LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global hydraulic equipment market offers an up-to-date analysis of the market concerning the current market scenario, latest trends and drivers, and the overall global environment. The report also provides predictions for the forecast period based on an in-depth analysis of the market.
Technavio’s latest report on the global hydraulic equipment market predicts a CAGR of over 3% for the market during the forecast period, 2018-2022. A major factor driving the growth of the market is the rise in building and construction activities. Construction activities have been growing around the world, particularly in emerging economies. One of the prominent growth sectors in the construction industry is the residential sector where several projects are being initiated. For instance, in 2015, the Government of India announced the Housing for All program, under which the government aims at providing affordable housing by 2022. Under this program, the government will provide tax rebates and interest waivers for home loans.
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In this report, the increasing penetration of digitization and IoT in hydraulic devices has been highlighted as one of the key emerging trends in the global hydraulic equipment market by Technavio analysts:
Increasing penetration of digitization and IoT in hydraulic devices
Though IoT applications usually hover around electric systems, IoT is also being used in fluid power systems. Hydraulic systems are increasingly adopting electronics for intelligent motion and sensors for collecting data. Manufacturers are also pushing toward digitization of hydraulic products, wherein they offer a broad portfolio of electro-hydraulics components and modules with digital interfaces and sensor intelligence. The use of new technology in hydraulic applications helps manufacturers in terms of intelligent design, configurability, and precision control for hydraulic systems. End-users can now monitor, configure, and maintain an entire machine from a single display interface.
“The integration of digital electronics with hydraulic systems provides one of the best solutions in the form of high power density and robustness of hydraulic systems and flexibility of modern control architecture. Moreover, such types of electro-hydraulic components can be easily integrated with conventional systems with just minor modifications. Similarly, IoT technology can be used for predicting hydraulic hose failure or connector leakage, which is one of the major issues with hydraulic systems,” says a senior analyst at Technavio for research on tools and components.
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Hydraulic equipment - segmentation analysis and forecast
This market research report segments the global hydraulic equipment market into the following applications (mobile and industrial) and key regions (the Americas, APAC, and EMEA).
Based on application, the mobile segment held the largest market share in 2017, accounting for nearly 65% of the market. This segment is expected to post steady growth during the forecast period.
The Americas held the highest share of the global hydraulic equipment market in 2017, accounting for a market share of more than 38%. This region is anticipated to dominate the global market throughout the forecast period.
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