Hydraulic Equipment Market Size, Share, Growth Analysis, By Type (Pumps, Valves), By Application (Mobile, Industrial), By End-User Industry (Construction, Agriculture), By Region - Industry Forecast 2024-2031

Global Hydraulic Equipment Market size was valued at USD 44.3 billion in 2022 and is poised to grow from USD 46.29 billion in 2023 to USD 65.83 billion by 2031, growing at a CAGR of 4.5% during the forecast period (2024-2031). 

The global hydraulic equipment market is primarily driven by the increased adoption of mechanized agricultural activities and the ongoing trend of industrialization. However, the growth of the hydraulic equipment market has been hindered by the growing popularity of electro-mechanical systems as a replacement for hydraulic equipment. On the bright side, there is a rising awareness regarding the use of energy-efficient hydraulic equipment, which is expected to fuel market growth. Additionally, various developmental strategies adopted by companies to solidify their market presence are also anticipated to contribute to the growth of the hydraulic equipment market during the forecast period. 'Bosch Rexroth AG (Robert Bosch GmbH) ', 'Parker Hannifin Corporation ', 'HYDAC International GmbH ', 'Danfoss A/S ', 'SMC Corporation ', 'Festo SE ', 'Norgren Limited (IMI PLC) ', 'Bucher Hydraulics GmbH (Bucher Industries AG) ', 'HAWE Hydraulik SE ', 'Linde Hydraulics GmbH & Co. KG ', 'Caterpillar Inc. ', 'Eaton Corporation ', 'Kawasaki Heavy Industries Ltd. ', 'Daikin Industries Ltd. ', 'Emerson Electric Co. ', 'Komatsu Ltd. ', 'Siemens AG ', 'Wipro Limited ', 'KYB Corporation ', 'GBB Industries '

Agriculture has been a crucial and essential industry worldwide for centuries. In the past, various tasks like ploughing, sowing, fertilizing, pesticide spraying, harvesting, and other processes were manually performed. However, with the rise of industrialization and the introduction of innovative machinery, farmers have shifted towards using agricultural equipment. Advanced tools, such as automated tractors or harvesters, are now employed in agricultural activities to enhance efficiency and reduce high labor expenses.

Expansion of Construction segment: Hydraulic equipment operates through the use of pressurized fluid to perform various tasks. This pressure remains undiminished as it acts upon every part of the holding vessel, generating force and power. With advancements in technology, hydraulics has become capable of achieving highly precise motions, driving the optimization of construction processes. Incorporating hydraulics into the construction industry has revolutionized productivity by allowing more work to be completed in less time. The science of hydraulics enables equipment to achieve a wide range of motion and be controlled with exceptional precision. As a result, hydraulic power has become indispensable in modern construction, and ongoing technological advancements will further elevate the importance of hydraulic equipment in the future.One of the key strengths of hydraulic equipment lies in its ability to withstand and transfer heavy loads. Unlike systems relying heavily on mechanical components, hydraulic equipment has fewer moving and load-bearing parts. The hydraulic fluid, motors, and pumps play significant roles in handling most functional aspects. Utilizing smart valves, pumps, and other components ensures even more efficient operation and precise control of hydraulic equipment, leading to process automation.

North America emerged as the leader, holding the largest market share. The increased demand for wheel loaders in the region has led to a significant surge in infrastructure investments, particularly under the Public-Private Partnership model, as cities across the nation are focusing on developing subways and other urban transit networks. This development is anticipated to have an immediate and positive impact on the expansion of the hydraulics market in North America.