The global hydraulic market was valued at USD 41.2 billion in 2022 and is anticipated to grow at a CAGR of 3.2% from 2022 to 2030. The global hydraulic market is expected to reach USD 54.7 billion by 2030. The main factors propelling the market's growth are the rising demand for material handling equipment, expanding construction activity, rising demand for cutting-edge agricultural equipment, and growing adoption of hydraulic equipment by various industries. 

Market Introduction:

Hydraulic pressure is the force delivered by the controlled circulation of pressured fluid, primarily water-soluble oil or a water-glycol mixture, to a motor that transforms it into a mechanical output capable of working on a load. Hydraulics are frequently used for moving components of automated systems that lift large materials. An airplane's landing gear uses several hydraulic cylinders to position the wheels and support the aircraft's landing. A hydraulic shock absorber, steering, jacks, lifts, breaks, airplanes, and heavy machinery are a few examples of hydraulics. Motors, pumps, valves, filters, accumulators, cylinders, transmissions, and other parts are included in hydraulics. Some notable hydraulics applications include automobile power steering, airplane landing gear, front-end loaders, packaging machinery, the bottle-filling industry, artificial hearts, logic control systems, and robotic material handling. Hydraulic system parts are typically purple. Blue and yellow are the typical hues for hydraulic lines. Using fluids under pressure to generate, control, and transmit power increases the demand for material handling equipment. A fluid motor produces a torque that results in rotary motions, whereas a fluid cylinder produces a force that results in linear motion. The constraints limiting market expansion are high production and maintenance costs and rising worries about oil leaks. Oil leakage in hydraulic cylinders is caused by several variables, including improper connections and fittings and environmental variables like vibrations, shocks, and temperature changes.

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Market Dynamics:

Drivers

• Increasing demand for hydraulic in industries

Demand for various hydraulic systems is continually rising as the modern industry requires faster speeds and more efficiency at higher working pressures and temperatures. Lubrication, energy transmission, and heat removal from machine parts are all tasks that hydraulic oils carry out. The growth of industrial sector will further accelerate the growth rate of the hydraulic market. Additionally, the improved quality of hydraulic fluids will contribute to an increase in market value. The base oils in Groups II and III are also appropriate for lubricant formulations for automatic transmission engines, heavy-duty vehicles, and passenger cars. Their different qualities are anticipated to support the market's expansion.

Restraints:

• Replacement of hydraulic equipment

Hydraulic equipment is being gradually replaced with electromechanical technologies.  For instance, when the cost of ancillary hydraulic equipment is considered, an electromechanical system is less expensive than a hydraulic system. Additionally, because there is less chance of a leak, these systems need minimal upkeep and repair. Furthermore, electromechanical devices only require electricity when the load is being moved. In contrast, hydraulic systems must maintain operational fluid pressure levels to retain the position while holding the load, which might slow down how quickly they respond to operator inputs. This constrains the market for hydraulic equipment.

Opportunities:

• The surge in the need for energy-efficient hydraulic equipment

The main issue is the energy consumption of hydraulic equipment, which drives up the overall cost of buying and running industrial facilities and gear. Due to the high pressure in hydraulic equipment, a large amount of energy is used, which raises energy prices. Energy-efficient hydraulic equipment is used to reduce additional costs. Additionally, several recent developments in hydraulic technology have raised its effectiveness. For instance, variable speed pump drives minimize pressure-holding losses during pauses and partial load operation in plastics processing equipment.

Challenges:

• High cost

It is anticipated that the switch to synthetic hydraulic fluid and the increase in the cost of synthetic and bio-based hydraulic fluid will restrain the growth of the hydraulic oil market over the forecast period.

Segmentation Analysis:

The global hydraulic market has been segmented based on component, product type, end-user, and region.

