According to the report “Hydraulics Market by Components (Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Transmissions), Type (Mobile Hydraulics, Industrial Hydraulics), End User (Construction, Agriculture, Material Handling), Sensors & Region – Global Forecast to 2027”, published by MarketsandMarkets™, the market size is estimated to be USD 41.2 billion in 2022 and is projected to reach USD 49.7 billion by 2027, at a CAGR of 3.8%.
Growing focus on smart hydraulic equipment, continuous R&D and technological advancements in hydraulic cylinders, and rapidly growing demand for material handling equipment are some key factors promoting the growth of the hydraulics market. Additionally, the increasing demand for lifting equipment, especially in shipping industry, and rising demand for advanced agriculture equipment are fueling the demand for hydraulics equipment.
Cylinders held the largest share of the hydraulics market in 2021
In the construction industry, hydraulic cylinders are used in equipment such as backhoes, excavators, trenchers, road construction planers, grinders, concrete- or asphalt-laying machines, concrete cutting saws, dozers, motor graders, dumpers, and skid steers. These cylinders can withstand corrosive and abrasive environments, extreme temperatures, and weather changes. They operate continuously for a long period of time. These advantages offered by hydraulic cylinders have led to their preference in the construction industry.
Mobile hydraulics held the larger share and is expected to grow at the highest rate during the review period
Mobile hydraulic cylinders are primarily used in nonstationary machinery. The increasing need for hydraulic power at remote and hard-to-reach places leads to the installation of hydraulic cylinders in mobile equipment. With the advancement in hydraulic technology, the use of mobile hydraulics has revolutionised the lifting and moving of heavy objects or equipment and made it easier. The increased level of stability provided by mobile hydraulics while lifting heavy loads has made mobile hydraulic cylinders a preferred choice for end users.
Agriculture industry to register highest growth during the forecast period
The agriculture segment is expected to register the highest CAGR of 4.6% during the forecast period. The growing use of automated machines and heavy-duty tractors in the agricultural industry is fueling the adoption of hydraulics. The increasing industrialisation and rise in population have put a lot of pressure on the agricultural industry to meet the growing demand for food. This has led to an increase in the use of agricultural equipment to speed up processes and increase the efficiency of operations.
The hydraulics market in Asia Pacific is expected to grow significantly from 2022 to 2027
The growth of the hydraulics market in Asia Pacific can be attributed to rapid industrialization and infrastructure development. Hydraulic equipment is a major component in both construction equipment and agricultural equipment. Since both equipment have high demand in Asia Pacific, the market for hydraulics is expected to grow at a substantial rate in the next few years. The demand for hydraulics in the region is driven by the rapid growth in the process manufacturing sector, public utilities, and general construction, as countries like China and India continues its process of industrialization and urbanization
Major companies operating in the hydraulics market include Bosch Rexroth (Germany), Danfoss (Denmark), Parker-Hannifin Corporation (US), Enerpac Tool Group (US), HYDAC (Germany), Kawasaki Heavy Industries (Japan), KYB Corporation (Japan), SMC Corporation (Japan), Wipro Enterprises (India), and Caterpillar (US).