Market Size of Hydraulic Power Unit Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydraulic Power Unit Market Analysis
The hydraulic power unit market is expected to register a CAGR of more than 5.5% during the forecast period (2022 - 2027). The COVID-19 outbreak in Q1 2020 majorly impacted energy systems worldwide, curbing investments and threatening to slow the sales of hydraulic power units. Factors such as increasing construction activities worldwide, rapid industrialization, and the growing oil and gas market are likely to increase the demand for hydraulic pump units, thus driving the demand during the forecast period. However, increasing demand for alternative power systems, such as electromechanical and electric drives, with efficient, cheap, and shorter lead times are some of the major factors hindering the market's growth.
- The construction segment is anticipated to dominate the market due to the ongoing and upcoming projects in the construction industry. The market is expected to witness the highest growth during the forecast period.
- Increased spending on automation technology for automotive and defense industries is expected to create opportunities for the market players.
- Asia-Pacific is expected to dominate the market, with a majority of the demand coming from countries like China and India.
