Fluid Power Equipment Global Market Report 2024

The flower and ornamental plant market size has grown strongly in recent years. It will grow from $43.09 billion in 2023 to $46.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historic period can be attributed to factors such as cultural and religious significance, landscaping and urban beautification projects, event decoration, memorial and funerary practices, as well as advancements in horticulture.

The flower and ornamental plant market size is expected to see strong growth in the next few years. It will grow to $67.56 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth in the forecast period can be attributed to factors such as economic growth and disposable income, a focus on sustainable and locally sourced products, the influence of social media, the creation of community gardens and green spaces, and the ongoing trend of increasing urbanization. Major trends expected during this period include the prominence of online and direct-to-consumer sales channels, the integration of technology for virtual floral experiences, the customization of flower arrangements, innovation in indoor gardening products, and the popularity of drought-tolerant and low-maintenance plants.

The growth of the fluid power equipment market is significantly driven by an increase in demand from the food and beverage industry. The food and beverage sector encompasses companies involved in the processing, packaging, and distribution of food materials, as well as alcoholic and non-alcoholic beverages. Fluid power equipment plays a crucial role in various applications within the food and beverage industry, including processing, moving ingredients, and final packaging. For example, in November 2023, the USDA Economic Research Service, a U.S.-based federal agency, reported that in 2022, food expenditures constituted 12.8 percent of spending for U.S. households, reflecting an increase from the 12.4 percent recorded in 2021. Therefore, the growing demand from the food and beverage industries is a key factor contributing to the expansion of the fluid power equipment market.

The growth of the fluid power equipment market is anticipated to be propelled by the increasing construction activities. Construction activities involve the physical processes and tasks associated with building structures, infrastructure, or facilities. Fluid power equipment is crucial in construction for powering hydraulic systems that drive heavy machinery, enabling efficient and precise operations on construction sites. For example, in March 2023, a report from the Office for National Statistics, a UK-based producer of official statistics, highlighted that in the fourth quarter of 2022, quarterly construction production increased by 0.3% compared to the third quarter of 2022. Moreover, following a record growth of 12.8% in 2021, the annual production of construction rose by 5.6% in 2022 compared to the previous year. Therefore, the upsurge in construction activities is a key driver behind the growth of the fluid power equipment market.

Strategic partnerships and collaborations have become key trends in the fluid power equipment market. Major companies in this sector are actively pursuing partnerships with other firms to expand their product portfolios and strengthen their market positions. For example, in June 2022, Bosch Rexroth, a Germany-based engineering firm providing hydraulic products, formed a partnership with AGILOX to enter the market for autonomous mobile robots. This collaboration aimed to leverage each company's strengths, combining robust products and scaling their global presence. AGILOX is an Austria-based automation company. Similarly, in February 2022, Parker Hannifin Corporation, a U.S.-based motion technologies company specializing in hydraulic pumps and power systems, partnered with Cummins Inc. to integrate connected engine solutions with Parker’s Mobile IoT platform. This collaboration allows customers to receive real-time alerts and access diagnostic messages for both Parker components and Cummins engines through a unified dashboard. Cummins Inc. is a U.S.-based company manufacturing filtration, engines, and power generation products. These strategic partnerships demonstrate a growing trend in the fluid power equipment market where collaboration is seen as a means to enhance innovation, product offerings, and market reach.

Major companies in the fluid power equipment market are concentrating on developing innovative solutions, including the establishment of fluid power business brands. A fluid power business brand represents the distinctive identity, image, and representation of a company operating in the fluid power industry. For instance, in June 2022, Motion Industries Inc., a U.S.-based industrial parts distributor company, introduced the 'Mi Fluid Power Solutions (Mi FPS)' brand. This brand serves as a comprehensive provider of fluid power, integrated electronic controls, and electro-mechanical technologies designed for both industrial and mobile equipment. The primary areas of focus for the brand encompass hydraulics, pneumatics, lubrication, filtration, process pumps, precision industrial tooling, and products for factory automation. This strategic move reflects a commitment to offering a holistic and specialized approach to fluid power solutions, further solidifying the company's position in the market.

In August 2021, Danfoss, a Denmark-based engineering company, successfully acquired Eaton's hydraulics business for a deal amounting to $3.3 billion. The strategic acquisition was undertaken by the Danfoss Group with the objective of broadening its footprint in the mobile and industrial hydraulics sectors. Furthermore, the acquisition aimed to enhance Danfoss's innovation capacity in fluid power hydraulics on a global scale. Eaton, the entity being acquired, is an Ireland-based power management company known for producing fuel-efficient systems and power chain management tools and components. This move exemplifies Danfoss's commitment to expanding its capabilities and presence in the fluid power industry through strategic acquisitions.

Major companies operating in the fluid power equipment market report are Hengli America Inc., Eaton Corporation PLC, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Atos S.p.A., Dover Corporation, Bosch Rexroth AG, Alfa Laval, Festo SE & Co. KG, Flowserve Corporation, Crane Holdings, Hydac GmbH, Graco Inc., Colfax Ltd., Helios Technologies Inc., Christian Bürkert GmbH and Co, Circor International, Moog Inc., Sparrows Offshore Group Limited, Bucher Hydraulics GmbH, Oilgear Company, Casappa S.p.A, Duplomatic Motion Solutions S.p.A., Hawe Hydraulik SE, Fluid Systems Inc., Daikin Industries Ltd., Daman Products Co. Inc., Fluid-Power Equipment Inc., Applied Fluid Power, Hydraulics International Inc., BVA Hydraulics.

Asia-Pacific was the largest region in the field power equipment market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the fluid power equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fluid power equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of fluid power equipment are hydraulic and pneumatic hydraulics. Hydraulic systems involve the transmission of power through the controlled circulation of a pressurized fluid, often a water-soluble oil or water-glycol mixture, to a motor that converts it into a mechanical output capable of performing work on a load. This technology is widely used in various product types, including pumps, motors, valves, cylinders, filters, accumulators, and others. These fluid power components find applications across diverse industries such as construction, automotive, oil and gas, food processing, packaging, semiconductors, and more.

The fluid power equipment market research report is one of a series of new reports that provides fluid power equipment market statistics, including fluid power equipment industry global market size, regional shares, competitors with a fluid power equipment market share, detailed fluid power equipment market segments, market trends and opportunities, and any further data you may need to thrive in the fluid power equipment industry. This fluid power equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The fluid power equipment market consists of sales of hydraulic filers, gauges, control valves, and tank accessories. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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