Industrial Hydraulic Equipment Market Size - By Product Type (Pumps, Cylinder, Motors, Valves), End Use Industry (Manufacturing, Construction, Forestry & Agriculture, Mining, Oil & Gas, Marine, Aerospace & Aviation), Distribution Channel & Forecast, 2024 – 2032

Industrial Hydraulic Equipment Market Size - By Product Type (Pumps, Cylinder, Motors, Valves), End Use Industry (Manufacturing, Construction, Forestry & Agriculture, Mining, Oil & Gas, Marine, Aerospace & Aviation), Distribution Channel & Forecast, 2024 – 2032

Industrial Hydraulic Equipment Market Size

Industrial Hydraulic Equipment Market size was valued at USD 45 billion in 2023 and is anticipated to register a CAGR of 3.8% between 2024 and 2032. The primary factor driving this growth of industrial hydraulic equipment is the rapid rise in industrialization across various sectors. With the increasing demand for heavy machinery and equipment in industries such as construction, mining, agriculture, and manufacturing, the need for efficient and reliable hydraulic systems has also increased. This has led to the expansion of the market, which is expected to continue its upward trajectory during the forecast period.

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With the increasing demand for heavy machinery and equipment in industries such as construction, mining, agriculture, and manufacturing, the need for efficient and reliable hydraulic systems has also increased. This has led to the expansion of the industrial hydraulic equipment market, which is expected to continue its upward trajectory during the forecast period. As per the US Department of Commerce, direct and indirect manufacturing accounts for 24.1 % of US GDP.
 

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On the other hand, constant advancements in technology also have led to the development of more sophisticated and efficient hydraulic equipment. These advancements have significantly enhanced the performance and durability of hydraulic systems, making them an indispensable component in industrial operations.

One of the major challenges for industrial hydraulic equipment is the availability of alternative technologies, such as electric and pneumatic systems, which may hinder the industrial hydraulic equipment market growth. This shift towards electromechanical automation has posed a threat to the traditional hydraulic equipment market, as it offers more efficient and precise control over industrial processes. With the increasing use of automation and robotics in industries has also reduced the need for hydraulic equipment.

Additionally, the global economic slowdown and the ongoing trade tensions between major economies have also affected the demand for industrial hydraulic equipment. This has led to a decrease in the demand for hydraulic equipment, posing a threat to the growth of the market.

Industrial Hydraulic Equipment Market Trends

The increase of new technologies in hydraulics has elevated both quality and the efficiency of products. The automation of hydraulics is becoming increasingly integrated into multiple areas of manufacturing and heavy equipment. Hydraulic systems and various components prove their capabilities by being utilized in industries such as construction, agriculture, healthcare, food processing and the energy sector.

Intelligent control systems are the 4th industrial revolution of hydraulic technology. Artificial Intelligence is driving advanced control strategies and optimization from machine learning algorithms, which enable increased system performance, allowing systems to anticipate requirements and adapt to variable operating conditions.

Another trend in industrial hydraulics is the use of hybrid hydraulic systems. Hybrid hydraulic systems have become more prevalent to maximize performance and efficiency. They use electric and hydraulic technologies to operate hydraulic accumulators in storing and releasing energy to enhance electric power sources.
The introduction of IIOT technologies will continue to evolve in hydraulics providing digitalization, intelligent operating systems, energy conservation, hydraulic hybrids, miniaturization of components, the use of composite materials and advanced safety protocols.

Industrial Hydraulic Equipment Market Analysis

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Based on type, the market can be segmented into pumps, cylinders, motors, valves, and others. The pumps segment held over USD 18 billion in 2023 and expected to reach USD 25 billion by 2032. pumps are essential components in the construction industry, playing a crucial role in powering heavy machinery and equipment. From excavators and cranes to smaller equipment, these pumps have proven to be essential in the smooth operation of construction sites. With their durability, versatility, and high power-to-size ratio.

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Based on end use industry, the industrial hydraulic equipment market is categorized into manufacturing, construction, forestry & agriculture, mining, oil & gas, marine, aerospace & aviation, and others. The industrial hydraulic equipment usage in manufacturing segment accounted for revenue of around USD 15 billion in 2023 and poised to cross USD 21 billion by 2032. The manufacturing industry relies heavily on hydraulic equipment. These tools use fluid power to generate, control, and transmit power to various machines and equipment used in the manufacturing process.

