Global Fluid Power Equipment Market Size, Share, Growth & Report 2023-2028
The global fluid power equipment market size reached US$ 45.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 69.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.26% during 2023-2028.
What Is The Fluid Power Equipment?
Fluid power equipment refer to industrial devices that use liquid or gas fluids to transmit and generate a considerable amount of power. They generally comprise numerous components, including fittings, sensors, seals, pumps, cylinders, hoses, gauges, filters, reservoirs, etc. Fluid power equipment are widely used for several tasks, such as boring new underground mining tunnels and lifting and stacking large glass sheets. They also offer multi-functional controls, including direction, speed, force, torque, etc., and aid in increasing accuracy, efficiency, overall production, etc.
Industry Trends & Drivers
The escalating demand for this device across various sectors, including mining, aerospace, packaging, construction, and robotics, operating in hazardous environments is primarily augmenting the fluid power equipment market. Furthermore, it provides a high power-to-weight ratio and produces high torque at low speed, making the equipment suitable for such applications, which is also positively influencing the global market. Apart from this, the increasing improvements in industrial machinery performance and lubricant life for lowering downtime and equipment maintenance costs, are acting as significant growth-inducing factors.
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Moreover, inflating investments by key market players to introduce energy-efficient solutions and reduce greenhouse gas (GHG) emissions are bolstering the market growth. Besides this, the growing usage of smart valves in fluid power equipment that assist in reducing power consumption, providing real-time information, offering greater efficiency, etc., is further catalyzing the global market. Additionally, the widespread product adoption for wastewater treatment, extensive R&D activities, and the expanding food and beverage (F&B) sector are expected to fuel the fluid power equipment market in the coming years.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bosch Rexroth AG (Robert Bosch GmbH), Bucher Industries AG, Daikin Industries Ltd., Eaton Corporation PLC, Fluid Power Equipment Inc., HAWE Hydraulik SE, HYDAC International GmbH, Hydraforce Inc., Kawasaki Heavy Industries Ltd., Nachi-Fujikoshi Corp., Parker-Hannifin Corporation and Sparrows Offshore Group Limited
The report has been segmented the market into following categories:
Breakup by Product:
Breakup by Component:
- Accumulators and Filters
Breakup by End User:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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