Hydraulic Tools Market Size By Product Type (Cylinders, Motors, Pumps, Valves, Filters & Accumulators, and Transmission), By End-user (Material Handling, Aerospace & Defense, Construction, Agriculture, Machine Tools, Oil & Gas, and Others), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below-mentioned segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the hydraulic tools market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the hydraulic tools treatment market are present across various countries in the above-mentioned regions. Oil Gear Pump
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, end-user, and others. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Hydraulic Tools market are Taizhou Eternal Hydraulic Machine Co., Ltd., Poclain Hydraulics, Bosch Rexroth Corporation, Rotary Power, VELJAN, HYDRO LEDUC, Eaton Corporation plc, M+S Hydraulic Plc, Italgroup S.r.l., SAI S.p.a, Kawasaki Heavy Industries, Ltd., Maha Hydraulics, Vivoil Oleodinamica Vivolo s.r.l., VBC Hydraulics, Permco, Inc., Danfoss Group, Bezares, Maxma, and Parker Hannifin Corporation, among others. To achieve a substantial market share in the worldwide Hydraulic Tools market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Hydraulic machinery is propelled by pressurised fluid using powerful devices referred to as hydraulic tools. Hydraulic tubes carry the fluid to the actuator of the tool, where the fluid's built-up pressure is transferred to the machine's moving parts. A pumping device then forces the fluid under pressure once more. Hydraulic tools may be used in a variety of settings since they are durable, portable, and versatile. Numerous hydraulic tools can be coupled to a hydraulic power unit or the hydraulic system of a larger piece of machinery. Tools come in a variety of forms, including jacks, cylinders, crimpers, spreaders, cutters, splitters, breakers, drivers, torque wrenches, punches, drills, saws, and other apparatuses. The The daily operations in a variety of industrial settings are supported by hydraulic power tools, which are adaptable instruments. Hydraulic tools are used in a variety of industries, including construction, utilities, transportation, and railroads, for daily maintenance and other duties. By minimizing the time and physical effort personnel must use to complete a task, hydraulic tools improve the efficiency of various processes. Hydraulic tools are frequently used for tasks including building and maintaining roads and highways, erecting barriers and fences, fastening street signs to metal posts, driving construction cranes to help move big, heavy objects, tunneling, and mining.
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Scope of Hydraulic Tools Market Report
By Product Type, By End-User, Region
North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Taizhou Eternal Hydraulic Machine Co., Ltd., Poclain Hydraulics, Bosch Rexroth Corporation, Rotary Power, VELJAN, HYDRO LEDUC, Eaton Corporation plc, M+S Hydraulic Plc, Italgroup S.r.l., SAI S.p.a, Kawasaki Heavy Industries, Ltd., Maha Hydraulics, Vivoil Oleodinamica Vivolo s.r.l., VBC Hydraulics, Permco, Inc., Danfoss Group, Bezares, Maxma, and Parker Hannifin Corporation, among others
The cylinder segment is expected to be the fastest-growing segment in 2021.
The product type segment is cylinders, motors, pumps, valves, filters & accumulators, and transmission. During the forecast period, the cylinders segment is anticipated to grow at the fastest rate. Hydraulic cylinders are widely used in a number of industries, including material handling, building and infrastructure, marine, and earthmoving, which is driving the industry's growth. Double-acting hydraulic cylinders are used in large engines including ship motors, steam engines, industrial furnaces, earthmoving machines, and other construction machinery. Due to the increase in product demand in the aforementioned applications, it is estimated that the demand for double-acting hydraulic cylinders would increase over the forecast years.
Construction is expected to be the fastest-growing segment in 2021.
The end-user includes material handling, aerospace & defense, construction, agriculture, machine tools, oil & gas, and others. The construction segment is expected to witness the highest CAGR during the forecast period. Hydraulics' introduction to the construction sector has considerably increased productivity, enabling more work to be completed in less time. The equipment was able to move in a range of directions and be precisely controlled thanks to the study of hydraulics. The use of hydraulic equipment is a crucial component of the contemporary construction industry, and as technology develops further, its significance will grow.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Hydraulic Tools include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region witnessed a major share. Tier 1 businesses with reliable hydraulic equipment, established alliances, and wide-ranging distribution networks predominate in the North American hydraulic equipment industry. However, with tailored offers for particular industry sectors, small, specialist competitors might increase their market share. Additionally, the region's oil and gas sector are expanding quickly, which increases the demand for hydraulic machinery. The US Energy Information Administration projects that by December 2022, dry natural gas production will have increased from a daily average of 95.1 billion cubic feet in October 2021 to 97.5 billion cubic feet.
Germany's Hydraulic Tools market size was valued at USD 2.62 billion in 2021 and is expected to reach USD 3.26 billion by 2029, at a CAGR of 2.8% from 2022 to 2029. The massive expansion of the aerospace and military sectors, along with Germany's high level of vehicle production, had a significant impact on the country's hydraulic equipment market. According to the Aerospace and Defense Industries Association of Europe, the European aerospace and defense industry generated about $291.7 billion in revenue in 2019. (ASD). This has led to the use of hydraulic equipment including nose wheel steering, thrust reversers, primary flying controls, flap/slat drives, emergency hydraulic-driven electrical generators, rudders, landing gear, and spoilers.
China Hydraulic Tools’ market size was valued at USD 4.98 billion in 2021 and is expected to reach USD 6.60 billion by 2029, at a CAGR of 3.6% from 2022 to 2029. China, the second-largest economy and top producer of hydraulic power machinery and parts accounts for 30.6% of the worldwide market in terms of scale, just less than the US (32%), and significantly more than other industrialized nations like Japan and Germany.
India's Hydraulic Tools market size was valued at USD 3.73 billion in 2021 and is expected to reach USD 4.72 billion by 2029, at a CAGR of 3% from 2022 to 2029. The Indian economy depends heavily on the building industry. The government places a strong emphasis on the sector because it is crucial to driving India's overall growth and because it can help ensure that the nation develops world-class infrastructure on schedule. Despite the setbacks in India's construction industry, there is hope for the future because of the initiatives and procedures being developed to support major projects.
Covid-19 had a major impact on almost all industries, such as healthcare, automation, chemical, semiconductors, automobiles, etc. However, several companies operating in the food and beverage sector have seen increased revenue due to significant changes in consumer preferences toward healthy and fresh products. In addition, the pandemic has led to significant growth in chemicals across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the development and advancement in the construction industry.
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