Northbrook, IL 60062 -- (SBWIRE) -- 06/27/2022 -- The global hydraulics market size is expected to grow from USD 41.2 billion in 2022 to USD 49.7 billion by 2027, at a CAGR of 3.8%.
The growth of the hydraulics market can be attributed to the rapidly increasing demand for construction and material handling equipment owing to several infrastructural development projects worldwide. Moreover, increasing demand for modern machinery in agriculture and growing potential of shipbuilding industry are further promoting the growth of hydraulics market. However, high maintenance and manufacturing costs, increased concerns regarding oil leaks, and availability of substitute products are some of the key challenges and restraints for the hydraulics market.
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The hydraulics market is witnessing steady growth owing to several factors. Modern farming machines play a critical role in improving production efficiency. The growing use of these machines in the agricultural industry is fueling the demand for hydraulics equipment. In the mining industry, hydraulic components are used in mining excavators, crawler excavators, dumper trucks, mining trucks, wheeled loaders, underground tractors shovels, drilling equipment, ship loaders and unloaders, and conveyors, among others. Thus, the growth of the mining industry is promoting the growth of the hydraulics market in the region.
Based on components, the hydraulics market is segmented into cylinders, valves, motors, pumps, accumulators, filters, transmissions, and others. Cylinders are expected to grow at the highest rate during the forecast period. The globally growing population has increased the need for housing, subsequently driving the construction industry. Construction equipment manage increasingly complex tasks and are developed to withstand the toughest environmental conditions. Therefore, the components in this equipment need to function appropriately to ensure peak efficiency, due to which such equipment are fitted with hydraulic cylinders that can deal with extreme pressures, high temperatures, shock, vibration, and contamination. With more investments in the aircraft industry, increased production of aircraft is expected to drive the demand for cylinders used in different applications of commercial and military aircraft.
Based on type, the hydraulics market is segmented into mobile hydraulics and industrial hydraulics. Mobile hydraulics is expected to register the highest growth during forecast period and held the largest share of the hydraulics market in 2021. The growing demand for material handling equipment globally is fueling the demand for mobile hydraulics equipment. For instance, Asia Pacific is a combination of developing and developed economies, making it a high-growth potential market for the construction industry. Countries such as China, Indonesia, Japan, and India are witnessing several infrastructure development projects. This is expected to fuel the demand for construction equipment in Asia Pacific, which is likely to drive the demand for mobile hydraulics equipment.
Based on end user, the hydraulics market is segmented into construction, agriculture, material handling, aerospace, metals & machinery manufacturing, automotive, mining, oil & gas, marine, and others. The industry is growing with the increasing use of machines for performing complex tasks, from planting vegetables to plowing fields. From pecan tree shakers to sugar cane harvesters and automated bale trailers to sprayer booms, hydraulics is deployed in almost all the agricultural equipment for lifting and movement control. The growing population across the world and deteriorating environmental conditions have put pressure on the agriculture industry to meet the demand for food. This has increased investments in machines for precision agriculture, which is expected to drive the demand for hydraulics.
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The hydraulics market is segmented into four regions, North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2021, Asia Pacific held the largest share of the hydraulics market followed by North America. Similarly, Asia Pacific is expected to register the highest growth rate during the forecast period followed by North America. The growth of the hydraulics market in Asia Pacific can be attributed to rapid industrialization and infrastructure development. Construction of residential and commercial buildings requires machines such as backhoes, excavators, trenchers, road construction planers, grinder, concrete, or asphalt laying machines, concrete cutting saws, dozers, motor graders, dumpers, and skid steers. The implementation of hydraulic equipment in such machinery is expected to support the growth of the hydraulics market in the region. The growing shipbuilding industry in the region, especially in South Korea, is another major driver for the hydraulics market in Asia Pacific.