Industrial Hydraulic Equipment Market Analysis

Industrial Hydraulic Equipment Market Analysis

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Based on type, the market can be segmented into pumps, cylinders, motors, valves, and others. The pumps segment held over USD 18 billion in 2023 and expected to reach USD 25 billion by 2032. pumps are essential components in the construction industry, playing a crucial role in powering heavy machinery and equipment. From excavators and cranes to smaller equipment, these pumps have proven to be essential in the smooth operation of construction sites. With their durability, versatility, and high power-to-size ratio.
 

Based on end use industry, the industrial hydraulic equipment market is categorized into manufacturing, construction, forestry & agriculture, mining, oil & gas, marine, aerospace & aviation, and others. The industrial hydraulic equipment usage in manufacturing segment accounted for revenue of around USD 15 billion in 2023 and poised to cross USD 21 billion by 2032. The manufacturing industry relies heavily on hydraulic equipment. These tools use fluid power to generate, control, and transmit power to various machines and equipment used in the manufacturing process.
 

As per the US Department of Commerce, direct and indirect manufacturing accounts for 24.1 % of US GDP. As per the Manufacturers Organization, with a significant jump in output to USD 278 Billion (£224 billion), the UK has climbed from 9th to 8th place in the global manufacturing ranking. According to the National Bureau of Statistics, the value-added industrial output, an important economic indicator, went up 4.6 percent year on year in 2023.
 

As a result, it is anticipated that with the rise of manufacturing sector across the globe propelling the market growth during the forecast period.
 

Asia Pacific industrial hydraulic equipment market with revenue of around USD 19 billion in 2023 and set to surpass USD 27 billion by 2032. This growth can be attributed to the increasing industrialization and rapid growth of manufacturing industries in these countries like China, Japan, India, South Korea, and Australia have led to a high demand for industrial hydraulic equipment.
 

Moreover, the mining industry in the Asia Pacific region is also witnessing significant growth, leading to a rise in the demand for industrial hydraulic equipment market. With the increasing demand for natural resources, countries like China and India have ramped up their mining activities, creating a need for efficient and powerful hydraulic equipment for mining operations. As per the Canada’s Trade Commissioner Service, China has over 1,500 major mining operations within approximately 75% of all major Chinese mining operations are underground.
 

China's mining industry produces over USD 400 billion/year additionally China spends approximately USD 200 billion/year on mine supply and services. India is currently the second-biggest producer of coal in the world after China. As per the India’s Ministry of Coal, India is planning to expand production from its underground coal mining industry to 100 million tons by 2028 as the country strives to meet growing power demand.
 

As a result, the Asia Pacific market is poised for significant growth and is anticipated to grow over the forecast period, driven by various factors such as increasing industrialization and rapid growth of manufacturing industries.