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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