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The Hydraulic Power Unit Market is all set to experience growth, and it's expected to increase by 5.82% from 2022 to 2030. But what does that mean? Well, let's break it down.
Imagine a world where buildings are being constructed, industries are booming, and farms are producing more crops. That's the kind of world we live in, and it's getting even busier. This growth is what's making the Hydraulic Power Unit Market expand.
Now, what exactly is a Hydraulic Power Unit? It's like a powerhouse that helps in various activities. As more buildings and industries are popping up, these hydraulic power units become super important. They play a big role in making things work smoothly, especially in industries.
As we see more and more places getting developed, the need for these hydraulic power units is going up. Think about it – when you see new roads being built or factories coming up, chances are they are using these units. Even in agriculture, where we grow our food, there's an increased demand for these units to help with equipment and products.
Why is this happening? Well, as more people are living better lives in different parts of the world, they want better infrastructure – better buildings, better roads, and more energy. This is causing a boost in the demand for hydraulic power units.
One of the important things to note is that industries are also speeding up their work, and hydraulic power units are becoming crucial for them. These units help in making the machines work efficiently, and as industries are growing, the use of these units is also expected to increase.
Now, let's talk numbers. In 2021, the Hydraulic Power Unit Market was valued at USD 11,527.40 million. That's a huge amount! And guess what? It's expected to reach USD 18,955.44 million by 2030. That's a lot of growth! It's like saying, "Hey, this market is going to get even busier, and these units will be in even more demand."
But where is all this growth happening the most? Well, the Asia-Pacific region, which includes countries like China and India, is taking the lead. They have the largest share in the market, contributing to almost 32% of it. That's a big chunk! North America follows closely with a share of 26.5%. So, if you see a lot of construction and development happening around you, it's quite likely that these regions are playing a big part in it.
Looking ahead, the Asia-Pacific region is expected to grow even more, with a Compound Annual Growth Rate (CAGR) of 6.42%. This means that the demand for hydraulic power units in this region is going to keep increasing at a faster rate compared to other places.
In summary, the Hydraulic Power Unit Market is on the rise, thanks to the rapid development of infrastructure and industries worldwide. The demand for these units is shooting up, especially in regions like Asia-Pacific, and the market is expected to grow by 5.82% from 2022 to 2030. So, keep an eye out for those hydraulic power units – they're the unsung heroes behind the growth and development we see around us!
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 12.8 Billion |
| Growth Rate | 5.82% (2023-2032) |
Hydraulic Power Unit Market Highlights:
Global Hydraulic Power Unit Market Overview:
Hydraulic Power Unit Market Size was valued at USD 12.8 Billion in 2023. The Hydraulic Power Unit Market industry is projected to grow from USD 13.54 Billion in 2024 to USD 20.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.06% during the forecast period (2024 - 2032). Rapidly increased construction and production capacity of oil fields, as well as rising agricultural production need are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Hydraulic Power Unit Market Trends
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Adoption of Mechanised Agricultural Equipment propels market growth.
Market CAGR for hydraulic power unit is being driven by the adoption of mechanized agriculture equipment. Agriculture has been a vital and significant business throughout history. Various tasks including as ploughing, sowing, fertiliser and pesticide spraying, harvesting, and other processes were done by hand in the past. Farmers prefer employing machines for agriculture-related operations due to increased industrialisation and the advent of various unique equipment. In agriculture, advanced equipment such as atomized tractors or harvesters are employed to boost efficiency and reduce labour expenses. With the increased adoption of agricultural equipment, several companies, including Komatsu, Bosch, John Deere, New Holland, and AGO, are providing advanced machinery with hydraulic motors, valves, and pumps, such as tractors, dryers, sprayers, rotary cutters, mini excavators, wheel loaders, and planters & seeders.
