Hydraulics Global Market Report 2024

Hydraulics is a branch of science and engineering focused on utilizing liquids to generate, control, and transmit power. It involves using pressurized fluid within confined spaces to achieve tasks such as lifting heavy objects or controlling machinery. Hydraulic systems are widely employed across industries for their efficiency and versatility in power transmission.

The main product categories in hydraulics include hydraulic pumps, hydraulic motors, hydraulic cylinders, hydraulic valves, hydraulic filters, and other related components. Hydraulic pumps are mechanical devices that convert mechanical energy into hydraulic energy by moving fluids, typically oil, within a hydraulic system. These systems find applications in various industries including construction, agriculture, automotive, aerospace, oil and gas, mining, marine, and others, catering to a diverse range of end-users such as original equipment manufacturers (OEMs) and aftermarket providers.

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

The hydraulic market size has grown steadily in recent years. It will grow from $40.74 billion in 2023 to $42.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. During the historic period, growth can be attributed to several factors, the increasing use of hydraulic fluids, rising adoption of hydraulic systems in the aerospace industry, growing demand for hydraulic systems in the marine industry, increased utilization of hydraulic systems in the oil and gas sector, rising demand for hydraulic systems in the manufacturing industry, and the expanding use of hydraulic systems in the transportation industry.

The hydraulic market size is expected to see steady growth in the next few years. It will grow to $51.38 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth expected in the forecast period is influenced by various factors such as government initiatives aimed at infrastructure repair and modernization, the increasing demand for high-efficiency and high-performance hydraulic systems, the trend towards urbanization and smart cities, significant investments in research and development, and a focus on enhancing the lifespan and reliability of hydraulic components. Major trends that are anticipated in this period include the integration of hydraulic and electric systems in construction machinery, the adoption of advanced simulation tools for designing and testing hydraulic systems, the development of high-pressure hydraulic systems, innovations focused on reducing noise levels in hydraulic systems, and the creation of digital replicas of hydraulic systems.

The hydraulics market is expected to experience growth due to the increasing number of infrastructure development projects. These projects are fueled by factors such as rapid urbanization, economic growth, government initiatives, technological advancements, modernization efforts, environmental concerns, globalization, population growth, private sector participation, improved financing options, and resilience planning against natural disasters. Hydraulic technology plays a crucial role in infrastructure development by facilitating the construction, maintenance, and management of various structural projects. For example, according to the Office for National Statistics, total general government investment in infrastructure increased by 15.2% in 2021 compared to 2020, reaching £23.8 billion in current prices, driving the growth of the hydraulics market.

Leading companies in the hydraulics market are focusing on developing innovative hydraulic components to enhance efficiency, reliability, and performance. Hydraulic components, including pumps, valves, and cylinders, are essential for transmitting power through fluid pressure. For instance, Danfoss, a Denmark-based manufacturing company, introduced the Danfoss H1F fixed displacement bent axis hydraulic motor in November 2023. This motor offers up to 95% overall efficiency and features a compact design suitable for both open- and closed-circuit applications, catering to agriculture, construction, and forestry machinery with high performance and reliability.

In February 2023, Bosch Rexroth, a Germany-based automation machinery manufacturing company, acquired HydraForce to strengthen its North American presence and expand its global compact hydraulics offerings for sustained growth. HydraForce Inc., a US-based industrial machinery manufacturing company, specializes in hydraulic control valves and mobile and industrial equipment solutions.

Major companies operating in the hydraulics market are Caterpillar Inc, Komatsu Ltd, Eaton Corporation, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Webtec Products Limited, Moog Inc., KYB Corporation, HYDAC International GmbH, Nachi-Fujikoshi Corporation, Bucher Hydraulics, Hengli Hydraulic, HAWE Hydraulik SE, HydraForce Inc., Concentric Hydraulics, Prince Manufacturing Corporation, Linde Hydraulics GmbH & Co. KG, Oilgear Company, Yuken Kogyo Co. Ltd., Cross Manufacturing Company Inc., Walvoil S.p.A, Permco Inc., Salami SpA.

Asia-Pacific was the largest region in the hydraulics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hydraulics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The hydraulics market consists of revenues earned by entities by providing services such as installation services, maintenance and repair services, system design and engineering services. The market value includes the value of related goods sold by the service provider or included within the service offering. The hydraulics market also includes sales of hoses, fittings, power units, accumulators, and filtration systems. 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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