The flourishing industrial sector across the world is one of the leading factors driving the demand for hydraulic power units, reports Transparency Market Research in a new study. The report is titled, “Hydraulic Power Unit Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The report presents a comprehensive overview of the prevalent trends in the global hydraulic power unit market along with the factors driving and restraining the growth of the market. It tracks the growth of the global hydraulic power unit market with reference to the various segments, regions, and companies in the market. The study provides a description of the strategies of the leading players and the share and development trajectory of the segments. It also states that owing to the demand for machinery and equipment in which hydraulic power units are installed, the global hydraulic power units market has witnessed considerable growth over the last couple of years.
According to the report, the rise in building and construction activities across the world has led to a substantial increase in the demand for equipment which have hydraulic power units deployed in them.. As a result of this, the demand for high-end hydraulic power units has also increased. The rising disposable income of consumers is impelling them to raise their standard of living. The rise in per capita income of consumers and high standard of living are likely to positively impact construction activities across the world, therefore boosting the demand for hydraulic power units.
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The report states that the robust industrialization in many emerging economies is likely to lift the deployment of heavy hydraulic machinery and equipment. Moreover, burgeoning expenditure on defense systems and shift towards automation in various industries are further expected to provide profitable opportunities to companies to capitalize on. The growing demand for agricultural products has impelled farmers to deploy heavy farming machinery in farms. This is anticipated to lift the sales of hydraulic power units globally.
However, availability of inexpensive substitutes such as electric drives and electro-mechanical units with decreased lead times are likely to challenge the growth of the global hydraulic power unit market in the upcoming years. Product failures due to low quality components are also likely to restrain the installation of hydraulic power units in heavy machinery.
The report segments the global hydraulic power unit market on the basis of applications, type, technology, and regional markets. Geographically, the global hydraulic power unit market is segmented into the Middle East and Africa, Asia Pacific, Eastern and Western Europe, Latin America, and North America. North America is expected to retain a lead with Asia Pacific witnessing strong growth until 2024 in the global hydraulic power unit market. The leading players operating in the global hydraulic power unit market are Bosch Rexroth AG, HYDAC International GmbH, Parker Hannifin Corporation, WEBER-HYDRAULIK GmbH, Nachi-Fujikoshi Corporation, and Brevini Fluid Power.