For instance, in April 2019, Mahindra & Mahindra's Farm Equipment Sector introduced new Novo 65 HP and 75 HP tractors with superior synchromesh gearbox and precise hydraulics. As a result, the adoption of automation and mechanisation in farming is propelling the hydraulic power unit industry forwards.
The increased industrialisation of developing countries has increased the demand for hydraulic equipment. Mining and construction equipment, agricultural equipment, the packaging sector, and material handling all require heavy-duty equipment. Hydraulic motors, pumps, valves, cylinders, and actuators can perform heavy-duty operations at a faster and more efficient rate. As a result, hydraulic equipment or components are an excellent and dependable choice for a variety of industry purposes. Hydraulic-powered machines are available from companies such as Bosch Rexroth, Daikin, Eaton, and Parker Hannifin, and include motors, pumps, cylinders, valves, steering, seals, press machines, lifts, and cylinders depending on the application. Companies are constantly implementing atomization to improve efficiency, and as a result, modern versions of hydraulic machines are in high demand. One of the key drivers of worldwide hydraulic power unit is this.
Hydraulic Power Unit Market Segment Insights:
Hydraulic Power Unit Operating Pressure Insights
The Hydraulic Power Unit Market segmentation, based on operating pressure includes Up to 750 PSI, 750-2000 PSI, 2000-3000 PSI, Above 3000 PSI. The 2000-3000 PSI segment is predicted to have the largest market share. This pressure range is popular among end customers since it is ideal for medium to heavy-duty applications. Construction, manufacturing, and material handling industries rely on hydraulic power units with pressure ratings in this range to meet their operational needs. Furthermore, technological improvements and an increasing demand for increased power and performance in hydraulic systems contribute to the market domination of the 2000-3000 PSI pressure rating range. This pressure rating range is predicted to lead the market in the future because to its capacity to handle a wide range of applications and meet industry expectations.
Hydraulic Power Unit Application Insights
The Hydraulic Power Unit Market segmentation, based on application, includes. Industrial, Mobile And Others. During the estimated period, the industrial category is expected to increase at a rate of 6.27%. During the same period, the Industrial market is predicted to grow at the fastest rate, accounting for almost 60% of the total market. This growth could be attributed to an increased need for efficient hydraulic power units in industries such as mining, chemical manufacturing, and food processing. The key industries predicted to gain from the deployment of Hydraulic Power Units are transportation and logistics, oil and gas exploration and production, and manufacturing.
Figure 1: Hydraulic Power Unit Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Hydraulic Power Unit Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Hydraulic Power Unit Market area will dominate this market, With the rising demand for FMCG items, the demand for hydraulic-operated filling and packaging machines has increased. New manufacturing plants and the expansion of existing companies have raised the demand for hydraulic-operated filling and packaging machines. In the food and beverage industries, hydraulic motors that operate conveyors are used to fill containers such as bags and sacks.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Hydraulic Power Unit Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Hydraulic Power Unit Market accounts for the second-largest market share because hydraulic power units are used in numerous oil field operations, Further, the German Hydraulic Power Unit Market held the largest market share, and the UK Hydraulic Power Unit Market was the fastest growing market in the European region
The Asia-Pacific Hydraulic Power Unit Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because cities around the country are developing subways and other urban transportation systems, and there is a high demand for wheel loaders in the country, there has been a significant growth in infrastructure investment through the Public-Private Partnership model. This will have a direct impact on market growth. Moreover, China’s Hydraulic Power Unit Market held the largest market share, and the Indian Hydraulic Power Unit Market was the fastest growing market in the Asia-Pacific region.
Hydraulic Power Unit Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Hydraulic Power Unit Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Hydraulic Power Unitindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Hydraulic Power Unit industry to benefit clients and increase the market sector. In recent years, the Hydraulic Power Unit industry has offered some of the most significant advantages to medicine. Major players in the Hydraulic Power Unit Market, including Eaton Corporation, Dana Motion Systems, Energy Manufacturing Co., Inc., Hydromega Services Inc., Branch Hydraulic Systems Ltd. and others, are attempting to increase market demand by investing in research and development operations.
