Global Industrial Hydraulic Equipment Market Overview:
As per MRFR analysis, the Industrial Hydraulic Equipment Market Size was estimated at 37.66 (USD Billion) in 2022. The Industrial Hydraulic Equipment Market Industry is expected to grow from 39.59 (USD Billion) in 2023 to 62.2 (USD Billion) by 2032. The Industrial Hydraulic Equipment Market CAGR (growth rate) is expected to be around 5.14% during the forecast period (2024 - 2032).
Key Industrial Hydraulic Equipment Market Trends Highlighted
The Industrial Hydraulic Equipment market is influenced by various key market drivers, such as increasing demand for sophisticated hydraulic systems, growing industrial automation, and advancements in manufacturing technologies. Opportunities for exploration include the adoption of smart hydraulics, integration with IIoT, and expansion into emerging markets. Recent market trends include the rise of predictive maintenance, the shift towards energy-efficient hydraulic systems, and the growing adoption of mobile hydraulics. These trends are driven by advancements in sensor technology, the need for increased productivity, and environmental concerns.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Hydraulic Equipment Market Drivers
Increasing Demand for Automation in Manufacturing
The booming adoption of automatic processes in manufacturing and production is a critical driver of the Industrial Hydraulic Equipment Market Industry. As manufacturers seek to enhance their processes’ efficiency and productivity and to reduce costs, they are turning increasingly more toward hydraulic equipment to establish automatic processes. Hydraulic systems are known for their great precision and ability to generate high power density and are extremely reliable – all factors that make them perfect for automatic applications in a wide range of industries, including automotive, aerospace, food, beverage, etc.It is expected that the demand for hydraulic systems will increase as more businesses continue to introduce automatic process implementation.
Rising Infrastructure Development
The Industrial Hydraulic Equipment Market industry is being driven by the construction and infrastructure development activities that are on the rise across the globe. As mentioned previously, hydraulic equipment is used to provide power for some types of infrastructure. For example, they are essential in road construction, bridge building, and dam construction. They allow the powering of heavy machinery and equipment. Hence, they are often used in hard work, which requires a lot of force and precision.The growing investment in infrastructure, especially in developing countries will result in the higher demand for industrial hydraulic equipment in the future.
Advancements in Hydraulic Technology
Technological improvements in hydraulic systems are one of the driving factors leading to the expansion of the Industrial Hydraulic Equipment Market Industry. Advancements in hydraulic components, including pumps, valves, and cylinders, improve the performance, efficiency, and durability of hydraulic equipment. Moreover, as a result of these improvements, hydraulic systems are shrinking, becoming lighter, and requiring less power to operate.Another driving factor is that more sensors and electronic components are being embedded into hydraulic systems to improve control and monitoring. These developments are driving the expansion of the Industrial Hydraulic Equipment Market Industry. As a result of the size reduction, compact arrangements of hydraulic systems based on industrial hydraulics can now be widely implemented. The decrease in power required to run hydraulic modules opens new applications for hydraulic systems, allowing them to be used without the need to establish a dedicated power source to operate them.Moreover, with the improvements made to the components, their service life has been extended. As a result, they can now be implemented in any industry, extending their usage range from basic installations to applications where traditional hydraulic solutions would be unsuitable.
Industrial Hydraulic Equipment Market Segment Insights:
Industrial Hydraulic Equipment Market Equipment Type Insights
Pumps and Motors Pumps and motors accounted for the largest share of the Industrial Hydraulic Equipment Market in 2023, and this trend is expected to continue through 2032. Pumps and motors are essential components in any hydraulic system, as they enable the generation and control of the hydraulic flow. The growing demand for hydraulic systems in a number of industrial applications is driving the growth of the pumps and motors segment. Cylinders are another significant segment of the Industrial Hydraulic Equipment Market. Cylinders are used to convert the hydraulic pressure into linear motion.They can be used in a range of industrial applications, such as lifting, clamping and positioning. The growing demand for the automation of industrial processes is driving the growth of the cylinders segment. Valves are also an important segment of the Industrial Hydraulic Equipment Market. Valves are used to control the flow of hydraulic fluid in a system. They can be used in a number of applications, such as the regulation of pressure, flow rate and direction. The growing demand for hydraulic systems in a number of industrial applications is driving the growth of the valves segment.Filters are also an important segment of the Industrial Hydraulic Equipment Market. Filters are used to remove any contaminants from the hydraulic fluid, and they are essential for the proper functioning and longevity of the hydraulic systems. The growing demand for hydraulic systems in a number of industrial applications is driving the growth of the filters segment. Accessories Finally, accessories are another segment of the Industrial Hydraulic Equipment Market. Accessories include a wide range of products, such as hoses, fittings and gauges.These can be essential for the installation and maintenance of hydraulic systems. The growing demand for hydraulic systems in a number of industrial applications is driving the growth of the accessories segment.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Hydraulic Equipment Market Pressure Range Insights
The Industrial Hydraulic Equipment Market is segmented based on pressure range into low pressure (less than 100 psi), medium pressure (100 to 3,000 psi), and high pressure (over 3,000 psi). Among these, the medium pressure segment is anticipated to hold the largest market share during the forecast period owing to its extensive usage in various industrial applications such as machine tools, material handling equipment, and construction machinery. The high-pressure segment is projected to witness significant growth due to the rising demand for hydraulic equipment in the energy and mining sectors.The low-pressure segment is expected to grow steadily, driven by increasing automation in the manufacturing and packaging industries.
Industrial Hydraulic Equipment Market Industry Vertical Insights
The Industry Vertical segment plays a crucial role in shaping the Industrial Hydraulic Equipment Market. Among the key verticals, Oil and Gas accounts for a significant share, driven by the need for hydraulic equipment in exploration, drilling, and production activities. Construction follows closely, with hydraulics used in excavators, cranes, and other heavy machinery. Mining operations also rely heavily on hydraulic equipment for tasks such as rock drilling and material handling. The Agriculture segment is witnessing growth due to the increasing adoption of hydraulic systems in tractors, harvesters, and other agricultural machinery.Manufacturing industries, including automotive, aerospace, and general manufacturing, utilize hydraulic equipment for automation, precision control, and heavy-lifting applications. These industry verticals are expected to continue driving the growth of the Industrial Hydraulic Equipment Market in the coming years, with a projected revenue of USD 62.2 billion by 2032, expanding at a CAGR of 5.14% from 2024 to 2032.
Industrial Hydraulic Equipment Market Power Source Insights
The power source segment plays a critical role in the Industrial Hydraulic Equipment Market, accounting for a significant share of the overall market revenue. The three primary power sources utilized in industrial hydraulic equipment are hydraulic oil, water, and air, each with its unique advantages and applications. Hydraulic oil, the most commonly used power source, offers high power density and efficiency, making it suitable for heavy-duty applications requiring precise control and high force output. In 2023, the hydraulic oil segment held a dominant market share and is projected to maintain its lead throughout the forecast period, driven by the increasing demand from sectors such as construction, mining, and manufacturing.Water, as a power source, provides advantages such as low cost, reduced environmental impact, and fire resistance. The water segment is expected to witness steady growth, particularly in regions with stringent environmental regulations. Air, while less prevalent than hydraulic oil and water, finds applications in specialized industries like food and beverage processing due to its cleanliness and non-flammability. The Industrial Hydraulic Equipment Market segmentation based on power source offers valuable insights into the industry's dynamics and helps market participants make informed decisions to capitalize on growth opportunities.
Industrial Hydraulic Equipment Market Control Type Insights
The Control Type segment of the Industrial Hydraulic Equipment Market is categorized into Manual, Semi-Automatic, and Automatic. The Manual segment held the largest market share in 2023, accounting for over 40% of the global revenue. This dominance is attributed to the lower cost and ease of operation of manual control systems. However, the Automatic segment is expected to witness significant growth over the forecast period, owing to the increasing adoption of automation in industrial processes. The Automatic segment is projected to grow at a CAGR of 6.5% during 2023-2032, reaching a valuation of USD 18.2 billion by 2032.
Industrial Hydraulic Equipment Market Regional Insights
The Industrial Hydraulic Equipment Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest market, accounting for over 35% of the global revenue in 2023. The region is home to major industrial hubs and is expected to continue to lead the market due to the increasing demand for hydraulic equipment in various industries such as construction, manufacturing, and mining. Europe is the second-largest market, with a share of over 25%. The region has a strong presence of hydraulic equipment manufacturers and is expected to witness steady growth in the coming years.APAC is the fastest-growing market, with a CAGR of over 6%. The region is experiencing rapid industrialization and urbanization, which is driving the demand for hydraulic equipment. South America and MEA are smaller markets, but they are expected to witness significant growth in the coming years due to the increasing mining and construction activities.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Industrial Hydraulic Equipment Market Key Players And Competitive Insights:
Major players in the Industrial Hydraulic Equipment Market industry are constantly striving for innovation and technological advancements to meet the evolving demands of customers. Leading Industrial Hydraulic Equipment Market players are focusing on expanding their global presence through strategic partnerships, acquisitions, and joint ventures. The Industrial Hydraulic Equipment Market is characterized by intense competition, with several key players holding significant market shares. These leading players are investing heavily in research and development to introduce advanced products and solutions that cater to specific industry requirements. The Industrial Hydraulic Equipment Market Competitive Landscape is expected to remain dynamic as new entrants emerge and existing players consolidate their positions through strategic initiatives.Bosch Rexroth AG, a leading player in the Industrial Hydraulic Equipment Market, offers a comprehensive portfolio of hydraulic components, systems, and solutions. The company has a strong global presence, with manufacturing facilities and sales offices in over 80 countries. Bosch Rexroth focuses on providing customized solutions that meet the specific requirements of its customers in various industries, including manufacturing, mining, construction, and agriculture. The company's commitment to innovation and customer satisfaction has enabled it to maintain a leading position in the Industrial Hydraulic Equipment Market.Danfoss A/S, another prominent player in the Industrial Hydraulic Equipment Market, specializes in the design and manufacture of hydraulic pumps, motors, valves, and controls. The company has a global reach, with operations in over 100 countries. Danfoss focuses on providing energy-efficient and environmentally friendly hydraulic solutions that meet the evolving needs of its customers. The company's strong focus on research and development has resulted in the introduction of innovative products and technologies that have contributed to its success in the Industrial Hydraulic Equipment Market.
