The global hydraulics market size is expected to grow from $37.4billion in 2020 to $42.1billion by 2025, at a CAGR of 2.4% due to growing construction activities, increasing demand for hydraulic equipment, material handling equipment, advanced agriculture equipment and the growing adaption of hydraulic equipment in various industries. Factors that are restraining market growth includes high maintenance and manufacturing costs, as well as increased concerns around oil leaks.
The hydraulic sector set to grow at the highest CAGR during this period is the mobile hydraulics market as the increasing requirement of using hydraulics at remote and difficult terrains results in the installation of hydraulic cylinders in mobile equipment. These types of equipment can also usually move and lift heavy objects, which requires hydraulic components. The inclusion of hydraulic components in these types of equipment provides stability, which makes it desirable by various industries. This is mostly seen within heavy construction and mining vehicles.
By 2025 the construction industry will hold a significant share of the hydraulic market by 2025. Construction in countries such as China and India is on the increase, which the USA is also expected to see a surge in the construction industry. Again, the installation of hydraulic cylinders in construction and mobile equipment supports the market growth. The hydraulic cylinder in this regard is used in hitches, excavators, trenchers, road rollers and other types of equipment used for heavy loading, high cycle rating and accurate movement.
The negative impact that COVID19 has had on the hydraulics market in 2020 cannot be ignored, but due to the urbanisation and industrialisation in countries such as China, Japan and India this has helped show a positive growth in the market.
This recent research segmented the hydraulics market into components, type, industry and region. The components were further segmented into cylinders, pumps, motors, valves, filters, accumulators, transmissions and other systems. The market was also further segmented into mobile and industrial. Regions included in this study include North America, Europe, APAC and RoW.
Power Team SA continues to grow within the hydraulics market and has sourced leading hydraulic brands to offer the best possible solutions to their clients and enhance their operations and lower operating and maintenance costs. Authorised distributors of renowned SPXFLOW Hydraulic Technologies group of brands, including SPXFLOW Bolting Systems, SPXFLOW Globe, SPXFLOW Power Team and SPXFLOW Stone, as well as the exclusive distributors of Canadian-manufactured Reliable Wheel Products and Italian-manufactured Paoli® impact wrench solutions, Power Team SA, through decades of experience, can offer suitable solutions for all hydraulic needs.