Asia-Pacific Hydraulic Equipment Market - Growth, Trends, COVID-19 Impact, and FPosted by Statzy Market Research on April 24th, 2021 The growing demand for material handling equipment, increasing investment in infrastructure development, and reducing overall equipment costs are some of the major factors driving the growth of the hydraulic equipment market. - Moreover, as per the IOGP’s Global Production Report 2019, demand for oil and gas is at the peak, greater than ever before, with dramatic growth in Africa, Asia Pacific, and the Middle East. This has fueled the investment in exploration and production of oil to meet the demand and supply. The key vendors are investing in the region to pursue the “local for local†market approach to providing faster availability and shorter reaction times. - For instance, in 2019, India's oil and gas sector witnessed investments around INR 5 trillion in exploration, distribution, marketing, regasification, and pipeline network laying. Through this, the government expects the domestic natural gas production to increase by around 20% from 32.87 billion cubic meters in 2018-19 to 39.3 billion cubic meters by 2020-21. Within the oil and gas sector, gear pumps are replacing vane pumps, albeit slowly. This trend is expected to continue over the forecast period, which is likely to result in a slight decrease in the share of vane pumps in the hydraulic pump market. - However, the recent COVID-19 outbreak and nationwide lockdown have affected the regional manufacturing and industrial sector, especially in emerging countries like India, which is also expected to affect the market. According to World Bank published, Southeast Asian countries like Thailand and Malaysia are expected to deal with the biggest manufacturing losses due to the COVID-19 outbreak, while Vietnam could record a below-average decrease in its economic activity Free Sample report for this report is available :-https://www.statzyreports.com/report/sr496804/asia-pacific-hydraulic-equipment-market Key Market Trends - For instance, the Chinese government’s infrastructure spending grew by 3-5% in 2019, which includes USD 120 billion in railway construction and USD 270 billion in road and waterway projects. Moreover, sales of mobile crane trucks in the first half of 2019 was almost 40-50% higher, compared to the last year. One of the biggest Chinese company, Sany Heavy Industry, whose turnover grew 46% in 2018, has now become the sixth-largest equipment manufacturer in the world. - Additionally, the infrastructure in India is also developing at an unprecedented rate; hence, the studied market vendors are also trying to utilize these opportunities. For instance, the Indian government plans to invest close to USD 1.4 trillion to build modern ports, highways, railways, airports, hospitals, and educational institutions to give a significant boost to the Indian economy. Big companies like Volvo are collaborating with government organizations. Domestic players, Bonfiglioli Transmissions, are also expanding their manufacturing facility to double the production in India. - Additionally, in December 2019, Gates launched a new hydraulic hose, MXG 4K, in the Indian market. According to the company, it is the next generation of premium hydraulic offerings that provides a highly flexible, lightweight, and compact design for the first fit, industrial, and automotive sector. - Moreover, the smart factory adoption rate is highest in the automotive industry which is set to increase investment by over 60% in the next three years in order to gain productivity up to USD 167 billion. According to the report, 3 out of 10 automotive factories have been made smart in the past 1.5 to 2 years. For instance, Bosch invested EUR 31 million in an Indian plant that features the latest industry 4.0 solutions. It is expected to drive the automotive sector in Asian countries and will in turn fuel the hydraulic equipment market in the region. For sample report please visit : https://www.statzyreports.com/report/sr496804/asia-pacific-hydraulic-equipment-market Like it? Share it!More by this author |