Hydraulic Power Unit Market is Expected to Expand at an Impressive Rate by 2024
Global Hydraulic Power Unit Market: Overview
A hydraulic power unit (HPU) is one of the main driving components of a hydraulic system and is used to control, transmit, and distribute energy from a pressurized liquid. Hydraulic power units are mostly used in applications that need systematic and heavy lifting or operations that require the repeated use of a powerful, directional force. HPUs are made up of several vital elements, such as hydraulic pumps, hydraulic motors, and accumulators. They also include accessories such as tubes, valves, regulators, filters, and instruments that help regulate the performance of hydraulic power units.
HPUs are used in a number of mobile, industrial, and several medium-duty or intermittent applications, including rolling mill machinery, construction equipment, paper mill machinery, aerospace test equipment, government and military, material handling, theatrical and production equipment, automation, oil spill clean-up equipment, agricultural equipment, mobile equipment, industrial processes, meat processing machinery, machine tools, oilfields, and marine equipment.
The global market for hydraulic power units has been examined in detail by a team of expert analysts and researchers with the aim of guiding clients in their quest for success and profitability in this growing market. The various applications, end-users, and geographical markets have been assessed in detail, giving readers a 360-degree assessment of where the HPU market stands today and where it is headed in the coming years.
Global Hydraulic Power Unit Market: Key Trends and Competitive Landscape
The growing demand for equipment and machinery, in which hydraulic power units are used, is a key factor fueling the global HPU market. There has been a significant rise in building and construction activities across the globe owing to a positive global economic outlook and increasing consumer disposable incomes. Higher per capita income has resulted in the improved standards of living, thereby driving the sales and construction of homes. Rapid industrialization in several emerging economies has also contributed toward the expansion of the hydraulic power unit market substantially. Increasing automation in most industrial processes and mounting defense spending present impressive opportunities for firms to capitalize on.
Recognizing the immense potential of the HPU market, an increasing number of companies have been showing interest in this industry. Brevini Fluid Power S.p.A, Nachi-Fujikoshi Corporation, WEBER-HYDRAULIK GmbH, Parker Hannifin Corporation, HYDAC International GmbH, and Bosch Rexroth AG are some of the prominent players in the global hydraulic power unit market.
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Global Hydraulic Power Unit Market: Regional Outlook
The hydraulic power unit market has been segmented based on geography into Europe, Asia Pacific, North America, and Rest of the World. The RoW segment comprises regions such as Latin America, the Middle East, and Africa. Europe and North America have been significantly contributing toward the global HPU market growth. Although the market in North America is likely to continue its excellent performance throughout the forecast period, the market in Europe is anticipated to witness sluggish growth owing to the matured state of the construction industry in the region.
Keeping up with its trend of impressive growth over the past few years, the Asia Pacific hydraulic power unit market is likely to witness the fastest growth by 2024 owing to rapid industrial growth, an increase in construction activities, and higher industrial investments. The rise in housing developments, the growing demand for higher agricultural output, and several upcoming infrastructure projects are predicted to continue driving the HPU market in Asia Pacific.
In the past, Latin America and Africa have been enjoying a decent share in the global market due to the increasing applications of hydraulic power units in material handling, oilfield operations, and construction equipment. Over the course of the forecast period, the market in these regions is anticipated to witness healthy growth driven by the rising standards of living and a consequent demand for better housing facilities, a surge in oil exploration activities, and the increasing stress on agricultural outputs. The Middle East is also projected to positively contribute toward the growth of the hydraulic power unit market in the coming years owing to the rise in construction activities, spurred by ongoing and upcoming international events.
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