Global Fluid Power Equipment Market Analysis:

Fluid power equipment is defined as the use of fluids (liquid or gas) to transmit power from one location to another. Market Research Future (MRFR) has published a research report about the global fluid power equipment market that estimates expansion for this market at 6.05% CAGR during the forecast period between 2019 and 2024. By value, the market can be worth the USD 28.6 bn by the end of the forecast period.

Fluid power is one of the most common methods of power transmission in various mobile hydraulics, industrial hydraulics, and pneumatic applications. Fluid power systems provide effective and simple control of speed, torque, direction, and force using control valves. Thus, these systems do not require electrical power, thereby eliminating the risk of sparks, explosions, electrical shock, and fire. Moreover, fluid power equipment can transmit power in a much smaller space as compared to mechanical or electrical systems, especially in case of extremely high force or torque.

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The most powerful market driver for the global fluid power equipment market growth is the rising demand for construction equipment in the infrastructure projects. Other factors contributing to the market growth include lucrative business opportunities for players and advantages of fluid power equipment over electrical and mechanical equipment. The fluid power systems can produce linear motion via hydraulic or pneumatic cylinders with ease. The electrical and mechanical device need to convert rotational motion into linear motion. However, the factors that hinder market growth include high cost and complex functionality of these equipment’s.

Market Segmentation

The global fluid power equipment market segmentation covers application, component, and type. MRFR is exploring the features of these segments to understand market trends.

As per the application-based segmentation, this market covers automotive, construction, food processing, oil & gas, packaging, semiconductor, and others.

Regarding component, the market has been segmented into accumulators, accessories, cylinder, motors, pumps, steel tube & compression fitting, and valves.

By type, the market has been segmented into hydraulic and pneumatic. A hydraulic system uses liquid (usually oil) to transmit power.

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Regional Segmentation

The regional segmentation of the global fluid power equipment market covers Asia Pacific, North America, South America, Europe, and the Middle East & Africa (MEA).

Holding the largest market share, the Asia Pacific region is expected to grow further due to the growing investment in construction activities in emerging economies like China and India. Among all countries of this region, China holds the largest market share. The important application area of the fluid power equipment in agriculture, construction, and manufacturing is fluid transfer. Other priority country-specific markets in this region are Japan and South Korea. Other countries of the Asia Pacific region also contribute significantly to the market.

During the forecast period, North America is expected to hold the second largest market share due to the presence of many major market players and increasing demand for modernization of existing infrastructure. The USA is the most important country-specific market in this region, followed by Canada and Mexico.

In South America, the market can grow during the forecast period, at a stable rate as South America is yet to achieve technological advancement as per the standards of North America. The prime country-specific markets in this region are Argentina and Brazil. Some contribution to this market also comes from the remaining countries of South America.

During the forecast period, Europe can also grow as a market due to the heavy requirement of fluid power equipment in the automotive industry, with Germany being the largest country-specific market. Other crucial country-specific markets in this region are France, Italy, and the UK. Other countries in Europe also add to market growth.

In the MEA region, the market can grow due to the rising use of hydraulic as well as pneumatic equipment in cranes, dump trucks, excavators, loaders, tractors, vacuum trucks, and other vehicles in the construction sector.

Key Players

Major players in the global fluid power equipment market include Bosch Rexroth (Germany), Bucker Hydraulics (Germany), Casappa (Italy), Concentric (Sweden), Daikin (Japan), Eaton Corporation Plc (Ireland), Fluid-Power Equipment Inc. (USA), Fluid Systems Inc. (USA), HAWE (Germany), Hydac (Germany), Kawasaki (Japan), Kent Fluid Power Ltd (USA), Moog Inc. (USA), Parker Hannifin (USA), Related Fluid Power Ltd (UK), and Sparrows Group (UK).

Also Read: https://www.marketwatch.com/press-release/fluid-power-equipment-market-2019-development-strategy-opportunities-global-trends-share-revenue-analysis-company-profile-and-industry-poised-for-rapid-growth-by-2024-2019-10-18

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