Hydraulic Equipment Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, India, Japan, Germany - Size and Forecast 2024-2028

Hydraulic Equipment Market Size 2024-2028

The hydraulic equipment market size is forecast to increase by USD 16.80 billion, at a CAGR of 4.61% between 2023 and 2028. Market growth is dependent on various factors, including the emergence of industrial automation, global infrastructure development, and the increasing adoption of electric vehicles. Industrial automation drives demand for advanced technologies and solutions, while infrastructure development projects worldwide require a range of products and services. Additionally, the rising popularity of electric vehicles contributes to the demand for related components such as electric vehicle chargers and infrastructure. These factors collectively shape the growth trajectory of the market, influencing investment decisions and market dynamics. Our report examines historic data from 2018 - 2022, besides analyzing the current and forecasted market scenario.

Hydraulic Equipment Market Forecasting and Size

Market Forecast 2024-2028

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Hydraulic Equipment Market Dynamics

The market plays a pivotal role across various sectors like the automotive industry, construction activities, and the shipping sector. With the demand for handling and lifting equipment on the rise due to ongoing infrastructural development and construction projects, there is a growing need for intelligent hydraulic machinery. Advanced hydraulic cylinder technology addresses issues like oil leakage and ensures the efficiency of cylinder tubes. Incorporating electronic intelligence, smart hydraulic equipment enhances performance, complementing traditional pneumatic systems in the cylinders segment. This synergy drives innovation in sports infrastructure and other sectors reliant on hydraulic solutions. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.

The hydraulic equipment market is experiencing substantial growth due to the surge in industrialization and the production of automobiles and industrial machinery. In the Asia Pacific region (APAC), the expansion of end-user industries, including automotive, aerospace, marine, food and beverage, and construction, is fueling market growth. These industries require hydraulic equipment for various applications, such as power transmission, actuation, and lifting.

One essential type of hydraulic equipment is hydraulic press machines. These machines use hydraulic power to apply force and pressure to shape or form materials, such as metal. Daikin Industries Ltd. and Dyna Flex Inc. are among the companies that offer a comprehensive range of hydraulic equipment, including hydraulic press machines. Daikin's ECORICH, ECORICH R, SUPER UNIT, Super EcoRich, Piston pump, Motor pump, Rotor pump, Vane pump, Gear pump, Pressure Control Valves, and Flow Control Valves are all integral components of hydraulic press machines. Similarly, Dyna Flex Inc.'s SAE 100R7, S AE 100R7 TWIN, S AE 100R7 Non Conductive Twin, S AE 100R8, S AE 100R8 TWIN, S AE 100R8 Non Conductive, S AE 100R8 Non Conductive Twin, S AE100R18 SPECS, and S AE 100R18 hydraulic components are also used in hydraulic press machines.

Key Market Driver - Rising infrastructure development globally

Hydraulic machinery such as excavators, compactors, and skid steer loaders play a crucial role in construction projects worldwide. Investments in infrastructure projects, including roads, bridges, railways, airports, ports, and urban development, contribute to the demand for hydraulic equipment for construction, earthmoving, and material handling applications.  Globalization and international trade create demand for infrastructure projects such as ports, airports, highways, railways, and telecommunications networks to facilitate the movement of goods, people, and information across borders.

Moreover, infrastructure investments in trade corridors, logistics hubs, and connectivity networks enhance trade flows and economic integration with material handling equipment. India is focusing on infrastructure development through increasing investments and increasing project launches such as Navi Mumbai International, Chenab River railway bridge, Inland waterways development projects, and others. Such infrastructure developments drive demand for intelligent hydraulic machinery, and systems in construction industry, earthmoving, transportation, utilities, and other infrastructure sectors. Therefore, such factors are expected to drive the growth of the global hydraulic equipment market during the forecast period.

Significant Market Trends - Technological advancements 

Technological advancements, such as the integration of electronics, have led to the development of electro-hydraulic systems. These combine power transmission with electronic control, offering precise control, energy efficiency, and advanced features such as proportional control, load sensing, and feedback mechanisms. The integration of the Internet of Things (IoT) and smart technologies is transforming the hydraulic equipment market. Manufacturers are developing systems with IoT connectivity, enabling remote monitoring, predictive maintenance, condition monitoring, and performance optimization.

Moreover, innovations in materials science and manufacturing techniques have led to the development of lightweight, durable, and high-performance hydraulic components. Advanced materials such as aluminum alloys, composite materials, and high-strength plastics are used to reduce weight, improve efficiency, and enhance reliability. Additive manufacturing (3D printing) allows for the production of complex geometries, customized components, and rapid prototyping, accelerating innovation and customization in the market. Therefore, such factors will drive market growth during the forecast period.

Major Market Challenge - Availability of counterfeit products

The rise of globalization and the proliferation of e-commerce platforms have made it easier for counterfeiters to produce, distribute, and sell counterfeit products across international borders. Online marketplaces provide a convenient and anonymous platform for counterfeiters to reach a wide audience without the need for physical storefronts. Counterfeits are sold at lower prices than genuine products, attracting price-sensitive buyers who may opt for counterfeit items instead. As a result, genuine manufacturers of hydraulic equipment may experience a decline in sales and revenue due to competition from counterfeit products.

