LONDON--(BUSINESS WIRE)--The new hydraulic accumulators market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing machine tools market,” says a senior analyst for industrials at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments. As the markets recover Technavio expects the hydraulic accumulators market size to grow by USD 1.33 billion during the period 2020-2024".
Hydraulic Accumulators Market Segment Highlights for 2020
- The hydraulic accumulators market is expected to post a year-over-year growth rate of 4.64%.
- Based on the end-user, the construction, mining and material handling segment led the market in 2019. Factors such as the rapid growth of the construction sector and the high use of hydraulic accumulators in the heavy-industry are the main factors contributing to the growth of the segment.
- The market growth in the segment will be significant during the forecast period.
- 38% of the growth will originate from the APAC region.
- The increasing demand from the automotive, construction, machine tools, and shipbuilding industries will significantly drive hydraulic accumulators market growth in APAC during the forecast period.
- China, India, and Japan are the key markets for hydraulic accumulators in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The hydraulic accumulators market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The hydraulic accumulators market is segmented by end-user (construction, mining and material handling, agriculture and forestry, oil and gas, and others) and geography (North America, APAC, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Eaton Corporation Plc, Freudenberg FST GmbH, HAWE Hydraulik SE, HYDAC Verwaltung GmbH, Nippon Accumulator Co. Ltd., NOK Corp., Parker Hannifin Corp., PMC Hydraulics Group AB, Robert Bosch GmbH, and Roth Industries GmbH & Co. KG
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