The fluid power equipment market was USD 43.9 billion in 2023, which will rise to USD 66.0 billion, advancing at a 6.1% compound annual growth rate, by 2030.
The growth of this industry is mainly because of the increasing need for water and wastewater treatment plants, and the continuous technological developments.
In 2023, hydraulic led the type category, with a revenue of USD 26.3 billion. This can be ascribed to the cost-effectiveness and high efficiency of this type, and its extensive adoption in oil & gas and construction applications.
The pneumatic category, on the other hand, will propel at a healthy rate during this decade. This is because these systems rely on compressed air pressure to send power and are extensively employed in numerous industrial applications.
Furthermore, pneumatic valves are available in different designs, sizes, and configurations, and thus, allow free flow in a single direction and avoid flow in the opposite direction.
In 2023, the construction category, based on end user, was the largest contributor to the fluid power equipment market, with a 25% share. This can be because of the high usefulness of these components in various applications like material demolition or handling in the construction sector.
The automotive category, on the other hand, is advancing at a tremendous rate, because of the increasing customer's disposable salary, along with the increasing standards of living, worldwide.
Motors is leading the component category. This can be because motor components provide great torque & power, and are extensively employed across various sectors, including agriculture, construction, and automotive.
Moreover, the developments in motor technologies enhance their performance and efficiency, and thus, are cost-effective solutions for businesses to utilize for different applications.
On the other hand, the valves category will advance at the highest rate during this decade. This is ascribed to the growing requirement for valves to track high pressure, which will boost the demand for valve components.
North America led the industry in 2023, with a 50% share. This can be attributed to the existence of greater infrastructure, coupled with the rising progression in R&D and manufacturing activities.
Moreover, the increasing count of initiatives implemented to guarantee the worker's safety in oil & gas and chemicals sectors further boost the regional industry growth.
APAC will propel at the highest rate, of 6.5%, in the coming years. This will be because of the surging urbanized populace along with the increasing requirement for energy, and the progression of the construction and automobile sectors in Japan, China, and India.