• The component segment is divided into motors, cylinders, pumps, valves, accumulators, filters, transmission, and others. The cylinders segment dominated the market, with a market share of around 17% in 2021. When managing enormous loads, modern cylinders increase the stability of hydraulic equipment. For instance, Komatsu introduced the PC2000-11 hydraulic excavator in September 2019 with enhanced hydraulic cylinders and larger carrier rollers. The machine can withstand the harshest abrasive applications. Such product introductions that make use of hydraulic cylinders promote market expansion on a global scale.
• The product type segment is divided into mobile hydraulics and industrial hydraulics. Over the forecast period, the industrial hydraulics segment is expected to grow at the fastest CAGR of 4.7%. Several industries, including packaging, food and beverage, rubber, paper, printing, plastic, and press, use industrial hydraulic equipment. For instance, hydraulic press machines are used in sheet metal press factories to form the sheets into the necessary shapes utilizing dyes. In addition, aerial maintenance platforms, hydraulic stackers, floor cranes, and drum lifters & tilters are just a few examples of the hydraulic machinery utilized in the material handling sectors to move stuff from one place to another.
• The end-user segment is divided into agriculture, aerospace, automotive, construction, material handling, marine, metal & machinery manufacturing, mining, oil & gas, and other applications. In 2021, the construction segment accounted for the largest share of the market, with 12% and market revenue of 4.9 billion. To lower operating costs and boost productivity, manufacturers are delivering better solutions and different excavators for different needs. For instance, Doosan Infracore introduced the innovative Doosan Machine Guidance system for excavators in September 2018. The excavator's boom, bucket, main body, and working arm are all equipped with four sensors that the machine navigation system uses to collect real-time data on the operator's job progress. As a result, better excavators contribute to more significant work efficiency, which is anticipated to push the market for hydraulic equipment throughout the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia-Pacific emerged as the largest market for the global hydraulic market, with a 34.9% share of the market revenue in 2022.

Due to a large population base in countries like China and India, the hydraulic equipment market in the Asia-Pacific region is growing at the fastest rate. The demand for hydraulic equipment is further increased by the brisk growth of the manufacturing, building, mining, agricultural, and transportation sectors. Manufacturers have established manufacturing facilities in response to the rising demand in the region. Key players have taken different developmental tactics to strengthen their position in the industry. For instance, to fulfill the increasing request for valves, manifolds, and integrated packages, Sun Hydraulics began building on its new plant in Incheon, Korea, in October 2017.

North America is expected to be the fastest-growing region. Over the past few years, North America's food and beverage, pharmaceutical, and FMCG businesses have experienced rapid growth. The demand for hydraulic-operated filling and packing machines has increased due to FMCG product demand, new manufacturing facilities, and the expansion of existing companies. When filling bags and sacks, the food and beverage industry uses conveyors powered by hydraulic motors. In addition, firms like Liebherr, Hitachi, and Caterpillar introduced new hydraulic-operated cranes, dozers, tractors, and tree cutters to meet the growing demand for advanced equipment in the construction, mining, and agricultural industries.

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List of Key Market Players:

• Chevron Corporation
• S-OIL CORPORATION
• Motiva Enterprises LLC
• SK innovation Co., Ltd.
• AVISTA OIL Deutschland GmbH
• Calumet Specialty Products Partners, L.P.
• Petroliam Nasional Berhad (PETRONAS)
• Exxon Mobil Corporation
• PetroChina Company Limited
• Saudi Aramco
• Abu Dhabi National Oil Company (ADNOC)
• PT Pertamina (Persero)
• Phillips 66 Company

Key Target Audience

• Market Players
• Investors
• End-Users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Report Description:

• Global Hydraulic Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
• 2021 is considered the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global hydraulic market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions, and countries catering to the global hydraulic market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
• The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of Hydraulic based on component, product type, end-user, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
• The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global hydraulic market. This offers vital and in-depth insights to depict the overall market scenario.
• The report offers a detailed study for the company profiles of key organizations operating in the global hydraulic market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
• The report provides an elaborative assessment of porter’s five forces analysis coupled with SWOT analysis to provide business-related data and information. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influence the company's growth and development to sustain and survive in the long run.
• Along with that, the report also focuses on the market-related driving factors, growth limitations (restraints), potential industry opportunities, significant trends, and development which act as a key potential for the investors.
• Potential growth prospects along with the penetration rate analysis of the product (market-related i.e., global hydraulic market) are covered to comprehend the adoption rate and evaluate the market size.