Fluid Power Equipment Market Manufacture Size, Developments & Future Scope To 2027
Fluid power equipment systems function by using a pressurized fluid or gas on a piston by using methods of mechanical, electrical, and fluid power. It can transmit equivalent power to all systems and provide sufficient control on direction, speed, force, and torque. The global fluid power equipment market report by Market Research Future (MRFR) provides a comprehensive overview of the industry with projections for the period of 2019 to 2024 (forecast period). The outbreak of the COVID-19 virus and its implications on the market are written in detail in the report.
The global fluid power equipment market is projected to reach USD 28.6 billion by 2024. It is expected to garner revenues at a 6.05 % CAGR over the forecast period. Major drivers include the need for wastewater and water treatment infrastructure and demand from the food & beverage industry. Recently, a sewage treatment plant was set up in India in collaboration with Japan International Cooperation Agency which relies on fluid power equipment. The use of exoskeletons suits for working in hazardous occupations and commercialization of shale gas can fuel market demand exponentially.
But high costs of fluid power equipment can restrain market growth.
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The global fluid power equipment market has been segmented by type, component, and application.
On the basis of type, the global market is divided into hydraulic and pneumatic. In 2018, the hydraulic sub-segment led the market and held the largest market share. This can be attributed to the use of oils and fluids for carrying out its functions. Based on application, the type segment is further sub-segmented into industrial and mobile. The mobile sub-segment of the global fluid power equipment market is estimated to register the highest growth rate during the forecast period.
On the basis of component, the global fluid power equipment market has been segmented into steel tube and compression fitting, pumps, valves, cylinder, motors, accumulators, and accessories. The motors sub-segment is expected to dominate the fluid power equipment market during the forecast period.
On the basis of application, the global market is segmented into semiconductor, construction, automotive, packaging, oil & gas, food processing, and others. Within the application segment, the construction sub-segment is expected to hold the maximum share of the market during the forecast period. On the other hand, the oil & gas segment is expected to fuel the market demand owing to regulations curbing the impact of pollution levels among oil & gas machine makers. The regulations aimed at curtailing oil spillages can bode well for the global fluid power equipment market.
On the basis of region, the global fluid power equipment market is segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America.
APAC held the largest share in the global fluid power equipment market due to growing investments in construction activities in emerging nations of India and China. China is expected to account for the largest share of the regional market, while India is expected to be the fastest growing country in the region. For instance, according to the India’s National Mining Association, in 2017, the processed minerals used in industries of manufacturing, construction, and agriculture were worth USD 630 billion.
Parker Hannifin, Fluid-Power Equipment, Inc., Fluid Systems, Inc., Casappa, Sparrows Group, Hydac, Kent Fluid Power Ltd, Kawasaki, Concentric, Daikin, Related Fluid Power Ltd, Eaton Corporation Plc, Bucker Hydraulics, Bosch Rexroth, Moog, Inc., and HAWE are key players of the global fluid power equipment market.
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