Hydraulics Market Growth, Analysis, Latest Trends and Forecast till 2027

Posted by edwardzmusso on April 19th, 2023

Hydraulics Market size is estimated to be USD 41.2 billion in 2022 and is projected to reach USD 49.7 billion by 2027, at a CAGR of 3.8%. The hydraulics market is experiencing significant growth due to various factors such as the growing focus on smart hydraulic equipment, continuous R&D, and technological advancements in hydraulic cylinders. The market is also being driven by the rapidly growing demand for material handling equipment, lifting equipment in the shipping industry, and advanced agriculture equipment. With the increasing demand for hydraulics equipment, manufacturers are investing in research and development to improve their products and meet the evolving needs of the market. The future of the hydraulics market looks promising, with continued growth expected in the coming years.

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Hydraulic cylinders are essential in the construction industry, where they are found in a variety of machines such as backhoes, excavators, trenchers, road construction planers, and others. These cylinders are built to survive severe environments, extreme temperatures, and weather variations, making them perfect for use in construction machinery that runs constantly for long periods of time. Furthermore, the durability and resilience to corrosion and abrasion of hydraulic cylinders have made them a popular choice for construction sector applications. The usage of hydraulic cylinders has boosted the efficiency and productivity of construction equipment, resulting in shorter project completion times and lower labour costs.

Mobile hydraulic cylinders have grown in popularity in the manufacturing industry, especially in nonstationary machinery. Hydraulic cylinders used in mobile equipment enable the application of hydraulic power in remote and difficult-to-reach locations. Hydraulic technology advancements have revolutionised the lifting and transportation of big things or equipment, making it more efficient and easier. Because of the greater stability given by mobile hydraulics when lifting big loads, end-users prefer mobile hydraulic cylinders. With the benefits that movable hydraulic cylinders provide, their use is projected to increase, particularly in the industrial industry.

The agricultural segment is predicted to increase significantly in the hydraulic industry, with a CAGR of 4.6% throughout the projection period. The agriculture industry's increasing use of automated devices and heavy-duty tractors is driving up demand for hydraulic equipment. With increased industrialization and population growth, the agricultural industry is under pressure to fulfil rising food demand. This has resulted in the usage of agricultural equipment to speed up processes and boost operational efficiency, resulting in an increase in demand for hydraulics. The future of hydraulic equipment in agriculture appears bright, with significant expansion anticipated in the next years.

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Major companies operating in the hydraulics market include Bosch Rexroth (Germany), Danfoss (Denmark), Parker-Hannifin Corporation (US), Enerpac Tool Group (US), HYDAC (Germany), Kawasaki Heavy Industries (Japan), KYB Corporation (Japan), SMC Corporation (Japan), Wipro Enterprises (India), and Caterpillar (US).

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