Market Trends of Hydraulic Equipment Industry
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%.
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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.
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