The global fluid
power equipment market is set to witness significant growth due to the
increasing manufacturing activities, globally, and the growth of the material
handling industry. Fluid power equipment is used in steel and paper industries
and power plants owing to their high reliability and low noise. According to
the statistical data from the World Bank, the global manufacturing value added
grew from USD 12.338 trillion in 2016 to USD 13.49 trillion in 2017. This resulted in an increased demand of fluid
power equipment. On the other hand, the high cost of the fluid power equipment
is one of the major restraints of the global fluid power equipment market. The
global fluid power equipment market is expected to register a growth rate of 6.05%
CAGR during the forecast period.
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Fluid power is one of the most
common methods of power transmission in various mobile hydraulics, industrial
hydraulics, and pneumatic applications. Fluid power systems provide effective
and simple control of speed, torque, direction, and force using control valves.
Thus, these systems do not require electrical power, thereby eliminating the
risk of sparks, explosions, electrical shock, and fire. Moreover, fluid power
equipment can transmit power in a much smaller space as compared to mechanical
or electrical systems, especially in case of extremely high force or torque.
Leading
players
The key players operating in the
global fluid power equipment market are Bosch Rexroth (Germany), Parker
Hannifin (US), Fluid-Power Equipment, Inc. (US), Fluid Systems, Inc. (US),
Hydac (Germany), Bucker Hydraulics (Germany), Concentric (Sweden), Related
Fluid Power Ltd (UK), Eaton Corporation
Plc (Ireland), Kawasaki (Japan),
Sparrows Group (UK), HAWE (Germany), Moog, Inc. (US), Daikin (Japan), Casappa
(Italy), and Kent Fluid Power Ltd (US).
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Industry
Segmentation
The global fluid power equipment
market has been segmented based on type, component, application, and region.
On the basis of type, the global
fluid power equipment market has been divided into hydraulics and pneumatics.
The hydraulics segment is expected to dominate the global market owing to its
wide use in construction, agriculture, automotive, and material handling
applications. On the basis of component, the global fluid power equipment market
is segmented into pumps, motors, valves, cylinder, steel tube and compression
fitting, accumulators, and accessories. The motors sub-segment is expected to
dominate the market since these motors can produce high torque at low speeds,
which helps in smooth operations at high loads. Pumps are expected to be the
fastest growing sub-segment due to the high efficiency of the axial piston
pumps. On the basis of application, the global fluid power equipment market has
been segmented into construction, automotive, oil & gas, food processing,
packaging, semiconductor, and others.
Regional
Outlook
On the basis of region, the global
fluid power equipment market has been segmented into Asia-Pacific, North
America, Europe, the Middle East & Africa, and South America.
The growth in the demand for fluid
power equipment in Asia-Pacific is driven by the increasing use of these
equipment in the manufacturing and automotive industries with various benefits
including, high efficiency and their compatibility with varied fluid types.
Moreover, a large number of market players are investing in the development of
fluid power equipment because of their significant demand in mobile hydraulic
applications. Such factors are likely to raise the demand of axial piston
pumps, globally. The rising use of fluid power equipment such as pumps, motors,
and valves in high pressure applications in industries, such as construction,
oil & gas, and mining, is expected to drive the fluid power equipment
market in the region.
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