Global Fluid Power Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global Fluid Power Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • August 2021 •
  • 194 pages •
  • Report ID: 6134972 •
  • Format: PDF
The global hydraulic equipment market was valued at USD 39,170.2 million in 2020. It is expected to reach a value of USD 52,958.3 million by 2026, registering a CAGR of 5.2% over the forecast period 2021 – 2026. The global pneumatic equipment market was valued at USD 14,716.2 million in 2020. It is expected to reach the value of USD 21,518.2 million by 2026, registering a CAGR of 6.6% over the forecast period 2021 – 2026. The National Fluid Power Association has detailed the impact of the pandemic on companies varying, with few of them being greatly hit while others being able to show resilience. In addition to economic decline and lockdown challenges, the market studied has seen the rise of customization as a key trend in hydraulic equipment dealing with heavy-load material handling regarding the COVID-19 pandemic.

Vendors highly stress the regular maintenance of hydraulic equipment to avoid high costs of repair and replacement. Furthermore, the maintenance ensures the reduction of downtime for operations as cleaning and checking the equipment can be a matter of minutes, replacement an event of hours whereas complete repair could suffer productivity by a more extended period of time.
Anticipating the potential of great demand in North America, several vendors are indulging in exhaustive marketing campaigns that can back the sales of the hydraulic equipment division. For instance, Bosch Rexroth has scheduled a Connected Hydraulics Roadshow in September 2021 to showcase its range of Rexroth industrial hydraulics technology with plans of visiting facilities and plants across the region.
The advent of automation in manufacturing processes in several end-user verticals, including, Food Processing and Packaging, Automotive, Material Handling and Assembly and Chemicals/Plastics/Oil have directly impacted the adoption of pneumatic equipment. Further, the evolution of labor-saving devices, automatic machinery, and automatic-control systems directed to an increase in the use of pneumatics.
The trend of adopting pneumatic equipment for various operations is facilitated by the need of high energy efficiency that is offered by these equipment. Furthermore, companies are focusing on offering flexibility in terms of design of the pneumatic equipment. For instance, pneumatic actuators are sized to the application considering the necessary force, pressure, and mechanical limitations through online sizing software and cylinder configuration tools.

Key Market Trends

Valves Holds a Significant Share in the Market

Pneumatic valves include mechanical valves, manual valves, solenoid-piloted, air piloted, and vacuum-piloted. Pneumatic systems that considerably depend on the force of compressed air to transmit power are substantially found in several industrial applications, from pneumatically operated power tools to diesel engines, thus, driving its usage in multiple applications.
Pressure relief valves generally control pressure present at their inlet port by exhausting pressure to the atmosphere. Relief valves are typically utilized only in receivers or air storage devices, such as accumulators to prevent excessive pressurization. Also, other pneumatic systems are valves to control flow. Pneumatic directional valves are offered in multiple styles, sizes, and configurations, which allows free flow in one direction and preventing flow in the reverse direction.
Industry 4.0 is being driven by advancements in automation technologies, which are resulting in rapid growth in the usage of smart valves to gain better control over operation and safety. Furthermore, rising water demand, together with an increase in population, has resulted in greater water consumption per capita over time, despite decreased water supply.
Market growth is likely to be influenced by increased investments in new facilities in the oil and gas, steel, power, chemical, and petrochemical industries, as well as the expanding acceptance of international safety standards and practices. The Asia-Pacific region has been witnessing an increase in oil and gas capacity in recent years. In the region, four new refineries have opened, adding around 750,000 barrels per day.

North America to Witness Moderate Growth

In oil and gas, hydraulic systems use fluid pressure to power a pump. That is done by pumping fluids downhole using a triplex pump designed for extremely high pressure, usually between approximately 2,000 and 5,000 psi. In general, hydraulic lifts have higher production volumes than mechanical lift pumps. According to EIA, it is expected that US consumption of natural gas will average 82.5 billion cubic feet per day (Bcf/d) in 2021 and 83.8 Bcf/d in 2022. With increasing consumption, the market caters to potential growth.
Cattle and calves, corn, and soybeans are the top three US farm products. Agriculture and its related industries provide 10.9% of US employment, and in 2020, there were just over two million farms in the United States (source: US Department of Agriculture).
According to the US Department of Energy, compressed air systems use 10% of total power and around 16% of total motor system energy in US manufacturing businesses. It further states that compressed air systems are used in 70% of all manufacturing plants in the United States. The majority of these systems deliver compressed air to power a range of equipment in a given plant, such as machine tools, painting booths, material separation, and materials handling.
Furthermore, the new FDA guidelines in the United States were enacted as part of the Food Safety Modernization Act, which requires strict disinfection and hygiene requirements. As a result, suppliers and packagers will be compelled to meet their needs for proper equipment cleaning. Pneumatic equipment is cleaner than hydraulic and other mechanical equipment, allowing it to be used in a variety of applications in the food processing industry. Such laws enable the region’s market to flourish rapidly.

Competitive Landscape

The global fluid power equipment market is moderately consolidated, with a few major companies like Bosch-Rexroth AG, Danfoss AS, Eaton Corporation, Festo AG, SMC Corporation, Emerson Electric Co., Schlumberger Limited are some players. The companies are continuously investing in making strategic partnerships and product developments to gain more market share. Some of the recent developments in the market are:

May 2021 - Bosch Rexroth launched a fast and power-dense Hägglunds Atom hydraulic motor. The Hägglunds Atom replaces the existing Hägglunds CAb, delivering not only more revolutions per minute but also more powerful than motors of similar size. The result is a tiny, power-dense package that is ideal for mobile, marine, and recycling applications.
June 2021 - Eaton acquired Cobham Mission Systems. Cobham is a manufacturer of air-to-air refueling systems, environmental systems, and actuation, primarily for the defense market. This acquisition will help to expand Eaton Aerospace’s fuel systems offerings, and other defense related offerings.

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