As per the US Department of Commerce, direct and indirect manufacturing accounts for 24.1 % of US GDP. As per the Manufacturers Organization, with a significant jump in output to USD 278 Billion (£224 billion), the UK has climbed from 9th to 8th place in the global manufacturing ranking. According to the National Bureau of Statistics, the value-added industrial output, an important economic indicator, went up 4.6 percent year on year in 2023.

As a result, it is anticipated that with the rise of manufacturing sector across the globe propelling the market growth during the forecast period.

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Asia Pacific industrial hydraulic equipment market with revenue of around USD 19 billion in 2023 and set to surpass USD 27 billion by 2032. This growth can be attributed to the increasing industrialization and rapid growth of manufacturing industries in these countries like China, Japan, India, South Korea, and Australia have led to a high demand for industrial hydraulic equipment.

Moreover, the mining industry in the Asia Pacific region is also witnessing significant growth, leading to a rise in the demand for industrial hydraulic equipment market. With the increasing demand for natural resources, countries like China and India have ramped up their mining activities, creating a need for efficient and powerful hydraulic equipment for mining operations. As per the Canada’s Trade Commissioner Service, China has over 1,500 major mining operations within approximately 75% of all major Chinese mining operations are underground.

China's mining industry produces over USD 400 billion/year additionally China spends approximately USD 200 billion/year on mine supply and services. India is currently the second-biggest producer of coal in the world after China. As per the India’s Ministry of Coal, India is planning to expand production from its underground coal mining industry to 100 million tons by 2028 as the country strives to meet growing power demand.

As a result, the Asia Pacific market is poised for significant growth and is anticipated to grow over the forecast period, driven by various factors such as increasing industrialization and rapid growth of manufacturing industries.

Industrial Hydraulic Equipment Market Share

Key players involve in the industrial hydraulic equipment industry are Bosch Rexroth AG, Bucher Hydraulics GmbH, Caterpillar Inc., Komatsu Ltd., and Eaton Corporation plc accounting market share of around 25-30% in 2023. These manufacturers are constantly investing in research and development to come up with advanced technologies that can improve the efficiency of industrial hydraulic equipment. To stay competitive, manufacturers are also investing in their distribution networks and after-sales services. A strong distribution network ensures that their products reach a wider market, while efficient after-sales services help to build customer loyalty and satisfaction.

Industrial Hydraulic Equipment Market Companies

Major companies operating in the industrial hydraulic equipment industry include

• Bosch Rexroth AG
• Bucher Hydraulics GmbH
• Caterpillar Inc.
• Danfoss Group
• Eaton Corporation plc
• HAWE Hydraulic SE
• Hitachi Construction Machinery Co., Ltd.
• HYDAC International GmbH
• Kawasaki Heavy Industries, Ltd.
• KTI Hydraulics, Inc.
• Komatsu Ltd.
• KYB Corporation
• Liebherr International AG
• Mitsubishi Heavy Industries, Ltd.
• Parker Hannifin Corporation

Industrial Hydraulic Equipment Industry News

• In March 2024, Bucher Hydraulics, a provider of hydraulic solutions for the mobile and industrial markets, has recently launched an online model builder, created by CADENAS PART solutions. The tool provides on-demand product configuration and CAD downloads for Bucher's self-contained hydraulic powerpack system. This new capability enhances the online digital customer experience by enabling customers to instantly find, configure, and download product data for immediate use.
   
• In February 2024, Eaton Mobility Group is expanding its mobile power products portfolio with the introduction of the Bezares 3960, 2500 and 500 series power take off (PTO) units, as well as APSCO APV and APG series directional hydraulic control valves.
   
• In November 2023, The Danfoss introduced its new range of hydraulic components, electric and fluid conveyance components for use in agricultural equipment. It also featured its complete autonomy offering including its Autonomous Custom Engineering Services (ACES).
   
• In April 2023, Bosch Rexroth releases Hagglunds Quantum the new hydraulic motor range. Hagglunds Quantum hydraulic motors combine proven Hagglunds motor strengths such as high reliability with unique power density. With a maximum speed of more than 150 rpm and a maximum torque of more than 350 kNm, they offer a combination of torque and speed that is unique in the market.

The industrial hydraulic equipment market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD Billion) and volume (Thousand Units) from 2021 to 2032, for the following segments

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Market, By Product Type

• Pumps
• Cylinder
• Motors
• Valves
• Others (Accumulators, Filters, and Accessories)

Market, By End Use Industry

• Manufacturing
• Construction
• Forestry & Agriculture
• Mining
• Oil & Gas
• Marine
• Aerospace & Aviation
• Others (Defense, Power, etc.)

Market, By Distribution Channel

• Direct Sales
• Indirect Sales

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA