Hydraulic Power Unit Market
Hydraulic Power Unit Market Global Industry Assessment & Forecast
- By Operating Pressure Rating 0-750 PSI, 750-2000 PSI, 2000-3000 PSI, >3000 PSI
- By Applications Mobile Applications, Industrial Applications, Other Applications
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 6.9 Billion|
|Revenue 2028:||USD 9.2 Billion|
|Revenue CAGR (2022 - 2028):||5.10%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
Global Hydraulic Power Unit Market is valued at USD 6.9 Billion in 2021 and is projected to reach a value of USD 9.2 Billion by 2028 at a CAGR of 5.10% over the forecast period.
The major reasons for the growth of the market are increasing demand from industrial and transportation sectors owing to the increasing usage of water resources and increase in infrastructure development and the growing need for renewable energy sources. The scope of the hydraulic power unit market includes products such as pumps, motors, control valves, and tanks. These products are used in a variety of applications such as construction, mining, agricultural, and industrial machinery. The increasing demand for energy-efficient and compact hydraulic power units is driving the growth of the hydraulic power unit market. The construction industry is the largest end-user of hydraulic power units, followed by the automotive industry. The construction industry is anticipated to grow at a significant rate owing to the increasing infrastructure development activities across the globe. Several key factors influence the hydraulic power unit market growth. Firstly, the rising demand for hybrid and electric vehicles is driving the market for hydraulic power units. Secondly, the increasing adoption of construction and agricultural machinery is also fuelling market growth. Thirdly, the rising demand for energy-efficient systems is another major factor that is driving the market growth. Lastly, government initiatives to promote the use of renewable energy sources are also expected to boost market growth in the coming years. With the rising demand for energy-efficient and eco-friendly power units, manufacturers are focused on developing new products that meet these requirements. The companies are focusing on developing innovative products and services that will address the needs of the market. For instance, GE is focusing on developing fuel-efficient engines and Mitsubishi Heavy Industries is focused on providing solutions for heavy construction projects.
HPUs are up to three times more efficient than gasoline engines and up to four times more efficient than diesel engines. This means that EVs powered by HPUs can travel further on a single charge than those powered by gasoline or diesel engines. According to estimates, global hybrid vehicle sales are expected to reach 8 million units by 2030, which will provide a boost to the hydraulic power unit market. In terms of value, the North American market is expected to reach USD 1.57 billion by 2025, while the European market is forecast to grow to USD 1.36 billion during the same period. One of the primary market restraints for hydraulic power units is the initial high cost associated with setting up the infrastructure required for its use. Additionally, once operational, there is a continuous cost for the energy required to power the system. This can be seen as a barrier to entry, particularly for small and medium-sized businesses. There are also environmental concerns associated with the use of hydraulic power units as they can leak oil and other fluids which can be damaging to ecosystems.
Key Benefits of Market Growth
Increased revenues: With more demand for hydraulic power units, manufacturers can increase prices and generate higher revenues. This is especially beneficial for shareholders as they see a direct return on their investment. More jobs: As the hydraulic power unit market grows, so does the demand for skilled workers. This provides employment opportunities for many people and helps to boost local economies. Improved products: With increased competition in the marketplace, manufacturers are under pressure to continuously improve their products. This leads to better quality products being available on the market, benefiting both consumers and businesses alike. Greater innovation: To stay ahead of the competition, manufacturers must constantly innovate and develop new technologies. This drives progress and helps to create new and improved products that benefit everyone involved in the hydraulic power unit market.
Hydraulic Power Unit Market Size, 2021 To 2028 (USD Billion)
Top Market Trends
In the current market scenario, the top trends for hydraulic power units are:
Increase in demand for miniaturization of hydraulic power units: This is due to the need for better space utilization and portability.
Wireless control – With wireless control, you can operate your hydraulic power unit from anywhere in the world. This is perfect for remote locations or for when you need to be able to operate your unit without being physically present.
Solar power – Solar power is a great way to keep your hydraulic power unit running even when there is no traditional power source available. This renewable energy source can be used to supplement or replace traditional forms of energy, making it a great choice for those who want to be more sustainable.
High capacity – Many new hydraulic power units have much higher capacities than older models, meaning that they can handle more weight and pressure. This increased capacity makes them perfect for heavy-duty applications where traditional units might struggle.
Modular design – Modular design means that different parts of the hydraulic power unit can be swapped out or replaced as needed. This allows for greater flexibility and customization, making it easier to find a unit that perfectly suits your needs.
Shift from traditional to renewable energy sources: This is being driven by the need to reduce environmental impact and move towards more sustainable practices. There is an increasing trend toward using solar and wind power for hydraulic power unit applications.
