CHICAGO, Dec. 16, 2020
CHICAGO, Dec. 16, 2020 /PRNewswire/ -- 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", published by MarketsandMarkets™, the 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 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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Construction end user to hold the largest share of the hydraulics market during the forecast period
The construction industry held the largest size of the hydraulic cylinder market in 2019. The rise in population in emerging countries such as China and India is driving the growth of the construction industry. The US is also expected to witness major growth in the construction industry. The application of hydraulic cylinders in construction equipment and mobile equipment is supporting market growth. Hydraulic cylinders in construction equipment are used in hitches, excavators, skid steer loaders, backhoes, wheel loaders, motor graders, dumper trucks, dozers, trenchers, road rollers, and other types of equipment used for heavy loading, high cycle rating, and accurate movement.
Hydraulics market for Mobile type to grow at highest CAGR from 2020 to 2025
Mobile equipment, such as excavators, loaders, and cranes, require hydraulic cylinders to operate. The applications of hydraulics in the mobile equipment industry include earthmoving, material handling, and mining. The increasing industrialization and construction activities are expected to fuel the demand for hydraulic cylinders in mobile applications.
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.
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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.
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.
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