Global Fluid Power Equipment Market Analysis:
Fluid
power equipment is defined as the use of fluids (liquid or gas) to transmit
power from one location to another. Market Research Future (MRFR) has published
a research report about the global fluid power equipment market that estimates
expansion for this market at 6.05% CAGR during the forecast period between 2019
and 2024. By value, the market can be worth the USD 28.6 bn by the end of 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.
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The most powerful market driver for the global fluid
power equipment market growth is the rising demand for construction equipment
in the infrastructure projects. Other factors contributing to the market growth
include lucrative business opportunities for players and advantages of fluid
power equipment over electrical and mechanical equipment. The fluid power
systems can produce linear motion via hydraulic or pneumatic cylinders with
ease. The electrical and mechanical device need to convert rotational motion
into linear motion. However, the factors that hinder market growth include high
cost and complex functionality of these equipment’s.
Market Segmentation
The global fluid power equipment market segmentation
covers application, component, and type. MRFR is exploring the features of
these segments to understand market trends.
As per the application-based segmentation, this
market covers automotive, construction, food processing, oil & gas,
packaging, semiconductor, and others.
Regarding component, the market has been segmented
into accumulators, accessories, cylinder, motors, pumps, steel tube &
compression fitting, and valves.
By type, the market has been segmented into
hydraulic and pneumatic. A hydraulic system uses liquid (usually oil) to
transmit power.
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Regional Segmentation
The regional segmentation of the global fluid power
equipment market covers Asia Pacific, North America, South America, Europe, and
the Middle East & Africa (MEA).
Holding the largest market share, the Asia Pacific
region is expected to grow further due to the growing investment in
construction activities in emerging economies like China and India. Among all countries
of this region, China holds the largest market share. The important application
area of the fluid power equipment in agriculture, construction, and
manufacturing is fluid transfer. Other priority country-specific markets in
this region are Japan and South Korea. Other countries of the Asia Pacific
region also contribute significantly to the market.
During the forecast period, North America is
expected to hold the second largest market share due to the presence of many
major market players and increasing demand for modernization of existing
infrastructure. The USA is the most important country-specific market in this
region, followed by Canada and Mexico.
In South America, the market can grow during the
forecast period, at a stable rate as South America is yet to achieve
technological advancement as per the standards of North America. The prime
country-specific markets in this region are Argentina and Brazil. Some
contribution to this market also comes from the remaining countries of South
America.
During the forecast period, Europe can also grow as
a market due to the heavy requirement of fluid power equipment in the
automotive industry, with Germany being the largest country-specific market.
Other crucial country-specific markets in this region are France, Italy, and
the UK. Other countries in Europe also add to market growth.
In the MEA region, the market can grow due to the
rising use of hydraulic as well as pneumatic equipment in cranes, dump trucks,
excavators, loaders, tractors, vacuum trucks, and other vehicles in the
construction sector.
Key Players
Major players in the global fluid power equipment
market include Bosch Rexroth (Germany), Bucker Hydraulics (Germany), Casappa
(Italy), Concentric (Sweden), Daikin (Japan), Eaton Corporation Plc (Ireland),
Fluid-Power Equipment Inc. (USA), Fluid Systems Inc. (USA), HAWE (Germany),
Hydac (Germany), Kawasaki (Japan), Kent Fluid Power Ltd (USA), Moog Inc. (USA),
Parker Hannifin (USA), Related Fluid Power Ltd (UK), and
Sparrows Group (UK).
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