Development of smart technologies: This includes advances in sensor technology and data analytics which enables real-time monitoring and control of hydraulic power unit operations.
Increase in focus on safety and reliability: As hydraulic power units are used in critical applications, there is a need to ensure that they are safe and reliable. This has led to an increase in investment in research and development for new safety features.
The global hydraulic power unit market is segmented based on operating pressure rating, applications, and region. Based on operating pressure rating, the market is classified into 0-750 PSI, 750-2000 PSI, 2000-3000 PSI, and >3000 PSI. Based on applications, the hydraulic power unit market has been segmented into Mobile Applications, Industrial Applications, and Other Applications. Region-wise, the global amphibious excavator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on operating pressure rating
The market for 0-750 PSI is estimated to be worth US$2.2 billion during the forecast period, while the 750-2000 PSI segment is expected to grow at a CAGR of 7.5% during the forecast period. The market for 2000-3000 PSI is projected to grow at a rate of 9.1% during the same period. The 2000-3000 PSI operating pressure rating market is expected to grow at the fastest rate during the forecast period. This is due to the increasing demand for high-pressure hydraulic systems used in various industrial and commercial applications. Units with PSIs above 3000 are typically used for industrial processes and construction.
Based on applications
The mobile applications segment is also projected to grow at a high pace over the next few years due to growing demand for efficient and portable hydraulic power units. This growth is mainly driven by the increasing demand for smart mobility solutions, such as self-driving cars and trucks. The industrial applications segment is estimated to be the dominant market for the hydraulic power unit market, accounting for more than 60% of the overall market in 2021. This growth is attributed to the increasing demand for efficient hydraulic power units for various industrial applications such as mining, chemical manufacturing, and food processing. The major industries that are expected to benefit from the use of hydraulic power units are transportation and logistics, oil & gas exploration and production, and manufacturing.
Based on region
In North America, the market is projected to grow at a CAGR of 6.93% during the forecast period. This growth is attributed to the increasing installed capacity of hydrokinetic and hydropower plants in this region. The Europe region is projected to be the second-largest market for hydraulic power units after Asia Pacific, with a market size of USD 5.8 billion during this period. The growth in this region is attributed to the increasing demand for renewable energy sources, such as solar and wind, in this region. In Latin America, the market is projected to grow at a CAGR of 6.78% during the forecast period. The Middle East & Africa market is expected to be the smallest with a modest CAGR of 3%. However, there are few players in these regions, which is limiting their growth potential.
Competitive Landscape: The key players in the Global Hydraulic Power Unit market include- Brevini Fluid Power S.p.A, Bosch Rexroth AG, Nachi-Fujikoshi Corporation, Weber Hydraulik GmbH, Parker Hannifin Corporation, Hydac International GmbH, Eaton Corporation, Hydro-tek Co Ltd., Bailey International LLC and others.
Government initiatives such as the 2022 National Solar Mission of India and the China Junhong Energy Investment Corporation's (CJEC) planned investment of $35 billion in renewable energy will drive the growth of the hydraulic power unit market.
The key companies include GE, Siemens, and Hitachi. Some of these companies are also collaborating with government agencies to develop new policies and regulations that will support the growth of the hydraulic power unit market. One such policy is the US President’s Climate Action Plan, which calls for increasing renewable energy use by 40% by 2030. This increase in renewable energy usage is expected to drive the growth of the hydraulic power unit market.
In addition, government initiatives such as India’s Ujwal DISCOM Assurance Yojana (UDAY) are also supporting the growth of the market. The UDAY scheme provides financial assistance to private sector firms to invest in renewables such as hydro power.
The most significant advancement in hydraulic power unit technology is the development of variable speed drives (VSDs). VSDs allow the unit to operate at different speeds, which makes them more efficient and able to handle a wider range of loads.
Government initiatives that are expected to drive the growth of the hydraulic power unit market include introduction of GST in India, MOU between NTPC and IRFC for development of hydropower projects, and government's plan to invest $50 billion in renewable energy by the end of 2022.
Segmentation of the Global Hydraulic Power Unit Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
The global Hydraulic Power Unit valued at USD 6.9 Billion in 2020 and is expected to reach USD 9.2 Billion in 2028 growing at a CAGR of 5.10%.
The prominent players in the market are Brevini Fluid Power S.p.A, Bosch Rexroth AG, Nachi-Fujikoshi Corporation, Weber Hydraulik GmbH, Parker Hannifin Corporation, Hydac International GmbH, Eaton Corporation, Hydro-tek Co Ltd., Bailey International LLC.
The market is project to grow at a CAGR of 5.10% between 2021 and 2028.
The driving factors of the Hydraulic Power Unit include
- Incresased Spending in Industrial Activities
Asia Pacific was the leading regional segment of the Hydraulic Power Unit in 2020.