The hydraulic market has shown steady growth, expanding from $40.74 billion in 2023 to $42.74 billion in 2024, with a CAGR of 4.5%. This growth is largely driven by increased adoption of hydraulic systems across various industries, including aerospace, marine, oil and gas, and manufacturing. The market is projected to reach $51.38 billion by 2028, achieving a CAGR of 4.8%. Government initiatives for infrastructure repair, demand for high-performance hydraulic systems, and urbanization are key factors supporting this growth.
Major Driver In The Hydraulics Market
Infrastructure development projects are poised to advance the hydraulics market, driven by rapid urbanization, economic growth, government initiatives, technological advancements, and resilience planning against natural disasters. Hydraulic technology plays a crucial role in these projects, facilitating the construction, maintenance, and management of structural works. Notably, the Office for National Statistics indicated that total general government investment in infrastructure rose by 15.2% in 2021 compared to 2020, reaching £23.8 billion ($30.27 billion) in current prices. Consequently, the growth in infrastructure development is propelling the hydraulics market.
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Hydraulics Market Competitive Landscape
Caterpillar Inc, Komatsu Ltd, Eaton Corporation, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd., Webtec Products Limited, Moog Inc., KYB Corporation, HYDAC International GmbH, Nachi-Fujikoshi Corporation, Bucher Hydraulics, Hengli Hydraulic, HAWE Hydraulik SE, HydraForce Inc., Concentric Hydraulics, Prince Manufacturing Corporation, Linde Hydraulics GmbH & Co. KG, Oilgear Company, Yuken Kogyo Co. Ltd., Cross Manufacturing Company Inc., Walvoil S.p.A, Permco Inc., Salami SpA
Key Hydraulics Market Trend
The hydraulics market is experiencing growth as major companies develop innovative hydraulic components aimed at boosting efficiency and reliability. For instance, in November 2023, Danfoss unveiled the H1F fixed displacement bent axis hydraulic motor, achieving up to 95% efficiency in a compact design. Suitable for agriculture, construction, and forestry applications, this hydraulic motor delivers high performance and reliability, positioning it as a key player in the industry.
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Hydraulics Market Segmentation
The hydraulics market covered in this report is segmented –
1) By Product Type: Hydraulic Pumps, Hydraulic Motors, Hydraulic Cylinders, Hydraulic Valves, Hydraulic Filters, Other Product Types
2) By Application: Construction, Agriculture, Automotive, Aerospace, Oil And Gas, Mining, Marine, Other Applications
3) By End-User: Original Equipment Manufacturers (OEMS), Aftermarket
By Geography:The regions covered in the hydraulics 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 hydraulics market in 2023.
The Hydraulics Global Market Report 2024 furnishes information about the global hydraulics 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.
