Fluid Power Equipment Market Scenario
The global fluid power equipment market is expected to register a growth rate of 6.05% CAGR during 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 global fluid power equipment market is set to witness significant growth due to the increasing manufacturing activities, globally, and the growth of the material handling industry. Fluid power equipment is used in steel and paper industries and power plants owing to their high reliability and low noise. According to the statistical data from the World Bank, the global manufacturing value added grew from USD 12.338 trillion in 2016 to USD 13.49 trillion in 2017. This resulted in an increased demand of fluid power equipment. On the other hand, the high cost of the fluid power equipment is one of the major restraints of the global fluid power equipment market.
The key players operating in the global fluid power equipment market are Bosch Rexroth (Germany), Parker Hannifin (US), Fluid-Power Equipment, Inc. (US), Fluid Systems, Inc. (US), Hydac (Germany), Bucker Hydraulics (Germany), Concentric (Sweden), Related Fluid Power Ltd (UK), Eaton Corporation Plc (Ireland), Kawasaki (Japan), Sparrows Group (UK), HAWE (Germany), Moog, Inc. (US), Daikin (Japan), Casappa (Italy), and Kent Fluid Power Ltd (US).
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The global fluid power equipment market has been segmented based on type, component, application, and region.
On the basis of type, the global fluid power equipment market has been divided into hydraulics and pneumatics. The hydraulics segment is expected to dominate the global market owing to its wide use in construction, agriculture, automotive, and material handling applications. On the basis of component, the global fluid power equipment market is segmented into pumps, motors, valves, cylinder, steel tube and compression fitting, accumulators, and accessories. The motors sub-segment is expected to dominate the market since these motors can produce high torque at low speeds, which helps in smooth operations at high loads. Pumps are expected to be the fastest growing sub-segment due to the high efficiency of the axial piston pumps. On the basis of application, the global fluid power equipment market has been segmented into construction, automotive, oil & gas, food processing, packaging, semiconductor, and others. In 2017, the construction sub-segment led the market owing to the rising infrastructural developments. The automotive sub-segment is expected to be the fastest growing segment owing to the increasing in investments in the automotive industry.
On the basis of region, the global fluid power equipment market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
The growth in the demand for fluid power equipment in Asia-Pacific is driven by the increasing use of these equipment in the manufacturing and automotive industries with various benefits including, high efficiency and their compatibility with varied fluid types. Moreover, a large number of market players are investing in the development of fluid power equipment because of their significant demand in mobile hydraulic applications. Such factors are likely to raise the demand of axial piston pumps, globally. The rising use of fluid power equipment such as pumps, motors, and valves in high pressure applications in industries, such as construction, oil & gas, and mining, is expected to drive the fluid power equipment market in the region.
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