According to the new research report, the "Hydraulics Market with COVID-19 Impact Analysis, by Components (Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Transmissions, Others), Type (Mobile hydraulics and Industrial hydraulics), End User, and Region - Global Forecast to 2025", size is expected to grow from USD 37.4 billion in 2020 to USD 42.1 billion by 2025, at a CAGR of 2.4%. The growth of this market is driven mainly by growing construction activities drive significant demand for hydraulic equipment, increasing demand for material handling equipment, rising demand for advanced agriculture equipment, a growing adaptation of hydraulic equipment by various industries.

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Agriculture End User to grow at the fastest rate during the forecast period

The agricultural sector is continuously developing and witnessing the integration of superior novel technologies that help to make work easier through the application of hydraulics. High-tech agricultural machinery is ideal for the production of crops and livestock management. Operations of the agricultural industry rely on these components and systems to operate at maximum efficiency, which limits downtime and keeps productivity high. Demand for these modern agricultural machines with smart hydraulics is high as they offer high reliability and flexibility, as well as ease of operation.

Mobile hydraulics to hold the largest share of hydraulics market by 2025

Mobile hydraulic equipment are primarily used in machinery, which are not stationary. The increasing requirement of using hydraulic power at remote and difficult terrains leads to the installation of hydraulic cylinders in mobile equipment. Advancements in hydraulics technology have resulted in easy lifting and moving of heavy objects or equipment. The increased level of stability provided by mobile hydraulic systems during the lifting of heavy loads has made mobile hydraulics preferable for companies. The rise in the adoption of automated heavy construction and mining vehicles is fueling the growth of the mobile segment of the hydraulics market.

The hydraulics market in APAC is expected to grow at the highest CAGR from 2020 to 2025

APAC is expected to dominate the global hydraulics market during the forecast period. The rapid urbanization and industrialization are increasing the demand for hydraulics in the region. However, COVID-19 is a global health emergency and an economic crisis, which has impacted the hydraulics market in 2020 adversely. These end-users are non-operational due to stringent measures, which include lockdown, restrictions on foreign trade, and a halt in the supply of non-essential products and services taken by several governments across the world as precautionary measures for the safety of people. There is also a huge supply-demand gap due to the decline in global demand.

Moreover, The need to meet the demand of the growing population in this region, along with increasing industrialization in emerging countries, is fueling the growth of the agricultural and construction industries in the region. Japan and Australia are major markets for hydraulics in APAC. Japan is home to major automobile manufacturers and suppliers who are witnessing challenges such as rising labor costs and higher lead time associated with manual processes. To overcome these challenges, companies are adopting automated and semi-automated material handling equipment.

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Bosch Rexroth (Germany), Parker Hannifin Corporation (US), Danfoss (Denmark), Eaton (Ireland), KYB Corporation (Japan), SMC Corporation (Japan), HYDAC ( Germany), Wipro Enterpises(India) are among a few major players in the hydraulics market.