Global Industrial Hydraulic Equipment Market: Overview
Industrial hydraulic equipment performs various machinery operations by using pressurized fluid. Different types of fluids, including synthetic fire-resistant, phosphate ester fire-resistant, and petroleum-based, are used in hydraulic equipment. An engine is employed to drive the pump to pressurize the hydraulic fluid. Hydraulic equipment steps up the operational efficiency of machines. Rise in preference for electro-hydraulic products in various industrial end-users is driving the industrial hydraulic equipment market. Industrial hydraulic equipment offers various features such as corrosion and temperature resistance and high durability. It can also work in heavy duty applications.
Global Industrial Hydraulic Equipment Market: Key Segments
The industrial hydraulic equipment market can be segmented based on product, end-use, and region. Based on product, the market can be divided into motors, pumps, valves, transmissions, cylinders, accumulators, filters, and others (fittings, hoses, couplings, and tubes). In terms of end-use, the market can be segregated into hydraulic press, machine tools, plastics, automotive, water and wastewater, food and beverage, renewable energy, oil and gas, entertainment, simulators, and others. Hydraulic systems have been engaged in industrial applications across a number of industries for many years. Hydraulic press machines and machine tools play an important role in a large number of industrial applications. Thus, these segments account for major share of the global market. Machine tools are widely used in downstream industries such as aerospace and automotive. Demand for into hydraulic press, machine tools and other applications are increased in automotive, aerospace, food and beverage, and marine industries continues to ensure the acceptance of hydraulic equipment.
Increase in demand for energy is driving the oil & gas industry and renewable energy sources. Oil and gas exploration and production companies strive to locate new oil and gas reservoirs in order to meet the rising demand for energy. These companies invest in drilling technologies that help locate offshore and onshore oil and gas reserves. These activities are augmenting the industrial hydraulic equipment market in oil and gas application. Industrial hydraulic equipment is used in jack-up platforms, jack-up vessels, catenary anchor leg mooring systems, pipe-laying vessels, and floating production storage and offshore facilities (FPSO). Development in underwater technologies has enabled companies to perform operations at deep and ultra-deep water with the specialized hydraulic equipment. Thus, companies are able to perform drilling operations in deep and ultra-deep waters due to the advancement in technologies.
Global Industrial Hydraulic Equipment Market: Regional Outlook
Based on region, the industrial hydraulic equipment market can be split into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Europe accounts for significant share of the industrial hydraulic equipment market, driven by a large manufacturing base in the region. It is expected to maintain its leading position during the forecast period. Increase in oil and exploration and production activities, advancement in underwater exploration activities, and shale gas discovery in the U.S. are the key drivers of the industrial hydraulic equipment market in North America. Rise in investment by exploration and production companies after the economic slowdown is another factor driving the industrial hydraulic equipment market. The capital intensive nature of the market and implementation of stringent government regulations are the prominent restraints of the market. Oil and gas discoveries in West Africa and shale gas boom in Argentina is likely to act as opportunities for the Industrial hydraulic equipment market.
Global Industrial Hydraulic Equipment Market: Key Players
Key players operating in the global industrial hydraulic equipment market include Daikin Industries, Bosch Rexroth, Kawasaki Heavy Industries, Essem Engineers, Metro Hydraulic Hack Co., Grimo Presses Inc., Parker Hannifin, Anker-Holth, Bishamon, Delta Power Co., Aero Controlex, and Eaton.