensors are becoming rapidly standard in hydraulic equipment. IoT is also utilized nowadays in fluid power systems, even though its typical applications revolve around electric systems. Manufacturers encourage the digitization of hydraulic goods by providing a broad range of electro-hydraulics modules and components with digital interfaces & sensor intelligence. They also aid in the smart design, configuration, & precision control for hydraulic systems that current technology in hydraulic applications permits.
- Over the past 70 years, material handling has experienced different transformations that have transformed the industry's outlook. Material-handling machines & robots have substituted individual workers. Due to this transformation, many industries have developed, especially the automotive industry, which has undergone a 10-fold growth.
- The main challenge impeding the hydraulic equipment market's development is the volatility in maintenance expenses over the equipment's lifespan. Changes in the costs of raw materials like stainless steel, iron ore, aluminum, bronze, & other metal alloys have induced volatility in the arrangement cost of hydraulic equipment, which, in turn, has led to a demand-supply gap.
- The expanding construction industry is anticipated to augment the hydraulic equipment market need over the forecast period. For instance, according to the Ministry of Statistics & Programme Implementation (MOSPI), India's construction industry was valued at over INR 3 trillion (USD 36.70 billion) in Q4 of 2022, a significant increase compared to 2020, when the value shrank due to the coronavirus (COVID-19) pandemic. Also, the country's construction & manufacturing industries were among the worst hit then. However, the industry recovered quickly and returned to pre-crisis level again. A similar trend has been observed across other major end-user industries of hydraulic equipment. Hence, the recovery of these industries will create opportunities in the studied market.
Hydraulic Equipment Market Trends
Consutruction Segment to Witness Significant Growth
- Hydraulic equipment operates and executes tasks through a pressurized fluid. The pressure applied to a confined fluid is transferred undiminished. That pressurized fluid acts upon each part of a section of the holding vessel & builds force or power. As the technology persisted in maturing, hydraulics created it likely to reach far more precise motions. Such precision has attained momentum for better optimization of the construction processes.
- The introduction of hydraulics in the construction industry has let more jobs be completed quickly, improving productivity. The science of hydraulics allowed the equipment to complete the range of motion and be held with increased precision. Hydraulic power is an essential part of the current construction industry, and persisting technological advancements will make utilizing hydraulic equipment even more necessary in the future.
- The hydraulic equipment can resist and transmit high loads. Hydraulic equipment has lesser moving and load-bearing parts than other systems that depend on mechanical components. The hydraulic fluid, motors, & pumps are at either end to control most functional limitations. Utilizing smart valves, smart pumps, and other parts provides more efficient operation and managing performance of the hydraulic equipment. Furthermore, it assists in automating the process.
- The construction sector is a robust driver of the Indian economy. The industry is favorably responsible for propelling India's overall development. It has extreme stress on the government to initiate policies that would provide the country's time-bound design of world-class infrastructure. While India's construction sector has seen disturbances, there is positiveness for the future with the initiatives & strategies adapted to drive large-scale projects. For instance, in April 2022, Honeyy Group announced 33 projects, of which 24 were in Andhra Pradesh and 9 in Telangana, setting a bar for the construction industry in one day. The company has accomplished this by utilizing several innovative techniques to develop, construct, & manage buildings.
- Furthermore, the rising construction industry is anticipated to increase the hydraulic cylinders market need over the forecast period. For instance, according to MOSPI, in FY 2022, the real gross value in the construction industry around India increased by more than 10%.
North America Is Expected to Hold Largest Market Share
- The North American hydraulic equipment market is dominated mainly by Tier 1 companies delivering powerful hydraulic equipment, long-standing partnerships, and comprehensive distribution channels. However, niche competitors can acquire market share with customized offerings for distinguishing industry sectors.
- The region's oil and gas industry is witnessing robust growth, supporting the demand for hydraulic equipment. According to the Energy Information Administration (EIA), dry natural gas production in the US grew during 2022, averaging over 100 billion ft³/s in October & November, exceeding pre-pandemic monthly production records from 2019.
- Furthermore, due to Russia's invasion of Ukraine, numerous countries have prohibited the import of crude oil from Russia, providing the region an opportunity to be the leading exporter of crude oil to these countries. The region persists in being a key producer of oil & gas. As old resources are being exhausted, new sources of oil are being located. Acc. to the U.S. Energy Information Administration, International Energy Statistics, Total oil (petroleum and other liquids) production, as of September 2023, the US is the largest oil producer in the world, with 20.30 million barrels per day, 21% of the total world share.
- One of the major trends in the region is merging the industry with IoT. The region is noticing the growing adoption of industrial automation across end-user industries. Integrated hydraulic equipment delivers an opportunity to enhance operations and lower energy costs.
