LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global hydraulic accumulators market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Hydraulic Accumulators Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
“The global agricultural machinery market is expected to experience high growth due to mechanization and the focus by various governments to promote the use of agricultural machinery to compensate for the shortage of labor. Governments across the world offer subsidies on agricultural machinery to improve farm production,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
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The market research analysis categorizes the global hydraulic accumulators market into three major end-user segments. They are:
- Construction, mining, and material handling
- Agriculture and forestry
- Oil and gas
Construction, mining, and material handling
Hydraulic accumulators are used in excavators, loaders, earth movers, graders, dozers, dumpers, cranes, forklifts, and bulldozers. Many of the equipment are heavy industry application-based and hence, their use involves harsh terrain in different weather conditions and at different magnitudes. The growth in the construction sector will propel the demand for hydraulic accumulators. The main growth is witnessed in China, India, and the US. The material handling industry is also witnessing steady growth, with APAC emerging as the fastest growing region for this industry.
Agriculture and forestry
The increase in the demand for agricultural and forestry equipment will drive the demand for hydraulic accumulators. Precision farming and automation in machinery have become highly necessary to meet the demand for food and other produce more efficiently and to achieve economic and sustainable agriculture.
“Innovations and advances in technology help in boosting the demand for agricultural equipment. For instance, in 2016, CNH Industrial, a global leader in the manufacture of machinery and capital goods for agriculture and forestry, launched driverless tractors for agricultural applications to increase farm productivity. These advanced tractors utilize hydraulic accumulators for plowing or seed sowing purposes,” says Anju.
Land clearing by felling trees and clipping plants or trees and other debris for mulching requires hydraulic equipment. Bladder and diaphragm accumulators are most frequently used in forestry equipment, to clear land, especially in wet areas or sites with limited access.
Oil and gas
The oil and gas industry has been exhibiting a volatile business environment, with fluctuations in the price of crude oil. Therefore, to counter the fallout of the declining crude oil prices, the exploration and production sector had to resort to strategies involving the cutting down of CAPEX and reducing OPEX and headcount. Therefore, the slowdown in the oil and gas industry is expected to have a negative impact on the global hydraulic accumulators market.
The top vendors highlighted by Technavio’s heavy industry market research analysts in this report are:
- Bosch Rexroth
- Eaton
- Freudenberg Sealing Technologies
- Parker Hannifin
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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