Additionally, counterfeit hydraulic equipment may be of inferior quality compared to genuine products, leading to poor performance, premature failure, and safety risks for end-users. When consumers unknowingly purchase counterfeit products and experience issues with their performance or reliability, it can damage the reputation of genuine manufacturers, leading to a loss of trust and loyalty among customers. The availability of such equipment creates confusion among customers, increases liability risks for end-users, and undermines efforts to maintain industry standards and compliance, which will thus decline market growth during the forecast period.

Hydraulic Equipment Market Segmentation by Product, Application, and Geography

In the market, the integration of IoT (Internet of Things) technology is revolutionizing operations. From advanced agricultural machinery to precision engineering, pressurized fluids power fluid motors and fluid cylinders, enhancing efficiency and performance. This synergy of technology and hydraulics underscores the market's adaptability and innovation, driving advancements across industries.

Product Segment Analysis: 

The pump and motor segment will account for a major share of the market's growth during the forecast period.? 
Hydraulic pumps and motors play a vital role in various industries such as construction, agriculture, and oil and gas, converting mechanical energy into hydraulic energy. With increasing demand for machinery in these sectors, the pump and motor segment holds the largest share of the market.

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The pump and motor segment was valued at USD 18.04 billion in 2018. Further, innovations in agricultural practices like smart farming and government initiatives to boost agricultural production are driving demand. Technological advancements, including 3D-printed impellers, contribute to improved efficiency and reduced costs. Additionally, customized solutions for construction machinery and applications in industries like oil and gas, food and beverage, and automotive are further fueling market growth.

Application Analysis

Based on application, the market has been segmented into mobile and industrial. The mobile segment will account for the largest share of this segment.  The market for mobile applications encompasses various sectors including material handling, earthmoving, agriculture, rail, commercial vehicles, construction, drilling, industrial, marine, and aerospace. Increased demand for earthmoving, material handling, drilling, and commercial vehicles is expected to drive market growth. Additionally, the use of hydraulic equipment in power generation through mobile plants and its application in construction, automotive, marine, and aerospace industries will further fuel segment growth.

Regional Analysis

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APAC is estimated to contribute 41% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The expanding shipping industry in China and South Korea, alongside the growth of the oil and gas sector in countries like China and India, are driving the demand for hydraulic equipment in the APAC region. Increased vehicle sales, infrastructure development, and investments in automobile manufacturing further contribute to market growth. Additionally, initiatives for industrial advancement and the rise of smart cities are fostering the adoption of hydraulic equipment across various industries in APAC.

Who are the Major Hydraulic Equipment Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Caterpillar Inc.: The company offers hydraulic equipment such as CAT Hoses Couplings, CAT Hydraulic Pumps and Motors, CAT Hydraulic Cylinders, and Rods.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

2G Engineering, Dana Inc., Eaton Corp. Plc, Emerson Electric Co., Enerpac Tool Group Corp., Flowserve Corp., Gates Industrial Corp. Plc, Hangzhou WREN hydraulic equipment manufacture Co. Ltd., HANNON HYDRUALICS LLC, HYDAC International GmbH, Kawasaki Heavy Industries Ltd., Komatsu Ltd., Kurt Manufacturing Co, Ligon Industries LLC, Moog Inc., NITTA Corp., NRP Jones, OLMEC Srl, Pacoma GmbH, Parker Hannifin Corp., Rexa Inc., Robert Bosch GmbH, Siemens AG, SMC Corp, Texas Hydraulics, The Kerry Co. Inc., Transfer Oil S.p.A., WEBER HYDRAULIK GmbH, Wipro Ltd., and RYCO Hydraulics Pty Ltd. 

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The hydraulic equipment market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Product Outlook 
  • Pump and motor
  • Valve
  • Cylinder
  • Accumulator and filter
  • Others

• Application Outlook 
  • Mobile
  • Industrial

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview:

The market encompasses a diverse range of heavy-duty construction machinery like backhoes, motor graders, wheel loaders, and dumper trucks utilized across various sectors such as mining, oil & gas, and agriculture. Integral components like filters, accumulators, and transmissions ensure efficient operation in demanding environments. Innovations like smart valves and waterproof designs enhance performance, while HydraForce leads in supplying hydraulic components like cartridge valves and hydraulic integrated circuits (HIC). With the rise of urbanization, the demand for hydraulics in construction and industrial equipment remains robust.

Further, the market caters to diverse sectors like construction, aerospace & defense, agriculture industry, mining industry, oil & gas industry, and marine industry, supplying essential equipment such as road rollers, dozers, and trenchers. With applications in mobile equipment and industrial processes, hydraulic systems play a pivotal role, supported by metal & machinery manufacturing firms. Original Equipment Manufacturers (OEMs) rely on hydraulic components like hydraulic hoses and cartridge valves for load-bearing parts and mobile hydraulics. The market's resilience is bolstered by its indispensable role in powering construction processes and facilitating various industrial operations.

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What are the Key Data Covered in this Hydraulic Equipment Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market  companies

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