Due to the burgeoning requirement for material handling equipment and the surging usage of hydraulic systems in several industries, the global hydraulic equipment market is expanding rapidly. Besides these, the rise in underwater exploration activities is also fueling the sales of hydraulic equipment. As a result, the market reached a revenue of $37 billion in 2020. Furthermore, according to the forecast of P&S Intelligence, a market research company based in India, the market will register rapid growth between 2021 and 2030 (forecast period).
Additionally, the increasing construction activities, especially in the developing countries, are also propelling the demand for hydraulic equipment. The governments of several emerging economies are making huge investments in the construction of civic infrastructure, offices, and apartments, thereby driving the demand for construction equipment including hydraulic systems. For example, the Indian government announced in 2020 that it intends to improve the infrastructure in the country by constructing roads. For this, the government aims to invest INR 15 lakh crore over the next two years.
Moreover, the surging population, especially in the urban areas, is driving the requirement for housing, which is, in turn, pushing up the demand for hydraulic equipment. Apart from the increasing urbanization rate, the rising industrialization rate is also fueling the growth of the hydraulic equipment market. Many companies are rapidly setting up their manufacturing facilities in the Asia-Pacific (APAC) countries, on account of the presence of a well-established supply chain and relaxed environmental protection laws in the region.
Globally, the APAC region dominated the hydraulic equipment market in 2020, and it is expected to grow massively in the upcoming years as well. This will be because of the surging requirement for agricultural and construction equipment, on account of the rising urbanization and industrialization rates, respectively, in the region. The mushrooming population and the soaring investments being made in infrastructural development projects are fueling the rapid urbanization and industrialization rates in the region.
Hence, it can be safely said that the market will grow substantially in the coming years, because of the increasing construction activities and rising requirement for hydraulic equipment in the farming sector.
