Market Trends of Mobile Hydraulic Valves Industry
This section covers the major market trends shaping the Mobile Hydraulic Valves Market according to our research experts:
Oil and Gas Sector to Hold Significant Market Share
- In the last few decades, the oil and gas industry witnessed remarkable growth, primarily due to rapid industrialization and the growth of the automotive industry. The expansion of the urban population also contributed significantly to the growth of the oil and gas industry. According to the World Bank, about 57% of the global population lived in urban areas in 2021.
- The increasing demand for petroleum products significantly drove the need for advanced machinery, including large vehicles such as cranes and forklifts, thus driving the demand for mobile hydraulic devices. According to the IEA, the daily need for crude oil is expected to increase from 91 million barrels per day in 2020 to 104.1 million barrels per day in 2026.
- Various types of mobile hydraulic valves are used in the oil and gas industry. For instance, a pressure relief valve reduces strain on downstream equipment by mitigating the system pressure fluctuation. In contrast, the guided piston valves reduce velocities through the controlling interface of the valve. These valves operate reliably at pressures as low as three psi and as high as 1,000 psi, making them suitable for a wide range of oil and gas equipment applications.
- Several vendors offer mobile hydraulic valves to the oil and gas industry. For instance, Panker Hannifen's Hydraulic Valve Division provides a robust portfolio of valves for the oil and gas sector with a wide range of explosion-proof/hazardous location certifications. Its VPL valve series is a stackable, load-sensing, multi-section, pressure-compensated directional valve for mobile equipment, suitable for the oil and gas industry.
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Asia-Pacific to Become the Major Region in Terms of Demand
- The industrial and automotive sectors primarily drive the demand for mobile hydraulic valves in the Asia Pacific region. The region emerged as the global manufacturing hub in the past few decades. Most multinational companies have established and continue to set up their manufacturing units in this region due to the abundant availability of a low-cost, skilled workforce and supportive government regulations. As hydraulic valves are widely used in industrial machinery, the sector's growth is expected to impact the market positively.
- China has become the leading manufacturing and industrial sector in the Asia-Pacific region, witnessing remarkable growth. According to the National Bureau of Statistics of China, industrial production increased by 4.2% Y-o-Y in August 2022, i.e., the fourth consecutive month with increased industrial production following the pandemic.
- Countries such as India and Taiwan are witnessing a similar growth pattern as supportive government regulations and large populations are encouraging global players to enter these markets. For instance, according to the IBEF, India has the potential to become a global manufacturing hub, and by 2030, it can add more than USD 500 billion annually to the global economy.
- The country has received a significant amount of foreign direct investments (FDI) in its sectors, with manufacturing being one of the major sectors. According to the Department for Promotion of Industry and Internal Trade (DPIIT), in FY 2021-22, India received a total FDI inflow of USD 58.77 billion.
- Agriculture is another primary sector of the region, especially in India, China, and Bangladesh. The governments of these countries are taking several initiatives to streamline the agricultural industry, including the increasing adoption of new farming techniques and machinery. Such trends are expected to support the growth of the market during the forecast period.
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