According to the report published by Allied Market Research, the global hydraulic power market generated $ number of different components and accessories, hydraulic power is mainly used to invigilate the performance of a hydraulic 13.7billion in 2021, and is projected to reach $24.1billion by 2031, witnessing a CAGR of 5.8% from 2022 to 2031.
A package containing a system. Hydraulic power has several applications in machinery equipment, presses, electronic numerical rheostat, and in different construction kitsincludinghoists, fork lifts, pounders, and bulldozers among others. It constitutes the main component of hydraulic systems and brings forthhuge amount of power, which can operate hydraulic rams by properly monitoring and meting out energy from a highly coercedliquid solutions.
The major driving factors of the hydraulic power market includesurge in number of industrial activities and rise in automation in industrial processes. On the other hand, availability of cost-effective sources of power transfer impedes the growth to some extent. However, extensive applications of hydraulic power for agricultural products and increase in defense expenditure are expected to create lucrative opportunities in the industry.
The global implementation of lockdowns and strict social distancing measures had a sheer negative impact on the hydraulic power market. Closure of the majority of manufacturing facilities and decrease in utilization of power in the industrial facilities affected the market growth. Moreover, the there was a sharp decline in demand for solar related equipment owing to the shutdown of industrial units.
By operating pressure, the 2000-3000 PSI segment accounted for the major market share in 2021, accounting for nearly half of the global market, and is projected to retain its dominancethroughout the forecast period. The 0-750 PSI segment, however, is anticipated to showcase the fastest CAGR of 6.7% from 2022 to 2031.
By component, the auxiliary component segment garnered the highest market share in 2021, generating nearly half of the global market. The control segment, however, is projected to display the fastest CAGR of 6.3% throughout the forecast period.
By region, the market across North America contributed to the major market share in 2021, garnering nearly two-fifths of the global market. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 6.5% during the forecast period. The other provinces covered through the report include Europe and LAMEA.
KEY FINDINGS OF STUDY
- Based on operating pressure, the 2000-3000 PSI segment held the major share in 2021, and is projected to retain the lion’s share throughout the forecast period.
- Based on component, the control segment is expected to cite the fastest CAGR of 6.3% during the forecast period.
- By application, the simulation and testing segment would showcase the fastest CAGR of 7.6% from 2022 to 2031.
- Region wise, North America generated the highest revenue share in 2021. However, Asia-Pacific would display the fastest CAGR of 6.5% throughout the forecast period.