Hydraulic Equipment Market, By Product, Size 2021

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Hydraulic Equipment Market, By Product,
Trend Analysis, Market Share Forecast,
2021-2027
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Industry Trends Forecast Report 2027 A recent
study conducted by the strategic consulting and
market research firm, BlueWeave Consulting,
revealed that the global hydraulic equipment
market was worth USD 41.2 billion in the year
2020. It is estimated to grow at a CAGR of 3.4,
earning revenue of around USD 51.7 billion by the
end of 2027. The growth of the market is
attributed to factors like the flourishing
construction and mining activities due to rapid
industrialization and urbanization. Furthermore,
its expanding application in various sectors,
such as aerospace and defense, is expected to
propel significant growth for the global
hydraulic equipment market in the forecast
period. However, the high cost of hydraulic
equipment and the replacement of hydraulic
equipment with electro-mechanical systems may
restrict the market growth.
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Growth drivers Increasing Use of Hydraulic
Equipment in Agriculture Though the construction
mining industry is the leading end-user
industry of the global hydraulic equipment
market, the growing application of hydraulic
equipment in the agriculture sector presents
immense growth opportunities to the market.
Global hydraulic equipment market growth is
largely driven by the growth of mechanized
agricultural activities. The high-tech
agricultural machinery used in cropproduction
requires hydraulic equipment. This equipment
makes it easy to operate the agricultural
machines as the operator does not have to make
continuous corrections to cylinder positions.
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Restraints High Cost of Hydraulic Equipment and
Dominance of Substitute Equipment One of the
most important factors holding back the growth of
the global hydraulic equipment market is the high
cost of hydraulic equipment. The average cost of
hydraulic lifts, for instance, ranges from USD
30,000 to USD 50,000.Such high price limits its
adoption, especially in emerging countries like
India and China that are extremely price
sensitive. Additionally, overhead costs
associated with this equipment, including
maintenance costs, restrict demand. Moreover, the
market growth of hydraulic equipment has been
slowed by the replacement of hydraulic equipment
with electro-mechanical systems.
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Impact of COVID-19 on Global Hydraulic Equipment
Market The global hydraulic equipment sales have
been adversely affected by the unprecedented
COVID-19 pandemic.The reason for this is the
lockdown imposed by the governments of several
countries to combat the spread of the virus. As a
result of the lockdown, various end-user
activities like construction and mining were
obstructed by social distancing protocols and a
labor shortage. Due to this, the demand for
hydraulic equipment witnessed a sharp decline all
around the world. However, in the post-COVID-19
period, the global hydraulic equipment market is
projected to witness growth as the countries
start focusing on economic elevation.
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Global Hydraulic Equipment Market - Regional
InsightsGeographically, the global hydraulic
equipment market is segmented into North America,
Europe, Asia-Pacific, Latin America, Middle-East
Africa. Among all the regions, North America
accounts for the largest market share due to the
expanding mining activities in this region. A
favorable standard set by the US, such as low
interest rates, together with an increasing
demand for commodities have been the key
catalysts for this investment boom in the mining
industry. The profusion of gold, copper, coal,
iron, zinc-lead, crushed rocks, and rare earths
reserves in the region are linked with the
region's rapid growth.
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Competitive Landscape The leading market players
in the global hydraulic equipment market are
Bucher Hydraulics GmbH, Daikin Industries Ltd,
Caterpillar Inc., Bosch Rexroth AG,
WEBER-HYDRAULIK GmbH, Emerson Electric Co., Eaton
Corporation, Kawasaki Heavy Industries Ltd.,
Anker-Holth USA, Metro Hydraulic Jack Co., Parker
Hannifin Corporation, Danfoss A/S, Komatsu Ltd.,
Siemens AG, Wipro Limited, Actuant Corporation,
KYB Corporation, GBB Industries, Holmatro, and
other prominent players. Sample Copy of the
Report https//www.blueweaveconsulting.com/report
/global-hydraulic-equipment-market/report-sample

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