In terms of revenue, the Global Hydraulic Power Unit Market is expected to reach USD 9.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.1% from 2022 to 2028.
The increasing construction and rising production capacities of oil fields, along with increasing stress on the agricultural industry, are some major factors driving the Global Hydraulic Power Unit Market. In addition, the market has experienced a massive expansion in the past decades because of the adoption of hydraulic machinery. The Hydraulic Power Unit is an essential component of the hydraulic system as it can make a significant quantum of power to start, mostly any hydraulic ram type. In addition, this market contains applications such as construction equipment, aerospace test equipment, automation systems, machine tools, meat processing machinery, mobile equipment, material handling equipment, and rolling mill machinery. And they are also applied in agricultural implements, oil exploration, oil spill clean-up equipment, paper mill equipment, industrial process, marine equipment, and theatrical & production equipment. With intensifying demand for all such machinery, the global industry of Hydraulic Power Unit is expected to propel in the coming years.
Key Highlights from Report
· Based on the Operating Pressure Rating, the 0-750 PSI segment is anticipated to dominate the Hydraulic Power Unit Market with the largest market share in the forecast period.
· By Application, the Mobile segment accounted for the highest CAGR in the forecast period. This growth is attributed to the surge in demand for efficient and portable Hydraulic Power Unit.
· Geographically, Asia Pacific held the highest market revenue and is likely to be the most profitable market during the forecast period. This surge is because of this region's growing demand for renewable energy sources such as solar and wind.
The increased usage of the Hydraulic Power Unit, which is competent for generating massive power to drive about any hydraulic arm among different industries, acts as the main factor driving the Global Hydraulic Power Unit Market growth. Moreover, an increase in the demand for equipment and machinery in which Hydraulic Power Units are utilized to start or stop and accelerate or decelerate on a button will fuel Hydraulic Power Unit industry. In addition, the high adoption of huge-weight machinery among several manufacturing industries for different applications is another factor predictable to stimulate the market size as the Hydraulic Power Unit plays a vital role in the functioning of this machine despite speed changes. This will likely fuel the demand and boost the market.
The Hydraulic Power Unit Market garners extensive increases from other factors such as rapid industrialization, the rising construction activities worldwide, and the mounting oil and gas market. Furthermore, raising awareness of low maintenance prices related to the Hydraulic Power Unit and their industrial applications like hydraulic motor operations, filling accumulators for backup power or shock absorption, cylinder lifting and lowering functions, actuating multiple hydraulic pilot-operated valves individually or simultaneously, and lubricating procedures of gearboxes, valves, cylinders are some other aspects anticipated to develop the worldwide Hydraulic Power Unit Market growth. Also, the Increased expenses on automation technology for automotive and defense industries can create growth prospects for the participants in this market.
On the other hand, escalating demand for alternative power systems like electromechanical and electric drives with cheaper, more efficient, and shorter lead times are some factors that can obstruct the growth of this market.
Asia Pacific Hydraulic Power Unit Market is expected to view significant market growth with the highest CAGR in the coming years. The region’s market growth can be attributable to the increasing industrialization among numerous countries such as China, Japan, and India. With its rapid industrialization and expansion in manufacturing and construction sectors, the Asia Pacific market is anticipated to fuel over the forecast period. Furthermore, China significantly contributes to this regional market and has the maximum number of under-construction coal-powered plants. The construction of such plants is estimated will boost the market’s growth in the next few years. Pulau Muara Besar Refinery & Petrochemical Complex in China is one of the primary refineries in the region, with a 14 million tons per annum capacity, which is projected to get done by 2022. Moreover, the increase in housing developments, many upcoming infrastructure projects, and the rising demand for high agricultural output are expected to fuel the market development in Asia Pacific.
The Global Hydraulic Power Unit Market is Segmented as follows
- Operating Pressure Rating
- 0-750 PSI
- 750-2000 PSI
- 2000-3000 PSI
- >3000 PSI
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Hydraulic Power Unit Market is
Brevini Fluid Power S.P.A (Italy), Bosch Rexroth AG (Germany), Nachi-Fujikoshi Corporation (Japan), Weber Hydraulik GmbH (Germany), Parker Hannifin Corporation (US), Hydac International GmbH (Germany), Eaton Corporation (Ireland), Hydro-tek Co Ltd. (South Korea), Bailey International LLC (US)
The Global Hydraulic Power Unit Market Scope can be Tabulated as below
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|