DUBLIN--(BUSINESS WIRE)--The "Global Mobile Hydraulic Equipment Market, Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Renewed investments in infrastructure, focus on energy efficiency, and increased penetration of smart solutions are set to drive long-term market growth.
North America, home to the largest economy in the world, recovered from the oil and gas and mining downturn to post strong growth in 2017. The renewed business optimism and replacement of aging infrastructure are expected to drive growth in the off-highway vehicle sectors. Recovery in the oil and gas sector is also expected to continue, as rising oil demand and higher oil prices are expected to increase capital investments in the upstream oil and gas sector because US oil output is set to continue its meteoric rise.
Similarly, Asia-Pacific, which is home to the two fastest-growing major economies in the world, is another key growth engine for this market due to the rising wealth in the region and the growth of the manufacturing sector. The Chinese Government's One Belt One Road policy is expected to continue to spur investments in infrastructure and logistics, driving growth in the construction and material handling sectors.
However, commoditization of the product increases the price pressure, affecting the profit margins of market participants, especially in the face of increased competition from low-cost manufacturers.
On the other hand, increased focus on energy-efficient products is expected to sustain market growth, especially in developed markets such as North America and Europe. This is also complemented by the increasing penetration of smart solutions across key end-user sectors, which is expected to supplement the demand for mobile hydraulic equipment over the forecast period and mitigate the threat posed by competing technologies (e.g., electric equipment).
While increased focus on total cost of ownership and reduced energy consumption are expected to result in increased substitution of hydraulic equipment with electric systems in some sectors, especially for lower power applications; the high cost of electric equipment, practical limitations in remote environments, and sufficient inertia in traditional industries are expected to slow down this trend.
This research service analyzes the global mobile hydraulic equipment market in detail from 2014 to 2023, with the base year of the study as 2017. This study examines the various product segments, end-user industries, and market shares, and offers a competitive analysis of the global market participants. Regional analyses are provided for North America, Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC), and the Rest of the World (ROW).
This study examines the key growth drivers, restraints, product segments, and end-user industries in each region, and provides forecasts by end-user industry, product segments, and individual regions. In addition, this study also highlights future growth opportunities, and the strategic imperatives that need to be undertaken by market participants, in order to capitalize on these growth opportunities. This research service also includes a CEO's 360 degree perspective.
For more information about this report visit https://www.researchandmarkets.com/research/kdl424/global_mobile?w=4