The latest report by IMARC, titled “Hydraulic Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global hydraulic tools market size reached US$ 1.47 Billion in 2021. Hydraulic tools refer to high-powered equipment employed for operating hydraulic machinery with pressurized fluid. They are utilized for constructing roads and highways, creating barriers and fences, tunneling and mining, securing street signs to metal posts, and powering construction cranes. They are flexible and portable and can be hooked onto a hydraulic power unit or a hydraulic system for numerous industrial purposes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.
Global Hydraulic Tools Market Trends:
One of the primary factors driving the market is the growing construction sector and rapid industrialization. Additionally, the augmenting demand for material handling equipment in various industry verticals, including marine, oil and gas, and automotive , is creating a positive market outlook. Other than this, the significant growth in the automobile industry, including passenger cars, aerospace, light trucks, and light commercial vehicles, is positively influencing the market growth. Besides this, the extensive adoption of hydraulic tools in forges, packing machines, cranes, and marine equipment due to their economic and efficient nature is escalating the product demand. Moreover, there has been increasing integration of electronics with hydraulic cylinders in order to increase functionality, accuracy, and improvements in controlled performance. Along with this, governments of numerous nations are extensively investing in the infrastructure of sports and facilities, which is catalyzing market growth. Other major growth-inducing factors include numerous technological advancements in tools and machinery used in the core construction of the infrastructure industry, vigorous investment by key players in the hydraulic ecosystem, and rising usage of hydraulic tools in the agriculture industry for producing crops and livestock management. Looking forward, IMARC Group expects the market value to reach US$ 1.95 Billion by 2027, expanding at a CAGR of 4.60% during the forecast period (2022-2027).
- Based on the type, the market has been divided into hydraulic cylinder and jack, hydraulic rescue tools, tension and torque tools, and others.
- On the basis of the distribution channel, the market has been bifurcated into online and offline channels.
- Based on the end user, the market has been segmented into industrial manufacturing, oil and gas and petrochemical, utility, railway, and others.
- Region-wise, the market has been classified 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 market has also been analyzed, with some of the key players being Atlas Copco North America LLC, BVA Hydraulics, Cembre S.p.A. (Lysne S.P.A,), Emerson Electric Co., Enerpac Tool Group Corp., Hangzhou WREN Hydraulic Equipment Manufacture Co. Ltd., Hi-Force Limited, HTL Group Ltd., Kudos Mechanical Co. Ltd., LUKAS Hydraulik GmbH (IDEX Corporation), SPX Flow Inc., Super Unique Enterprise Co. Ltd., and Tai Cheng Hydraulic Industry Co. Ltd.
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