Fluid
Power Equipment Market Scenario
The global fluid power equipment market is expected to
register a growth rate of 6.05% CAGR during the forecast period. 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.
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.
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. In 2017, the construction sub-segment led
the market owing to the rising infrastructural developments. The automotive
sub-segment is expected to be the fastest growing segment owing to the
increasing in investments in the automotive industry.
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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