Market Size of Asia-Pacific Hydraulic Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Hydraulic Equipment Market Analysis
The Asia-Pacific hydraulic equipment market is expected to grow at a CAGR of 3.12% during the forecast period 2021 - 2026. The growing demand for material handling equipment, increasing investment in infrastructure development, and reducing overall equipment costs are some of the major factors driving the growth of the hydraulic equipment market.
- The hydraulic solution is gaining traction in recent years as they are easy to control and by far the most compact, lightweight, and reliable equipment compared to the traditional approach. Modern hydraulic equipment is accessible in several industries, including construction, roofing, material handling, masonry, automotive, aviation, and manufacturing.
- Moreover, as per the IOGP's Global Production Report 2019, demand for oil and gas is at the peak, greater than ever before, with dramatic growth in Africa, Asia Pacific, and the Middle East. This has fueled the investment in exploration and production of oil to meet the demand and supply. The key vendors are investing in the region to pursue the 'local for local' market approach to providing faster availability and shorter reaction times.
- For instance, in 2019, India's oil and gas sector witnessed investments around INR 5 trillion in exploration, distribution, marketing, regasification, and pipeline network laying. Through this, the government expects the domestic natural gas production to increase by around 20% from 32.87 billion cubic meters in 2018-19 to 39.3 billion cubic meters by 2020-21. Within the oil and gas sector, gear pumps are replacing vane pumps, albeit slowly. This trend is expected to continue over the forecast period, which is likely to result in a slight decrease in the share of vane pumps in the hydraulic pump market.
- However, the recent COVID-19 outbreak and nationwide lockdown have affected the regional manufacturing and industrial sector, especially in emerging countries like India, which is also expected to affect the market. According to World Bank published, Southeast Asian countries like Thailand and Malaysia are expected to deal with the biggest manufacturing losses due to the COVID-19 outbreak, while Vietnam could record a below-average decrease in its economic activity.