- Further, regional players are taking different initiatives and creating strategic investments to catch the wider client base. As of June 2022, Motion Industries Inc. unveiled the creation of its fluid power business brand, Mi Fluid Power Solutions. The company is anticipated to concentrate on hydraulics, lubrication, filtration, process pumps, pneumatics, precision industrial tooling, & factory automation products.
Hydraulic Equipment Industry Overview
The intensity of competitive rivalry in the hydraulic equipment market is high. It is expected to increase over the forecast period due to several prominent players such as Bosch Rexroth AG (ROBERT BOSCH GMBH), Parker-Hannifin Corporation, Hydac International GmbH, Danfoss A/s, SMC Corporation, among others in the market. These players are also adopting merger and acquisition strategies to gain market share.
- June 2023, KTI Hydraulics Inc. introduced a submerged direct current (DC) hydraulic power unit (HPU) to increase the reliability of recycling equipment. The company offers the submerged HPU with a 1.8-kilowatt, 12-volt, and 24-volt DC motor with superior ingress protection ratings. The HPU includes a pressure-loaded gear pump, a potted solenoid, and a reservoir with five quarts of usable volume. The new HPU configuration also enables a more compact design, 15 ½ inches-by-9 ½ inches-by-8 inches, which minimizes the space required for hydraulic components.
- In April 2023, Bosch Rexroth unveiled its Hägglunds Quantum range of hydraulic motors, designed to enhance torque and speed capabilities while retaining efficiency for direct drive applications in heavy-duty equipment. Also, these motors provide a maximum speed of over 150 rpm & maximum torque of more than 350 kNm. Changes to the design and materials used allowed the boost in speed and torque and a longer lifespan while ensuring efficient operation.
- In November 2022, Caterpillar announced the launch of two new hydraulic excavators, namely Caterpillar 340 and 352. According to Caterpillar, the new Cat 340 Hydraulic Excavator had a stronger engine, wider track, and 7.5-ton counterweight to improve productivity by 10% over the 2020 model year Cat 336. On the other hand, the new Cat 352 Hydraulic Excavator combined better power and a heavier counterweight to work with bigger tools.
Hydraulic Equipment Market Leaders
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SMC Corporation
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Hydac International Gmbh
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Bosch Rexroth AG
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Danfoss AS
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Parker-Hannifin Corporation
*Disclaimer: Major Players sorted in no particular order
Hydraulic Equipment Market News
- Dec 2023, Stellar Industries launched a new hydraulic service crane utilizing the exclusive CDTpro Control System with Range Finder Technology. The new 14530 crane is a redesigned 14,000-lb class crane. The Stellar 14530 Hydraulic Service Crane has a reduced weight of about 11 percent (350 pounds) compared to the previous model. The new design features increased strength, with a lifting capacity of 92,000 ft-lbs vs. 82,600 ft-lbs, which creates more payload for the operator while increasing utility.
- April 2023: Uzer Makina acquired Uzun Hidrolik, a hydraulic products manufacturer that serves a range of heavy industries, including energy, harbor, and mining. The acquisition aims to achieve Uzun Hidrolik’s experience and expertise, including producing client-based designed products and functioning as a research and development center, enabling Uzer Makina to diversify its revenue streams.
- October 2022: Enerpac announced the SBL600 gantry, the latest addition to its SBL-Super Boom Lift hydraulic gantry range. With a top lifting height of 10.6m, the three-stage telescopic hydraulic cylinder had a foldable boom permitting transportation on traditional flatbed trucks without special permitting and routing requirements. Also, it had a rectangular boom for improved capacity and lifting height with a first-stage capacity of 674t, 562t second stage, and 416t in the third stage. Its structure was optimized for the comfort of transportation, greatly lowering the cost of installment and set-up for this class of gantry.
- August 2022: HAWE unveiled the mini hydraulic power pack type HICON, developed for recreational boats and delivers a special advantage in numerous applications. It was waterproof & thus resistant to splash water or temporary immersion in water during operation.
