The global mobile hydraulic equipment market research (2017-2023) by Frost & Sullivan analyzes the competitive landscape, technical, and economic trends, and the key markets that are contributing to the growth of the global mobile hydraulics industry.
This study offers readers a comprehensive view of the regional markets and segments it by product type and end-user industry. This helps the reader understand the market from a technological as well as an application perspective. In terms of product type, the market is segmented into pumps, motors, valves, cylinders, transmissions, accumulators and filters, and others (hoses, fittings, tubes, couplings, and so on). The mobile hydraulic equipment market has been segmented into various end-user industries such as construction, agriculture, material handling, oil and gas, aerospace and defense, mining, and others.
Market Overview: Mobile Hydraulic Equipment Market, Global, 2017-2023
Hydraulic systems have been the power transmission system of choice for mobile applications across a number of industries. The off-highway vehicle sectors such as construction and agriculture have historically been the largest users of mobile hydraulic equipment and will continue to be so in the future. The material handling vertical follows these segments as the next biggest user of mobile hydraulic equipment. The power density advantages offered by hydraulic equipment are unmatched by alternative technologies such as electric and pneumatic solutions. However, the pace of innovation in hydraulics has lagged that of electric solutions in recent years. While hydraulic solutions have witnessed minimal progress in increasing their energy efficiencies; electric solutions, which offer greater energy efficiency, have progressively been improving their power ratings, rendering them suitable for a growing range of applications, especially in the material handling and aerospace sector. However, equipment used in the off-highway vehicle sectors tend to operate in remote areas and the limitations in battery technology, lack of sufficient charging infrastructure, and high purchase costs continue to restrict the threat posed by electric solutions in these sectors. The continuous need to reduce fuel economy and emissions is also expected to drive the adoption of hybrid solutions in these sectors. As electric-hybrids are plagued with the same issues as electric equipment, albeit to a lesser extent, hydraulic accumulators are increasingly being used as an energy-storage solution. This hydraulic hybridization of the off-highway vehicle sector is expected to be a long-term trend in the industry.
The oil and gas and mining sectors are also major users of hydraulic equipment. The severe downturn endured by these sectors through 2015 and 2016 resulted in an increased focus on cost control. However, the recovery witnessed in these sectors in 2017 is expected to continue over the forecast period. While these sectors are expected to continue to focus on cost control, the increased cash flow from rising oil and commodity prices combined with rising demand is expected to drive hydraulic equipment adoption in these sectors. While the increased passenger traffic and demand for additional passenger aircraft are expected to drive aerospace industry, increasing focus on electric actuation is expected to restrict the growth of hydraulic equipment in this sector.
This research service breaks down the global market into four geographic regions. Within each region, this research service analyzes and forecasts the growth of mobile hydraulic equipment in each end-user vertical. Forecasts for the individual product segments such as pumps, motors, valves, and so on are also provided for each region. While EMEA is the largest regional market for mobile hydraulic equipment, North America and Asia-Pacific are expected to post the strongest growth over the forecast period. This study also discusses in detail the major economic and technological drivers and their regional impacts over the forecast period. This research service also highlights some of the upcoming growth opportunities in this market and suggests strategic imperatives for the market participants.
With strong regional contributions, the global mobile hydraulic equipment market, which has shaken off the effects of the oil and gas and mining downturns, is expected to post strong and stable growth over the forecast period. Watch this space for a detailed report soon.
