Rising Demand in Construction and Industrial Sectors Drives Growth in Global Hydraulic Tools Market to 2028
DUBLIN, Oct. 19, 2023 /PRNewswire/ -- The "Hydraulic Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global hydraulic tools market has attained a substantial size of USD 1.6 billion in 2022, and it is expected to witness steady growth at a compound annual growth rate (CAGR) of 4.4% during the forecast period from 2023 to 2028. The market is projected to reach USD 2.0 billion by 2028.
Hydraulic Tools: Empowering Industries with Precision and Efficiency
Hydraulic tools are high-powered devices designed to operate hydraulic machinery by utilizing pressurized fluid. These tools find extensive applications in a wide range of industries, including construction, mining, road construction, fencing, signage, and the operation of heavy machinery like construction cranes.
Hydraulic tools are known for their strength, portability, and flexibility, and they can be connected to hydraulic power units or systems to facilitate various industrial tasks. These tools rely on hydraulic tubes to transfer pressurized fluid to actuators, enabling the movement of machine components.
Market Trends:
- Construction and Industrial Growth: The global construction sector's expansion, coupled with rapid industrialization, is a key driver of market growth.
- Demand in Material Handling: Industries such as oil and gas, marine, automotive, and railways are witnessing increased demand for material handling equipment, boosting the hydraulic tools market.
- Integration of Electronics: The integration of electronics with hydraulic cylinders for improved precision and controlled performance is on the rise, driving demand.
- Infrastructure Investment: Governments worldwide are investing extensively in sports and facility infrastructure, further fueling market growth.
- Technological Advancements: Continuous research and development by major hydraulic equipment manufacturers are leading to upgrades and better solutions.
- Agriculture Industry: Hydraulic tools are increasingly used in agriculture for crop production and livestock management.
Key Market Segmentation:
- Type: Hydraulic Cylinder and Jack, Hydraulic Rescue Tools, Tension and Torque Tools, and Others.
- Distribution Channel: Online and Offline.
- End User: Industrial Manufacturing, Oil and Gas, Utility, Railway, and Others.
Regional Insights:
- North America: The United States and Canada are experiencing growth in the hydraulic tools market due to expanding industrial sectors.
- Asia-Pacific: China, Japan, India, South Korea, Australia, Indonesia, and others are witnessing increased hydraulic tool demand due to rapid urbanization.
- Europe: Germany, France, the United Kingdom, Italy, Spain, Russia, and others are seeing growth driven by government infrastructure investments.
- Latin America: Brazil, Mexico, and other countries are experiencing growth due to rising industrialization.
- Middle East and Africa: Hydraulic tool demand is increasing in this region due to expanding industries and infrastructure.
Competitive Landscape:
Key players in the hydraulic tools market include Atlas Copco North America LLC, BVA Hydraulics, Cembre S.p.A. (Lysne S.P.A.), Emerson Electric Co., Enerpac Tool Group Corp., Hangzhou WREN Hydraulic Equipment Manufacture Co. Ltd., Hi-Force Limited, HTL Group Ltd., Kudos Mechanical Co. Ltd., LUKAS Hydraulik GmbH (IDEX Corporation), SPX Flow Inc., Super Unique Enterprise Co. Ltd., and Tai Cheng Hydraulic Industry Co. Ltd. (Please note that this is a partial list of companies; the complete list is provided in the report.)
Key Questions Answered:
- What was the size of the global hydraulic tools market in 2022?
- What is the expected growth rate of the global hydraulic tools market during 2023-2028?
- What are the key factors driving the global hydraulic tools market?
- What has been the impact of COVID-19 on the global hydraulic tools market?
- What is the breakup of the global hydraulic tools market based on the end user?
- What are the key regions in the global hydraulic tools market?
- Who are the key players/companies in the global hydraulic tools market?
For more information about this report visit https://www.researchandmarkets.com/r/6xdg5o
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