Yahoo Finance Fluid Power Equipment Global Market Report 2022: Ukraine-Russia War Impact
Major players in the fluid power equipment market are Bosch Rexroth AG, Crane Holdings, Parker Hannifin Corporation, Kawasaki Heavy Industries Ltd, Bucher Hydraulics GmbH, Daikin Industries Ltd, Fluid-Power Equipment Inc, Sparrows Offshore Group Limited, Fluid Systems Inc, Hydac GmbH, Hawe Hydraulik SE, Moog Inc, Casappa S.
New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fluid Power Equipment Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06370321/?utm_source=GNW
p.A, Circor International, Flowserve Corporation, Graco Inc, Christian Bürkert GmbH and Co, Dover Corporation, Alfa Laval, Colfax Ltd, and Applied Fluid Power.
The global fluid power equipment market is expected to grow from $ 25.62 billion in 2021 to $ 28.14 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The fluid power equipment market is expected to reach $ 36.52 billion in 2026 at a CAGR of 6.7%.
The fluid power equipment market consists of sales of fluid power equipment by entities (organizations, sole traders, and partnerships) that are used to control, generate, and transmit power.Fluid power equipment refers to industrial machinery or components that use fluids such as liquids or gases to transmit power from one location to another.
They can produce high pressure and high force in compact volumes that can be monitored within a system by meters and gauges. These are used to push, lift, rotate, pull, or grip almost any load.
The main types of fluid power equipment are hydraulic and pneumatic hydraulics.Pneumatic hydraulics are fluid power equipment that involves the power transmitted by the controlled circulation of a pressurized fluid, typically a water-soluble oil or water–glycol mixture, to a motor, which converts it into a mechanical output capable of performing work on a load.
The different product types include pumps, motors, valves, cylinders, filters, accumulators, and others that are used in various applications such as construction, automotive, oil and gas, food processing, packaging, semiconductors, and others.
Asia Pacific was the largest region in the field power equipment market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the fluid power equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in demand from the food and beverage industry is significantly contributing to the growth of the fluid power equipment market going forward.The food and beverage industry includes companies that are involved in the processing, packaging, and distribution of food materials and alcoholic and non-alcoholic beverages.
Fluid power equipment is used in the food and beverage industry for processing, moving ingredients, and final packaging. For instance, according to Common Thread Collective, a US-based e-commerce growth agency, in 2020, there was a 51.6% year-over-year (YoY) increase in online purchasing of food and a 39.3% year-over-year (YoY) increase in purchasing beverages. Therefore, an increase in demand from the food and beverage industries is driving the growth of the fluid power equipment market.
Strategic partnerships and collaborations are the key trends gaining popularity in the fluid power equipment market.Major companies operating in the fluid power equipment sector are focused on partnerships with other companies to increase product portfolio and lead the market.
For instance, in June 2022, Bosch Rexroth, a Germany-based engineering firm that provides hydraulic products partnered with AGILOX to open up the market for autonomous mobile robots.This partnership aimed to combine strong products and scale the global presence.
AGILOX is an Austria-based automation company. Similarly, in February 2022, Parker Hannifin Corporation, a US-based motion technologies company that develops hydraulic pumps and power systems partnered with Cummins Inc. to add connected engine solutions with Parker’s Mobile IoT platform. This partnership enables customers to receive real-time alerts and access diagnostic messages for Parker components and Cummins engines in a single dashboard. Cummins Inc. is a US-based company that manufactures filtration, engines, and power generation products.
In August 2021, Danfoss, a Denmark-based engineering company, acquired Eaton’s hydraulics business for a deal amount of $ 3.3 billion. Through this acquisition, Danfoss Group aimed to expand its presence in the mobile and industrial hydraulics sectors and increase its innovation capacity in fluid power hydraulics worldwide. Eaton is an Ireland-based power management company that produces fuel-efficient systems and power chain management tools and components.
The countries covered in the fluid power equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The fluid power equipment market research report is one of a series of new reports that provides fluid power equipment market statistics, including fluid power equipment industry global market size, regional shares, competitors with a fluid power equipment market share, detailed fluid power equipment market segments, market trends and opportunities, and any further data you may need to thrive in the fluid power equipment industry. This fluid power equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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