Digital Shift and IIoT Inch the Global Fluid Power Market toward Recovery

Digital Shift and IIoT Inch the Global Fluid Power Market toward Recovery

PR Newswire

SANTA CLARA, Calif., Feb. 8, 2021

Widespread stagnation of industrial activities subdued the demand outlook for fluid power equipment, says Frost & Sullivan

SANTA CLARA, Calif., Feb. 8, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis, 2020 Global Fluid Power Outlook, finds that the adoption of digital technologies and industrial internet of things (IIoT) will be imperative to lessen the overall impact of COVID-19 on the industry. Due to a growing need for remote monitoring and advanced analytics, participants are likely to shift to virtual field services and programs to meet the industry's current demands.

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"The global fluid power equipment industry is facing a short-term market contraction due to cumulative revenue declines from key end users— aerospace & defense, automotive, oil & gas and other manufacturing industries," said Anand Gnanamoorthy, Industry Principal at Frost & Sullivan. "Shifting current business models by augmenting digital capabilities remains paramount to industry participants. Use of digital technologies and software to enable remote monitoring and field expertise services, as well as to secure new orders through digital marketing, virtual trade shows, etc., can lessen the impact of the current economic crisis in the industry."

Gnanamoorthy added: "Market participants should assess the integration of electronic systems with fluid-powered equipment to improve the functionality of current product offerings. Similarly, with robots increasingly being used to reduce operational footprint, especially in the food and beverage, automotive and pharmaceutical industries, participants should diversify and expand their product line-up to include robot installations. In the coming years, competition will emerge as an essential component to meet the evolving needs of the fluid power equipment market. The increasing usage of superior digital technologies to offer turnkey solutions demands the establishment of a digital ecosystem."

For further revenue opportunities, fluid power equipment vendors should explore these strategic recommendations:

2020 Global Fluid Power Outlook is part of Frost & Sullivan's global Industrial Automation and Process Control Partnership Service program.

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2020 Global Fluid Power Outlook

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