Hydraulics Market worth $50.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 21, 2023 /PRNewswire/ -- The Hydraulics Market is expected to grow from USD 42.5 billion in 2023 to USD 50.5 billion by 2028, at a CAGR of 3.5% during the forecast period according to a new report by MarketsandMarkets™. The surge in construction projects, the growing need for advanced agricultural machinery, and the rising demand for material-handling equipment are some of the factors driving the hydraulics market. In addition, advancements in smart hydraulic equipment and continual research and technological progress in hydraulic cylinders create opportunities for the growth of the hydraulic market.

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Hydraulics Market Report Scope:

Cylinders segment to hold the largest size of the hydraulics market during the forecast period.

The cylinders segment is expected to account for the largest size of the hydraulics market throughout the forecast period. Hydraulic cylinders are integral components within the construction industry, employed in diverse equipment such as backhoes, excavators, trenchers, road construction planers, grinders, machines for concrete or asphalt laying, concrete cutting saws, dozers, motor graders, dumpers, and skid steers. They showcase exceptional durability, enduring corrosive and abrasive conditions, extreme temperatures, and fluctuating weather while maintaining continuous operation for extended durations. These advantageous qualities have made hydraulic cylinders a preferred choice in the construction sector.

Mobile hydraulics segment is expected to lead the hydraulics market during the forecast period.

The mobile hydraulic segment is expected to lead the market during the forecast period. Mobile hydraulic cylinders are predominantly utilized in machinery that operates in non-fixed positions. The rising demand for hydraulic power in distant and challenging locations necessitates the incorporation of hydraulic cylinders into mobile equipment. As hydraulic technology progresses, the utilization of mobile hydraulics has transformed the lifting and transportation of hefty objects or machinery, simplifying these tasks. The heightened stability offered by mobile hydraulics during the lifting of substantial loads has positioned mobile hydraulic cylinders as the favored option for end-users.

Construction industry to hold the largest size of the hydraulics market during the forecast period.

The construction industry holds the largest size of the hydraulics market during the forecast period. The ongoing expansion of populations in emerging nations like China and India is a significant driving force behind the construction industry's growth. The increased utilization of hydraulics in construction and mobile equipment is a key supporting factor for market expansion. Hydraulic applications in construction equipment encompass a wide array, including hitches, excavators, skid-steer loaders, backhoes, wheel loaders, motor graders, dumper trucks, dozers, trenchers, road rollers, and other heavy-loading equipment characterized by high-cycle ratings and precise movement capabilities.

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Asia Pacific is expected to dominate the hydraulics market during the forecast period.

The Asia Pacific region will dominate the hydraulics industry throughout the forecast period. The surge in the hydraulics market across the Asia Pacific region is driven by the rapid industrialization and infrastructural advancements taking place. Hydraulic equipment holds a pivotal role in construction and agricultural machinery. Given the high demand for both sectors in Asia Pacific, the hydraulics market is forecasted to grow significantly in the forthcoming years. This rise in demand for hydraulics in the region is propelled by the rapid expansion of the process manufacturing sector, public utilities, and general construction, particularly in countries like China and India, as they continue their trajectory of industrialization and urban development.

Key players

Major companies operating in the hydraulics companies include Enerpac Tool Group (US), Bosch Rexroth AG (Germany), Danfoss (Denmark), Hydac International GmbH (Germany), Kawasaki Heavy Industries, Ltd. (Japan), KYB Corporation (Japan), SMC Corporation (Japan) Parker-Hannifin Corporation (US), Wipro Enterprises (India), Caterpillar (US).

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