The fluid power equipment market is set for strong growth, rising from $30.39 billion in 2023 to $32.74 billion in 2024, at a CAGR of 7.7%. Growth drivers include construction expansion, automotive applications, and renewable energy projects. The market is expected to reach $44.09 billion by 2028, maintaining a CAGR of 7.7%. Trends include advancements in hydraulic technology and a focus on energy efficiency.
Major Driver In The Fluid Power Equipment Market
The fluid power equipment market is experiencing substantial growth, primarily fueled by an increased demand from the food and beverage industry. This industry encompasses activities related to the processing, packaging, and distribution of food materials, as well as alcoholic and non-alcoholic beverages. Fluid power equipment plays a crucial role in these operations, facilitating processing, ingredient movement, and final packaging. Notably, in November 2023, the USDA Economic Research Service reported that food expenditures constituted 12.8 percent of U.S. household spending in 2022, a notable increase from the 12.4 percent recorded in 2021. This surge in demand from the food and beverage sector is anticipated to drive the growth of the fluid power equipment market in 2023, 2024, and 2028.
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Fluid Power Equipment Market Competitive Landscape
Hengli America Inc., Eaton Corporation plc, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Atos S.p.A., Dover Corporation, Bosch Rexroth AG, Alfa Laval, Festo SE & Co. KG, Flowserve Corporation, Crane Holdings, Hydac GmbH, Graco Inc., Colfax Ltd., Helios Technologies Inc., Christian Bürkert GmbH and Co, Circor International, Moog Inc., Sparrows Offshore Group Limited, Bucher Hydraulics GmbH, Oilgear Company, Casappa S.p.A, Duplomatic Motion Solutions S.p.A., Hawe Hydraulik SE, Fluid Systems Inc., Daikin Industries Ltd., Daman Products Co. Inc., Fluid-Power Equipment Inc., Applied Fluid Power, Hydraulics International Inc., BVA Hydraulics
Key Fluid Power Equipment Market Trend
Strategic partnerships and collaborations are key trends in the fluid power equipment market. Companies are forming alliances to expand their product offerings and market presence. For instance, in June 2022, Bosch Rexroth, a Germany-based hydraulic products provider, partnered with AGILOX to enhance the market for autonomous mobile robots. Similarly, in February 2022, Parker Hannifin Corporation, a U.S.-based motion technologies firm, collaborated with Cummins Inc. to integrate connected engine solutions with Parker’s Mobile IoT platform, providing real-time alerts and diagnostics.
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Fluid Power Equipment Market Segmentation
The fluid power equipment market covered in this report is segmented –
1) By Type: Hydraulic, Pneumatic
2) By Product Types: Pumps, Motors, Valves, Cylinders, Accumulators And Filters, Other Product Types
3) By Application: Construction, Automotive, Oil And Gas, Food Processing, Packaging, Semiconductor, Other Applications
By Geography:The regions covered in the fluid power equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the field power equipment market in 2023.
The Fluid Power Equipment Global Market Report 2024 furnishes information about the global fluid power equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
