Global Hydraulic Power Unit Market: Overview
A hydraulic power unit (HPU) is one of the main driving components of a hydraulic system and is used to control, transmit, and distribute energy from a pressurized liquid. Hydraulic power units are mostly used in applications that need systematic and heavy lifting or operations that require the repeated use of a powerful, directional force. HPUs are made up of several vital elements, such as hydraulic pumps, hydraulic motors, and accumulators. They also include accessories such as tubes, valves, regulators, filters, and instruments that help regulate the performance of hydraulic power units.
HPUs are used in a number of mobile, industrial, and several medium-duty or intermittent applications, including rolling mill machinery, construction equipment, paper mill machinery, aerospace test equipment, government and military, material handling, theatrical and production equipment, automation, oil spill clean-up equipment, agricultural equipment, mobile equipment, industrial processes, meat processing machinery, machine tools, oilfields, and marine equipment.
The global market for hydraulic power units has been examined in detail by a team of expert analysts and researchers with the aim of guiding clients in their quest for success and profitability in this growing market. The various applications, end-users, and geographical markets have been assessed in detail, giving readers a 360-degree assessment of where the HPU market stands today and where it is headed in the coming years.
Global Hydraulic Power Unit Market: Key Trends and Competitive Landscape
The growing demand for equipment and machinery, in which hydraulic power units are used, is a key factor fueling the global HPU market. There has been a significant rise in building and construction activities across the globe owing to a positive global economic outlook and increasing consumer disposable incomes. Higher per capita income has resulted in the improved standards of living, thereby driving the sales and construction of homes. Rapid industrialization in several emerging economies has also contributed toward the expansion of the hydraulic power unit market substantially. Increasing automation in most industrial processes and mounting defense spending present impressive opportunities for firms to capitalize on.
Recognizing the immense potential of the HPU market, an increasing number of companies have been showing interest in this industry. Brevini Fluid Power S.p.A, Nachi-Fujikoshi Corporation, WEBER-HYDRAULIK GmbH, Parker Hannifin Corporation, HYDAC International GmbH, and Bosch Rexroth AG are some of the prominent players in the global hydraulic power unit market.
Global Hydraulic Power Unit Market: Regional Outlook
The hydraulic power unit market has been segmented based on geography into Europe, Asia Pacific, North America, and Rest of the World. The RoW segment comprises regions such as Latin America, the Middle East, and Africa. Europe and North America have been significantly contributing toward the global HPU market growth. Although the market in North America is likely to continue its excellent performance throughout the forecast period, the market in Europe is anticipated to witness sluggish growth owing to the matured state of the construction industry in the region.
Keeping up with its trend of impressive growth over the past few years, the Asia Pacific hydraulic power unit market is likely to witness the fastest growth by 2024 owing to rapid industrial growth, an increase in construction activities, and higher industrial investments. The rise in housing developments, the growing demand for higher agricultural output, and several upcoming infrastructure projects are predicted to continue driving the HPU market in Asia Pacific.
In the past, Latin America and Africa have been enjoying a decent share in the global market due to the increasing applications of hydraulic power units in material handling, oilfield operations, and construction equipment. Over the course of the forecast period, the market in these regions is anticipated to witness healthy growth driven by the rising standards of living and a consequent demand for better housing facilities, a surge in oil exploration activities, and the increasing stress on agricultural outputs. The Middle East is also projected to positively contribute toward the growth of the hydraulic power unit market in the coming years owing to the rise in construction activities, spurred by ongoing and upcoming international events.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.