Fluid Power Equipment Market Size, Share, Growth Analysis, By Type(Hydraulics, Pneumatics), By Application(Construction, Automotive, Oil & Gas, Chemicals), By Equipment(Pumps, Motors, Valves, Cylinders), By Region - Industry Forecast 2024-2031

Fluid Power Equipment Market size was valued at USD 41488.89 million in 2019 and is poised to grow from USD 43945.03 million in 2023 to USD 73741.43 million by 2031, growing at a CAGR of 5.92% in the forecast period (2024-2031).

Fluid power equipment is described as industrial equipment or components that employ fluids (liquid or gas) to carry power from one location to another. The two main ways used to operate these kinds of tools are hydraulic and pneumatic. Pneumatic systems employ gas, typically compressed air, to deliver power while hydraulic systems use fluids like oil. Equipment using liquid power has few advantages over mechanical and electrical equipment. As opposed to fluid power systems, which may easily generate this motion using hydraulic or pneumatic cylinders, mechanical devices that transform rotational motion into linear motion are propelled by electrical and mechanical means.

The development of various user-friendly fluid products, rising adoption of worldwide motor efficiency standards, and increasing factory automation are all driving the market's expansion. In addition, the industrial outlook is being boosted by rising vehicle production volumes, increased urbanization, and an increase in the number of multinational firms, supply chains, and stores. Furthermore, expanding outlets and local supply chains, as well as booming applications from end-use industries including automotive, oil & gas, medical, and agricultural, are all advancing the industry.

US Fluid Power Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.