Hydraulic Equipment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHT
- 4.1 Market Overview
- 4.2 Technological Trends
- 4.3 Industry Value Chain/ Supply Chain Analysis
- 4.4 Impact of COVID-19 on the Market
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4.5 Industry Attractiveness - Porter's Five Forces Analysis
- 4.5.1 Bargaining Power of Suppliers
- 4.5.2 Bargaining Power of Buyers
- 4.5.3 Threat of New Entrants
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Demand for Material Handling Equipment
- 5.1.2 Increasing Demand From the Construction Industry via Government Initiatives and Investments
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5.2 Market Restraints
- 5.2.1 High Maintenance Cost Over the Equipment's Lifespan
6. MARKET SEGMENTATION
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6.1 By Component
- 6.1.1 Pumps
- 6.1.2 Valves
- 6.1.3 Cylinders
- 6.1.4 Motors
- 6.1.5 Filters and Accumulators
- 6.1.6 Transmission
- 6.1.7 Other Product Types
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6.2 By End-user Industry
- 6.2.1 Construction
- 6.2.2 Agriculture
- 6.2.3 Material Handling
- 6.2.4 Aerospace and Defense
- 6.2.5 Machine Tools
- 6.2.6 Oil and Gas
- 6.2.7 Hydraulic Press
- 6.2.8 Plastics
- 6.2.9 Automotive
- 6.2.10 Other End-user Industries
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6.3 By Geography
- 6.3.1 North America
- 6.3.2 Europe
- 6.3.3 Asia-Pacific
- 6.3.4 Rest of the World
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Bosch Rexroth AG (ROBERT BOSCH GMBH)
- 7.1.2 Parker-Hannifin Corporation
- 7.1.3 Hydac International Gmbh
- 7.1.4 Danfoss AS
- 7.1.5 SMC Corporation
- 7.1.6 Festo SE (Festo Beteiligungen GmbH & Co. KG)
- 7.1.7 Norgren Limited (IMI PLC)
- 7.1.8 Bucher Hydraulics (Bucher Industries AG)
- 7.1.9 HAWE
- 7.1.10 Linde Hydraulics GmbH & Co.
- *List Not Exhaustive
- 7.2 Vendor Ranking
- 7.3 List of Key Vendors By Region
8. FUTURE OF THE MARKET
** Subject To AvailablityHydraulic Equipment Industry Segmentation
Hydraulic equipment uses pressurized fluid to complete a multitude of machining operations. An engine or motor drives a pump pressuring the hydraulic fluid in hydraulic machinery. This fluid is transferred via hydraulic tubes to the machine's actuators, which use the fluid's pressure to complete the assigned task.
The Hydraulic Equipment Market is Segmented by Type (Pumps, Valves, Cylinders, Motors, Filters & Accumulators, Transmission), by End-user Industry (Construction, Agriculture, Material Handling, Aerospace & Defense, Machine Tools, Oil & Gas, Hydraulic Press, Plastics, Automotive), by Geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Component | Pumps |
| Valves | |
| Cylinders | |
| Motors | |
| Filters and Accumulators | |
| Transmission | |
| Other Product Types | |
| By End-user Industry | Construction |
| Agriculture | |
| Material Handling | |
| Aerospace and Defense | |
| Machine Tools | |
| Oil and Gas | |
| Hydraulic Press | |
| Plastics | |
| Automotive | |
| Other End-user Industries | |
| By Geography | North America |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Hydraulic Equipment Market Research FAQs
How big is the Hydraulic Equipment Market?
The Hydraulic Equipment Market size is expected to reach USD 46.94 billion in 2024 and grow at a CAGR of 3.62% to reach USD 56.07 billion by 2029.
What is the current Hydraulic Equipment Market size?
In 2024, the Hydraulic Equipment Market size is expected to reach USD 46.94 billion.
Who are the key players in Hydraulic Equipment Market?
SMC Corporation, Hydac International Gmbh, Bosch Rexroth AG, Danfoss AS and Parker-Hannifin Corporation are the major companies operating in the Hydraulic Equipment Market.
Which is the fastest growing region in Hydraulic Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hydraulic Equipment Market?
In 2024, the North America accounts for the largest market share in Hydraulic Equipment Market.
What years does this Hydraulic Equipment Market cover, and what was the market size in 2023?
In 2023, the Hydraulic Equipment Market size was estimated at USD 45.24 billion. The report covers the Hydraulic Equipment Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Hydraulic Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging trends in the Hydraulic Equipment Market?
Emerging trends in the Global Hydraulic Equipment Market include Integration of IoT and predictive maintenance technologies to enhance operational efficiency and minimize downtime.
Hydraulic Equipment Industry Report
The hydraulics market is set for significant growth, driven by robust demand in sectors like construction, agriculture, and material handling. Key segments such as hydraulic cylinders and mobile hydraulics are poised for substantial expansion. Hydraulic cylinders, widely used across various industries, hold a major share, while the mobile hydraulics segment is expected to surge due to the increasing demand for efficient tools like cranes and excavators. The Asia Pacific region, fueled by rapid urbanization and industrialization, continues to dominate the market. Opportunities for hydraulic equipment manufacturers and suppliers are on the rise, thanks to advancements in smart hydraulic equipment and the integration of IoT and electronic intelligence into hydraulic systems. Despite challenges like high maintenance costs and competition from alternative technologies such as pneumatics, the market remains highly competitive with continuous innovations and strategic initiatives by key players. For detailed statistics, market share, size, and revenue growth insights, download a free report PDF from Mordor Intelligence™ Industry Reports.