Key Companies in the Industrial Hydraulic Equipment Market Include:
- Vickers
- Hydac International
- Danfoss
- The Sheffer Corporation
- Compact Hydraulics, Inc.
- Flowserve Corporation
- Kawasaki Heavy Industries, Ltd.
- Sumitomo Heavy Industries, Ltd.
- Parker Hannifin Corporation
- Bosch Rexroth
- ThyssenKrupp Hydraulic Systems
- NachiFujikoshi Corp.
- Bucher Industries AG
- Eaton Corporation
Industrial Hydraulic Equipment Market Industry Developments
The Industrial Hydraulic Equipment Market is poised to experience significant growth in the coming years. In 2023, the market is valued at USD 39.59 billion and is projected to reach USD 62.2 billion by 2032, exhibiting a CAGR of 5.14%. The increasing demand for hydraulic equipment in various industries, such as construction, mining, and manufacturing, is a primary growth driver. Additionally, the rising adoption of automation and the need for efficient and reliable hydraulic systems are contributing to market expansion. Recent developments include the introduction of advanced hydraulic pumps and valves, as well as the growing popularity of electro-hydraulic systems. Furthermore, the increasing focus on energy efficiency and sustainability is driving the demand for eco-friendly hydraulic fluids and components.
Industrial Hydraulic Equipment Market Segmentation Insights
Industrial Hydraulic Equipment Market Equipment Type Outlook
- Pumps and Motors
- Cylinders
- Valves
- Filters
- Accessories
Industrial Hydraulic Equipment Market Pressure Range Outlook
- Low Pressure (less than 100 psi)
- Medium Pressure (100 to 3,000 psi)
- High Pressure (over 3,000 psi)
Industrial Hydraulic Equipment Market Industry Vertical Outlook
- Oil and Gas
- Construction
- Mining
- Agriculture
- Manufacturing
Industrial Hydraulic Equipment Market Power Source Outlook
Industrial Hydraulic Equipment Market Control Type Outlook
- Manual
- Semi-Automatic
- Automatic
Industrial Hydraulic Equipment Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
37.66 (USD Billion) |
| Market Size 2023 |
39.59 (USD Billion) |
| Market Size 2032 |
62.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.14% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Vickers, Hydac International, Danfoss, The Sheffer Corporation, Compact Hydraulics, Inc., Flowserve Corporation, Kawasaki Heavy Industries, Ltd., Sumitomo Heavy Industries, Ltd., Parker Hannifin Corporation, Bosch Rexroth, ThyssenKrupp Hydraulic Systems, NachiFujikoshi Corp., Bucher Industries AG, Eaton Corporation |
| Segments Covered |
Equipment Type, Pressure Range, Industry Vertical, Power Source, Control Type, Regional |
| Key Market Opportunities |
Increasing automation demand for energy-efficient solutions infrastructure development growing manufacturing sector and technological advancements |
| Key Market Dynamics |
Growing Industrial Automation Demand for Energy Efficiency Expansion of Manufacturing Sector Technological Advancements Focus on Sustainability |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Industrial Hydraulic Equipment Market was valued at 39.59 Billion USD in 2023.
The Industrial Hydraulic Equipment Market is projected to grow at a CAGR of 5.14% from 2024 to 2032.
Asia-Pacific is projected to be the fastest-growing region in the Industrial Hydraulic Equipment Market from 2024 to 2032.
Major applications of Industrial Hydraulic Equipment include construction, mining, agriculture, and manufacturing.
Key competitors in the Industrial Hydraulic Equipment Market include Bosch Rexroth, Parker Hannifin, Eaton, and Kawasaki Heavy Industries.
Challenges faced by the Industrial Hydraulic Equipment Market include rising raw material costs and increasing competition from alternative technologies.
Opportunities for growth in the Industrial Hydraulic Equipment Market include increasing demand from emerging economies and technological advancements.
Key trends in the Industrial Hydraulic Equipment Market include the adoption of IoT and the increasing use of hydraulic systems in electric vehicles.
Government regulations on environmental protection and energy efficiency are driving the demand for more efficient and environmentally friendly hydraulic systems.
The Industrial Hydraulic Equipment Market is expected to continue to grow steadily over the next decade, driven by increasing demand from emerging economies and technological advancements.
