Hydraulic Power Unit Global Market Report 2024

The hydraulic power unit market has grown strongly in recent years. It will grow from $6.76 billion in 2023 to $7.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed during the historical period can be attributed to the growth in the manufacturing sector, the expansion of construction activities, increased mining and material handling operations, requirements in the energy industry, and applications in agricultural machinery.

The hydraulic power unit market is expected to see strong growth in the next few years. It will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to the increasing demand for electric and hybrid vehicles, a heightened focus on energy efficiency, growth in offshore wind energy projects, an emphasis on sustainable hydraulic fluids, and a focus on noise reduction in hydraulic power units. Major trends expected in the forecast period include the integration of smart technologies into hydraulic power units, the adoption of compact and modular designs, advancements in pump technologies, the integration of condition monitoring systems, and customization to meet specific industry requirements.

The anticipated surge in construction activities is poised to drive the growth of the hydraulic power unit market in the foreseeable future. Construction activities involve the creation of various structures, including residential and commercial buildings, infrastructure projects, and industrial facilities. Hydraulic power units play a crucial role in these activities, providing substantial power to drive hydraulic rams. Notably, according to the US Census Bureau, construction spending in October 2023 reached an estimated $2,027.1 billion, marking a 0.6% increase from the revised September estimate of $2,014.7 billion. This figure is also 10.7% higher than the October 2022 estimate of $1,830.5 billion. Hence, the upswing in construction activities is a driving force behind the growth of the hydraulic power unit market.

Urbanization is anticipated to be a significant factor propelling the growth of the hydraulic power unit market. Urbanization refers to the migration of populations from rural to urban areas, resulting in a higher percentage of people living in cities. This trend often leads to increased infrastructure development, including the construction of buildings, bridges, roads, and industrial facilities. Hydraulic power units are indispensable in various applications, such as construction equipment, material handling systems, and industrial machinery, all vital components for urban development projects. Globally, as reported by the World Bank in April 2023, 56% of the population lives in urban areas, and it is projected that by 2045, the number of urban residents will increase by 1.5 times to 6 billion. Urbanization, with over 80% of global GDP generated in cities, can contribute to sustainable growth, thereby driving the growth of the hydraulic power unit market.

Major players in the hydraulic power unit market are focusing on developing innovative products, such as the WEBER-HYDRAULIK valve portfolio, to better cater to customer needs. The first version of the WEBER-HYDRAULIK valve portfolio, introduced by Weber-Hydraulik GmbH in March 2023, offers a comprehensive range of hydraulic components for various applications. These valves undergo testing on hydraulic benches to ensure quality and performance. The valve portfolio includes on-off solenoids, pressure relief, flow control, and check valves, applicable in hydraulic power units for diverse uses. The integration of this valve product portfolio in Famic Technologies' advanced system Automation Studio provides users access to extensive data attributes, technical details, simulation models, and commercial information to support engineering and design processes, including hydraulic power unit design.

Technological innovations stand out as a key trend in the hydraulic power unit market, with major companies adopting new technologies to maintain their market positions. For instance, in March 2021, Terzo Power Systems, a US-based machinery manufacturing company, introduced hydra pulse electrified technology. The Hydra pulse is an integrated power-on-demand hydraulic power unit featuring built-in intelligence, representing an entire electrohydraulic system. Its revolutionary design, compact size, and electronically controlled motor and pump assembly position it as an industry leader in hydraulic performance.

In February 2023, Bosch Rexroth AG, a Germany-based automation machinery manufacturing company, acquired HydraForce Inc. for an undisclosed amount. This strategic acquisition aims to broaden Bosch Rexroth's global market access through indirect sales channels, with a focus on sales partners and system integrators. The acquisition also strengthens local supply chains, enhancing the company's ability to serve consumers effectively. HydraForce Inc. is a US-based manufacturer specializing in products for hydraulically powered mobile equipment.

Major companies operating in the hydraulic power unit market report are Brevini Fluid Power SpA, Bosch Rexroth AG, Nachi-Fujikoshi Corp., Weber Hydraulik GmbH, Parker Hannifin Corporation, Hydac International GmbH, Eaton Corporation, Hydro-tek Co Ltd., Bailey International LLC, Dynex Semiconductor Ltd., ICS Blount Inc., Husqvarna Motorcycles, Atlas Copco Group, Hydra Products Ltd., Poclain Hydraulics Private Limited, Denison Hydraulics Inc., Energy Manufacturing Company Incorporated, Haldex Aktiebolag, Hydromega Services Incorporated, Kawasaki Jukogyo Kabushiki Kaisha, Kayaba Kogyo Kabushiki Kaisha, Linde Hydraulics GmbH & Co. KG, Marzocchi Pompe Società per Azioni, Moog Inc., Oilgear Company, Permco Incorporated, Racine Federated Incorporated, Sauer-Danfoss A/S, Sunfab Hydraulics Aktiebolag, Toshiba Pvt. Limited.

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

The primary types of hydraulic power units are gas hydraulic power units and electric hydraulic power units. Gas hydraulic power units, also known as engine-driven power packs, offer higher flow rates and greater force compared to diesel hydraulic power units, enabling the lifting and movement of larger objects in confined spaces. These units consist of components such as hydraulic motors, hydraulic pumps, accumulators, and accessories with varying pressure ratings such as 0-750 psi, 750-2000 psi, 2000-3000 psi, and pressure ratings exceeding 3000 psi. Hydraulic power units are applied in civil engineering projects, the automotive industry, the energy sector, and other fields.

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The hydraulic power unit market consists of sales of single-acting hydraulic power pack and double-acting hydraulic power pack. 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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