The Hydraulic Equipment Market was valued at USD 44.11 billion in 2020 and is expected to reach USD 56.98 billion by 2026, at a CAGR of 4.36% over the forecast period (2021-2026). The rise in the need for energy and discoveries of new shale fields are compelling the E&P companies to expand their exploration programs and supporting the demand.

- Modern hydraulic equipment is accessible in several industries, including construction, roofing, material handling, masonry, automotive, aviation and manufacturing. In construction, roofing, material handling, and masonry, hydraulic equipment are used with components like bulldozers, lifts, and cranes. While, in the automotive and aviation industries, it is used for power transmission and braking applications.

- In an attempt to offer differentiated products, an increasing number of hydraulic equipment manufacturers are offering various integrated hydraulic cylinder systems as well as solutions. The differentiation mentioned above method helps these manufacturers to enhance the value through the delivery of systems or subsystems that include cylinders as well as ancillary products like pumps and valves. These integrated offerings also help in strengthening the ability to mop up profits from maintenance and aftermarket services. From the perspective of the end-users, the above arrangement translates into a more efficient design, offers better engineering and purchasing solutions, and also lowers the overall costs of operations.

Key Market Trends

Hydraulic Cylinders to Witness Significant Growth

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- The integration of electronics with hydraulic cylinders is driving to an increase in accuracy, functionality, and improvements in controlled performance and ease-of-use. The market is gaining traction for electro-hydraulic cylinders, also known as smart cylinders, which combine electronic controls and servo valves such as transducers which offer electrically controlled valves and rod position feedback to assure efficient operations. The development of smart cylinders has narrowed the threat posed by evolving alternative technologies such as the use of electric actuators and has also expanded the scope of hydraulic equipment applications.

- Double acting and single acting are the main functional trends of the hydraulic cylinder industry. Double-acting hydraulic cylinders are anticipated to register significant growth owing to their usage in applications where gravity is the prominent factor, affecting the acceleration and retardation.
- In addition, double-acting function based hydraulic cylinders is extensively used for heavy trucks, forklifts, and earth moving equipment, which will considerably drive overall hydraulic cylinder market share.

- Further, the growing construction industry is expected to augment the Hydraulic Cylinders Market demand over the forecast period. According to a combined study by Global Construction Perspective (GCP) and Oxford Economics, the construction industry is expected to reach a value of USD 15.5 trillion by 2030. Majority of the growth is expected to arrive from countries such as India, China, and the US. This, along with technological developments in the core construction and infrastructure industry, is expected to advance the Hydraulic Cylinders Market trend further.

North America to Hold Major Share

- An affirmative standard adopted by the US, such as low-interest rates augmented with an increasing demand for commodities has boosted the investment in the mining industry. The growth can be attributed to the presence of sizeable deposits of gold, crushed rocks, copper, iron, coal, zinc-lead, and rare earth materials in the region.

- According to the USGS National Minerals Information Center, the US produced over USD 82 billion of raw mineral materials in 2018, which increased by almost 3% over the revised total of USD 79.7 billion in 2017.
- The positive outlook of these mining domains in the region has resulted in the improved demand and sales of the mining equipment, which in turn drives the demand for hydraulic equipment market.

Competitive Landscape

The global hydraulic equipment market is fragmented, due to the presence of several prominent players such as Bosch Rexroth, Kawasaki, Eaton and Daikin Industries among others in the market. These players are also adopting merger and acquisition strategies to gain more market share.

- February 2019 - Kawasaki Heavy Industries has built a new plant at Wipro Kawasaki Precision Machinery in Bengaluru in the Indian state of Karnataka for the manufacture, sale and after-sales services for hydraulic equipment for the construction industry in India.

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