Bosch Rexroth AG is a German engineering corporation headquartered in Lohr am Main. It is a wholly owned subsidiary of Robert Bosch GmbH and the consequence of a merger on May 1, 2001, between Mannesmann Rexroth AG and the Automation Technology Business Unit of Robert Bosch GmbH.Bosch Rexroth employs around 31,000 people worldwide and expects to generate 6.2 billion euros in revenue. In July 2022, Bosch Rexroth intends to acquire HydraForce Inc. of Lincolnshire, Illinois, in order to expand its hydraulics sector. HydraForce designs and manufactures tiny hydraulic valves and systems with 2,100 personnel spread over six manufacturing plants in the United States, Brazil, the United Kingdom, and China. With the planned acquisition of HydraForce, Bosch Rexroth will expand its sales network and improve market access in North America.
Nachi-Fujikoshi Corp. is a Japanese company that manufactures industrial robots, machining equipment and systems, and machine components. Nachi-Fujikoshi is a Tokyo Stock Exchange-listed company with 50 subsidiaries (22 domestic and 28 international). In September 2022, Nachi-Fujikoshi Corporation introduced the EDX-10 DIN connector, which includes a built-in digital amplifier for solenoid proportional valves. In order to boost productivity and efficiency, there is a growing demand for electronically controllable solenoid proportional valves in hydraulic equipment, as well as a growing demand for digitalisation and space-saving facilities in the industrial industry. To fulfil the demand for better efficiency, "EDX-10," a DIN connector with extra space-saving features and a built-in digital control amplifier that can be mounted directly on a proportional valve, has been introduced in recent years. This has increased user productivity even further.
Key Companies in the Hydraulic Power Unit market include
- Bosch Rexroth AG (Germany)
- Nachi-Fujikoshi Corporation (Japan)
- Parker Hannifin Corporation (US)
- Weber-Hydraulik GmbH (Germany)
- Hydac International GmbH (Germany)
- Related Fluid Power Ltd. (UK)
- HCS Control Systems Ltd. (UK)
- Bailey International, LLC (US)
- Eaton Corporation Ireland (US)
- Dana Motion Systems Germany (US)
- Energy Manufacturing Co., Inc. (US)
- Hydromega Services Inc. (Canada)
- Branch Hydraulic Systems Ltd. (UK)
- Hydro-Tek Co Ltd. (South Korea)
Hydraulic Power Unit Industry Developments
In January 2022: Stromag launched its all-new range of SHPU hydraulic power packs, suitable for use with Stromag hydraulic brakes and clutches. Replacing all previous hydraulic power unit (HPU) models, the new range offers customers simplified specifications, increased modularity, and excellent performance rolled into a compact package.
In July 2020: Paladon System announced the completion of an order for four hydraulic power units (HPUs) and corresponding hydraulic actuators to be mounted on 26" and 30" valves. The largest cabinets are approximately 2.70 metres wide, 2 metres deep, and 2.65 metres high and can power and regulate the position of the actuators. These cabinets and actuators will be put on the Nam Con Son Gas Pipeline in Vung Tau Province, Vietnam.
In June 2022: Bosch Rexroth and AGILOX have joined forces to extend the rapidly growing market for mobile, autonomous robots (AMs). As a result, AGILOX will have easy access to more foreign markets. The current product portfolios of both companies complement one other effectively and are constantly being expanded. The agreement was struck at the Hannover Messe.
Hydraulic Power Unit Market Segmentation
Hydraulic Power Unit Market By Operating Pressure Outlook
- Up to 750 PSI
- 750-2000 PSI
- 2000-3000 PSI
- Above 3000 PSI
Hydraulic Power Unit Market By Application Outlook
- Industrial
- Mobile
- Others
Hydraulic Power Unit Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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