Fluid power equipment are technologies with the power for transferring fluids from one location to another. Fluid power systems can produce linear motion using hydraulic and pneumatic cylinders. The global fluid power equipment market report by Market Research Future (MRFR) contains the impact of the COVID-19 virus and the size and projections of the industry for the period of 2019 to 2024 (forecast period).
The global fluid power equipment market is poised to reach USD 28.6 billion by 2024. It is expected to exhibit a 6.05 % CAGR during the period.
The key factors driving the market are the growing demand from the food & beverage industry globally and the rising need for water and wastewater infrastructure. This is exemplified with the establishment of a sewage treatment plant inaugurated in collaboration with the Japan International Cooperation Agency. This plant uses fluid power equipment such as pumps, motors, and valves for fluid transfer.
Moreover, the rising demand for construction equipment in infrastructure projects is expected to create lucrative business opportunities for players operating in the global fluid power equipment market. Technological breakthroughs in fluid power equipment which are energy efficient and enhance storage capacity can drive the market demand significantly. Adherence to environmental regulations and regular checks at plants can bode well for the global fluid power equipment market.
However, high cost and complex operations of fluid power equipment can act as restraints for the global fluid power equipment market.
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The global fluid power equipment market has been segmented based on type, component, and application. On the basis of type, the global market is divided into hydraulic and pneumatic. In 2018, the hydraulic sub-segment led the market and held the largest market share. This can be attributed to the use of equipment for removing, forming, cutting, pressing, and lifting heavy loads. On the other hand, pneumatic loads can gain traction due to the rise in factory automation. It can provide controlled pressing and squeezing in a fast and repetitive manner. Based on application, the hydraulic segment is sub-segmented into industrial and mobile. The mobile segment of the global fluid power equipment market is estimated to register the highest growth rate during the forecast period.
On the basis of region, the global fluid power equipment market is segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America.
APAC held the largest share in the global fluid power equipment market due to the growing investments in construction activities in emerging nations of India and China. China is expected to account for the largest share of the regional market and India is expected to be the fastest growing in the region. For instance, according to the India’s National Mining Association, in 2017, the processed minerals used in the industries, including construction, manufacturing and agriculture were worth USD 630 billion. A bevy of infrastructural projects and the use of hydraulic equipment in cement mixers can drive the market in the region.
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