According to the latest report by IMARC Group, titled “Fluid Power Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global fluid power equipment market reached a value of US$ 41.76 Billion in 2021. Fluid power equipment refers to an industrial component that uses liquid or gas fluids to transmit and generate a considerable amount of power. It comprises various components, such as valves, fittings, sensors, seals, pumps, cylinders, hoses, gauges, filters, and reservoirs. It is widely used for various tasks, such as boring new underground mining tunnels and lifting and stacking large glass sheets. Fluid power equipment also offers multi-functional controls, including direction, speed, force, and torque, and aids in increasing accuracy, efficiency, and overall production.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fluid Power Equipment Market Trends:
The increasing product demand across different end use industries, such as mining, aerospace, packaging, construction, and robotics, operating in hazardous environments is creating a positive outlook for the market. Fluid power equipment provides a high power-to-weight ratio and produces high torque at low speeds, making the equipment suitable for such applications. This is further influenced by continuous improvements in industrial machinery performance and lubricant life, thus lowering downtime and equipment maintenance costs. Additionally, increasing investments by key players to introduce energy-efficient solutions and reduce greenhouse gas (GHG) emissions, supported by the surging demand for energy imports worldwide, are favoring the market growth. Apart from this, the utilization of smart valves in fluid power equipment that aid in reducing power consumption, providing real-time information, and resulting in greater efficiency is propelling the market growth. Other factors, including the increasing product demand for wastewater treatment, extensive research and development (R&D) activities, and significant growth in the food and beverage (F&B) industry, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 65.27 Billion by 2027, exhibiting a CAGR of 7.50% during 2022-2027.
- On the basis of the product, the market has been classified into hydraulics, pneumatics, and others.
- Based on the component, the market has been divided into pumps, motors, valves, cylinder, accumulators and filters, and others.
- On the basis of the end user, the market has been categorized into agricultural, aerospace, automotive, construction, and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Bosch Rexroth AG (Robert Bosch GmbH), Bucher Industries AG, Daikin Industries Ltd., Eaton Corporation PLC, Fluid Power Equipment Inc., HAWE Hydraulik SE, HYDAC International GmbH, Hydraforce Inc., Kawasaki Heavy Industries Ltd., Nachi-Fujikoshi Corp., Parker-Hannifin Corporation and Sparrows Offshore Group Limited.
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