The global fluid power market is estimated to reach US$57.26 billion in 2023, growing at a CAGR of 3.20% for the period spanning 2019-2023. The growth of the market has been driven by an upsurge in economic growth, expanding urbanization, development of industrial production, increasing construction activities and higher demand for automobiles. Some of the noteworthy trends of the market include rising mining activities, improving infrastructure, escalating demand for renewable energy and advancements in technological innovations. However, growth of the market would be challenged by expensive installation and maintenance and lack of trained manpower.
The global fluid power market is categorized on the basis of type and application. On the basis of type, the global fluid power market can broadly be divided as, Hydraulics and Pneumatics. Hydraulics market is further categorized into actuators, valves, pumps, assemblies and others, based on the components. In terms of application, the global market can be segmented into Mobile, Industrial and Aerospace.
The fastest growing regional market is Asia Pacific due to an upsurge in the economic growth, expanding urbanization in the region and rising emphasis on mobile applications of fluid power. North America represents second largest fluid power market and is already well-penetrated at developed market levels. Europe is third largest market where growth lies in rising requirement of fluid power equipment in the automotive industry, increasing construction activities and growing industrial production.
Scope of the report:
• The report provides a comprehensive analysis of the global fluid power market, segmented on the basis of type and application.
• The major regional markets (Asia Pacific, North America, Europe and Rest of the world) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (Bosch Group, Concentric AB, Parker-Hannifin Corporation, Bucher Hydraulics AG, Eaton Corporation Plc. and Danfoss) are also presented in detail.
Key Target Audience:
• Fluid Power Equipment Manufacturers
• Distributors, Dealers & Suppliers
• Raw Material Suppliers
• Investment Banks
• Government Bodies & Regulating Authorities.