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Hydraulic Motors Market size valued at USD 10 billion in 2020 and is anticipated to exhibit over 5.2% CAGR from 2021 to 2027. The industry shipments are predicted to cross 47,566 thousand units by 2027. The high resistance to heat and contamination coupled with the robust nature of hydraulic motors is fueling their usage in industrial applications.
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The growing construction industry is further propelling the hydraulic motors business expansion. For instance, according to the Global Construction Perspectives and Oxford Economics, the global construction output is estimated to grow 80% to reach USD 15.5 trillion by 2030. The U.S. and China will contribute significantly to this development while India is projected to provide a new growth engine to the construction sector.
On the other hand, the outbreak of COVID-19 has disrupted the hydraulic motors industry development and sent shock waves across the end-users. Major industries, such as manufacturing and construction, sustained heavy damages from the impact, leading to the downfall of the market in 2020. This is attributable to the harsh measures taken by various governments in order to curb the effects of the pandemic. On a positive note, the market is expected to showcase optimistic growth in consecutive years to regain the pre-Covid-19 levels.
|Market Size in 2020:||10.16 Billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||5.2%|
|2027 Value Projection:||14.45 Billion (USD)|
|Historical Data for:||2017 to 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||249|
|Segments covered:||Product, Speed, End-use Industries|
|Pitfalls & Challenges:|
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Piston motors segment is poised to account for above 50% of the hydraulic motors market share by 2027. Among the various hydraulic motors available in the market, piston motors are most widely used owing to their adaptability to varying loading conditions, high volumetric efficiency, and the ability to deliver high torque compared to gear and vane motors.
The axial piston motors are most favored by end-use industries for a wide range of applications, whereas radial piston motors are vastly preferred for applications requiring high torque. Radial motors usually cost more than axial motors due to their high precision manufacturing, which is a key factoring hampering the segment growth.
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The low-speed hydraulic motors market generated more than USD 3.5 billion revenue in 2020 and is predicted to showcase rapid growth through 2027. The cost-effectiveness of low-speed motors is boosting the segment demand. The preference for low-speed and high torque in applications, such as injection molding machines, cranes, ships, construction machinery, mining machinery, petrochemical, and metallurgical machinery, is bolstering the demand for such hydraulic motors.
Industrial end-use industry demand is likely to cross 9 million units by 2027. According to the World Bank, the manufacturing output worldwide surpassed USD 13 trillion in 2019, from over USD 12 trillion in 2015. Furthermore, according to the data of the United Nations Statistics Division, China is the manufacturing powerhouse and registered about 28.4% of the global manufacturing output in 2018 followed by the U.S. and Japan.
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Asia Pacific is set to dominate the hydraulic motors market size with around USD 6 billion by 2027. The immense construction spending in the region is one of the key growth enabling factors. For instance, Asia registered an expenditure of nearly USD 4.5 trillion in 2020, which was nearly half of the global construction spending.
Key manufacturers are actively engaged in several strategic initiatives in order to scoop more market share and improve business profitability. For instance, in January 2020, Danfoss Group entered into an agreement with Eaton Corporation to acquire its hydraulic business. This is expected to reinforce its core business and will render the company a key player in industrial and mobile hydraulic motor applications.
Some of the major hydraulic motors market players include Eaton Corporation plc, M+S Hydraulic Plc, Italgroup S.r.l., SAI S.p.a, Taizhou Eternal Hydraulic Machine Co., Ltd., Bosch Rexroth Corporation, Rotary Power, HYDRO LEDUC, Kawasaki Heavy Industries, Ltd., Maha Hydraulics, Poclain Hydraulics, Vivoil Oleodinamica Vivolo s.r.l., VBC Hydraulics, VELJAN, Permco, Inc., Danfoss Group, Bezares, Maxma, and Parker Hannifin Corporation, among others.
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Market, by Product
Market, by Speed
Market, by End-use Industry
The above information is provided on a regional and country basis for the following: