USD 41488.89 million
Report ID: SQMIG20E2052 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 96 | Figures: 76
Fluid Power Equipment Market size was valued at USD 41488.89 million in 2021 and is poised to grow from USD 43945.03 million in 2022 to USD 73741.43 million by 2030, growing at a CAGR of 5.92% in the forecast period (2023-2030).
Fluid power equipment is described as industrial equipment or components that employ fluids (liquid or gas) to carry power from one location to another. The two main ways used to operate these kinds of tools are hydraulic and pneumatic. Pneumatic systems employ gas, typically compressed air, to deliver power while hydraulic systems use fluids like oil. Equipment using liquid power has few advantages over mechanical and electrical equipment. As opposed to fluid power systems, which may easily generate this motion using hydraulic or pneumatic cylinders, mechanical devices that transform rotational motion into linear motion are propelled by electrical and mechanical means.
The development of various user-friendly fluid products, rising adoption of worldwide motor efficiency standards, and increasing factory automation are all driving the market's expansion. In addition, the industrial outlook is being boosted by rising vehicle production volumes, increased urbanization, and an increase in the number of multinational firms, supply chains, and stores. Furthermore, expanding outlets and local supply chains, as well as booming applications from end-use industries including automotive, oil & gas, medical, and agricultural, are all advancing the industry.
US Fluid Power Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 41488.89 million
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The Global Fluid Power Equipment Market is segmented based on type, application, equipment and region. Based on the type, Fluid Power Equipment Market is categorized into Hydraulics, and Pneumatics. Based on the application, Fluid Power Equipment Market is categorized into Construction, Automotive, Oil & Gas, Chemicals, Aerospace & Defense, Metals & Mining, and Medical Equipment. Based on Equipment, Fluid Power Equipment Market is categorized into Pumps, Motors, Valves, Cylinders, Filters, and Actuators. Based on region, Fluid Power Equipment Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Fluid Power Equipment Market Analysis by Application
On the basis of application, the construction segment and the metals & mining segment currently dominate the global fluid power equipment market, due to the increased utility and consumption of fuel power equipment in these categories. Many different kinds of earthmoving equipment, material-handling equipment, and specialist fastening and finishing tools are used in the sector. Backhoes for excavation, cranes for moving, lifting, and positioning objects, vibrators for consolidating concrete after it has been laid, and nail-driving tools are a few examples of common applications for fluid power equipment. Population expansion is still a major force behind development in the construction industry. The maintenance and replacement of outdated infrastructure presents a chance for adaptable machinery, especially excavator attachments. Rapid urbanization is driving up demand for smaller, more portable machinery, which is expanding the market. Additionally, fluid power equipment is used by mining industries both above and below ground. The enormous shovels used in coal strip mining operations are spectacular examples of applications in the mining sector. Additionally, due to increased hydrocarbon exploration and production operations worldwide, the oil and gas segment is expected to have significant expansion.
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Based on the region, the Asia Pacific region currently dominates the global fluid power equipment market with respect to market share and it is predicted to have the highest share over the forecast period. This is as a result of the region's rapidly expanding population and rising energy consumption.
North America is also predicted to have a significant market share because of the increased need for modernization of existing infrastructure in nations such as the United States and Canada.
Additionally, Europe is anticipated to expand significantly due to the increased need for efficient equipment across numerous industry sectors, such as automotive and aerospace & defense, in several regional nations, including Germany and the United Kingdom.
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Fluid Power Equipment Market Drivers
Fluid Power Equipment Market Restraints
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Companies are constantly investing in strategic partnerships and product development in order to increase their market share. In order to enhance their presence on the worldwide market, various companies are also concentrating on implementing methods like collaborations. Additionally, they have been concentrating on tactics such as inorganic and organic growth advancements, including contracts and investments.
Fluid Power Equipment Market Top Players Company Profiles
Fluid Power Equipment Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global fluid power equipment market is currently led by countries in the Asia Pacific region, as a result of the region's rapidly expanding population and rising energy consumption. Along with this, the construction segment and the metals & mining segment is expected to dominate the global fluid power equipment market, due to the increased utility and consumption of fuel power equipment in these categories.
|Market size value in 2021||USD 41488.89 million|
|Market size value in 2030||USD 73741.43 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Fluid Power Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fluid Power Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fluid Power Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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