Hydraulics Market

Market Leaders - Hydraulics Market

The global hydraulics market size is expected to grow from USD 41.2 billion in 2022 to USD 49.7 billion by 2027, at a CAGR of 3.8%. The growth in the need for material handling equipment across industries, rapidly growing demand for advanced agriculture machinery, and growing necessity for construction equipment are the key factors driving the hydraulics market.

The key players operating in the hydraulics market include the major players which operates in different stages in the entire value chain of hydraulics; these players are Bosch Rexroth (Germany), Danfoss (Denmark), and Parker-Hannifin Corporation (US). For staying competitive in the market and to increase their footprint in the global market, these players have adopted various types of strategies including increasing investments in R&D (research & development) and new product launches, increasing number of acquisitions, mergers, partnerships, and strategic alliances, and planned geographic expansions etc.

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Bosch Rexrothís extensive technical experience in both mobile and industrial hydraulics helps the company to expand its market share. Robust technological and engineering capabilities in the hydraulics ecosystem provide the company with a competitive advantage. For the mobile and industrial sectors, the company offers advanced hydraulics solutions such as connected hydraulics, which will leverage the power and intelligence of Bosch Rexrothís advanced hydraulics technology, to break through limits and set new benchmarks for functionality, performance, and lifetime. The companyís revenue consistently grew from FY20 to FY21, owing to the strong demand from both mobile and industrial applications. It has leveraged its R&D investments in developing advanced hydraulics solutions. This has helped the company strengthen its market position in high-growth, niche opportunities. Bosch Rexroth has a sophisticated distribution network globally and is focusing on the strategy of expansion by upgrading its facility in Xiían (China). Further, the company has recently acquired all shares in Hytec Holdings (Pty.) Ltd., to strengthen its footprint in Africa.

Danfoss is one of the leading companies in the hydraulics market in Europe. The company focuses on expanding its product portfolio and improving its offerings to meet the needs of its customers across various end-user industries. This would also help the company to maximize its revenues by targeting latent opportunities in these markets. Danfoss offers a wide range of products and services for the mobile hydraulics market. The company is a world-class provider of mobile hydraulics, especially for the agriculture, construction, and other off-highway vehicle markets. Its advanced hydraulic systems deliver the machine performance that ensures road builders can meet their deadlines. Additionally, with over 50 years of experience in the field of industrial hydraulics, the company has an in-depth understanding of the industry challenges, which helps the company constantly develop its products to meet current market requirements. The company has leveraged its R&D investments in developing advanced hydraulics solutions. The company consistently increased its R&D from FY19 to FY21 (USD 305 million to USD 371 million). This has helped the company strengthen its market position in high-growth niche segments. Increased focus on acquisitions would help the company in market expansion and gaining expertise in innovative technologies. For instance, Danfoss recently acquired Eatonís hydraulics business to strengthen its core business and increase its global footprint, as Eatonís hydraulics business is a prominent segment with a large customer base.

Parker-Hannifin Corp has operations in all the major regions, including the Americas, Europe, Asia Pacific, the Middle East, and Africa. The company has an extensive distribution network across the world, enabling it to strengthen its leadership position in the hydraulics market. Parker is one of the leading diversified manufacturers of hydraulic technologies and systems worldwide, providing precision-engineered solutions for a wide variety of mobile, industrial, and aerospace markets. Parker is one of the leading diversified manufacturers of hydraulic components and systems worldwide. The company continuously researches the feasibility of new products and services through its development laboratories and testing facilities in many of its worldwide manufacturing locations. Parker intends to expand its business operations through product launches and developments. It focuses on product launches to expand its product portfolio and meet its clientsí requirements. For instance, Parker-Hannifin Corporationís Hydraulic Pump and Power Systems (HPS) Division launched a new online configuration tool for its Gold Cup Pump and Motor Series with support for an additional product series planned in the future. Parker is taking various strategic initiatives to drive growth. Parker-Hannifin acquired LORD, a provider of a broad array of advanced adhesives, coatings, and specialty materials, as well as vibration and motion control technologies. LORDís products are used in mission-critical applications in the aerospace, automotive, and industrial markets. This will further strengthen the companyís position in the engineered materials market.

Related Reports:

Hydraulics Market by Components (Motors, Pumps, Cylinders, Valves, Filters, Accumulators, Transmissions), Type (Mobile Hydraulics, Industrial Hydraulics), End User (Construction, Agriculture, Material Handling), Sensors & Region - Global Forecast to 2027

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Report Code
SE 7800
RI Published ON
6/24/2022
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