DUBLIN, Nov. 6, 2023 /PRNewswire/ — The “Fluid Power Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global fluid power equipment market achieved a size of US$ 45.5 billion in 2022 and is projected to grow to US$ 69.9 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.26% during the period from 2023 to 2028, according to a recent market report.
Fluid power equipment harnesses the power of liquids or gases to perform various tasks and move heavy loads in industries such as packaging, mining, marine, medical, construction, aerospace, automation, robotics, and entertainment. It plays a crucial role in controlling direction, speed, force, and torque in industrial applications. Notably, the food and beverage (F&B) industry is increasingly adopting fluid power equipment for ingredient handling, processing, and packaging.
Fluid Power Equipment Market Trends:
Several key factors are driving the growth of the fluid power equipment market, including its application in wastewater treatment, the pursuit of energy-efficient solutions to reduce greenhouse gas emissions, and the global demand for energy imports. Additionally, ongoing technological advancements and innovations in fluid power equipment manufacturing are contributing to market expansion.
The adoption of smart valves for precise control and safety in the context of industry 4.0 is another significant trend. The market is also witnessing the introduction of user-friendly fluid products, creating opportunities for end-users and investors. Automation in factories to enhance precision, consistency, and operational efficiency is further fueling the demand for fluid power equipment worldwide.
Major market players are investing heavily in research and development (R&D) activities to boost their sales and profitability. Other growth drivers include increased vehicle production, rapid urbanization, and the expansion of multinational retail outlets.
Key Market Segmentation:
The report offers insights into crucial market segments based on product, component, end-user, and region.
Breakup by Product:
Hydraulics
Pneumatics
Others
Breakup by Component:
Pumps
Motors
Valves
Cylinder
Accumulators and Filters
Others
Breakup by End User:
Agricultural
Aerospace
Automotive
Construction
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the fluid power equipment market includes key players such as Bosch Rexroth AG (Robert Bosch GmbH), Bucher Industries AG, Daikin Industries Ltd., Eaton Corporation PLC, Fluid Power Equipment Inc., HAWE Hydraulik SE, HYDAC International GmbH, Hydraforce Inc., Kawasaki Heavy Industries Ltd., Nachi-Fujikoshi Corp., Parker-Hannifin Corporation, and Sparrows Offshore Group Limited.
Key Questions Answered in This Report:
What is the current size of the global fluid power equipment market?
What is the projected growth rate of the global fluid power equipment market from 2023 to 2028?
What are the main factors driving the global fluid power equipment market?
How has COVID-19 impacted the global fluid power equipment market?
What are the product-based and end-user-based segments of the global fluid power equipment market?
Which regions are the key markets for fluid power equipment?
Who are the major players/companies operating in the global fluid power equipment market?
For more information about this report visit https://www.researchandmarkets.com/r/vtvb6s
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SOURCE Research and Markets