Hydraulic Equipment Market Size

Hydraulic Equipment Market Analysis

The Hydraulic Equipment Market size is estimated at USD 46.94 billion in 2024, and is expected to reach USD 56.07 billion by 2029, growing at a CAGR of 3.62% during the forecast period (2024-2029).

Hydraulic equipment encompasses various components and offers many benefits for various industrial applications. These tools usually use the force created by pressurized fluids, transferring the force as energy through the system to complete a wide range of tasks and applications. Furthermore, hydraulic equipment can generate much greater force than pneumatic tools of a similar size, as fluids are incompressible, which gives hydraulic systems the ability to operate at much higher pressure levels. Hence, hydraulic tools are often used in heavy-duty industrial applications.

• Electronics for intelligent mobility & data collection sensors are becoming rapidly standard in hydraulic equipment. IoT is also utilized nowadays in fluid power systems, even though its typical applications revolve around electric systems. Manufacturers encourage the digitization of hydraulic goods by providing a broad range of electro-hydraulics modules and components with digital interfaces & sensor intelligence. They also aid in the smart design, configuration, & precision control for hydraulic systems that current technology in hydraulic applications permits.
• Over the past 70 years, material handling has experienced different transformations that have transformed the industry's outlook. Material-handling machines & robots have substituted individual workers. Due to this transformation, many industries have developed, especially the automotive industry, which has undergone a 10-fold growth.
• The main challenge impeding the hydraulic equipment market's development is the volatility in maintenance expenses over the equipment's lifespan. Changes in the costs of raw materials like stainless steel, iron ore, aluminum, bronze, & other metal alloys have induced volatility in the arrangement cost of hydraulic equipment, which, in turn, has led to a demand-supply gap.
• The expanding construction industry is anticipated to augment the hydraulic equipment market need over the forecast period. For instance, according to the Ministry of Statistics & Programme Implementation (MOSPI), India's construction industry was valued at over INR 3 trillion (USD 36.70 billion) in Q4 of 2022, a significant increase compared to 2020, when the value shrank due to the coronavirus (COVID-19) pandemic. Also, the country's construction & manufacturing industries were among the worst hit then. However, the industry recovered quickly and returned to pre-crisis level again. A similar trend has been observed across other major end-user industries of hydraulic equipment. Hence, the recovery of these industries will create opportunities in the studied market.