The global hydraulics market 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 the market is attributed to growing construction activities drive significant demand for hydraulic equipment, rising demand for advanced agriculture equipment, growing adaptation of hydraulic equipment by various industries, increasing demand for material handling equipment. However, factors such as High high manufacturing and maintenance costs and Increased concerns regarding oil leaks are restraining the market growth. Moreover, the availability of substitute products acts as a challenge to hydraulic manufacturers
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A hydraulic component uses pressurized hydraulic fluid to push and pull a load or resist motion under the load. The component uses the stored energy in the hydraulic fluid, which can be oil or water, and converts it into a force in a linear direction (unidirectional force) for the movement of the cylinder. A hydraulic component is durable and simple and can be easily sized, which makes it suitable for use in various industries, including aerospace, automotive, agricultural, construction, marine, mining, material handling, and oil & gas.
The market for the mobile hydraulics segment is expected to grow at the highest CAGR during the forecast period. 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.
Based on end users, the market for the agriculture is expected to grow at the highest CAGR during the forecast period. 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.
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The hydraulics market has been segmented into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR from 2020 to 2025, owing to the rapid urbanization and industrialization in developing countries. The growing demand for agricultural, construction, and mining equipment in this region is supporting the growth of the hydraulics market. 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.