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The fluid power equipment can be defined as industrial equipment or components that use fluids (liquid or gas) to transmit power from one destination to another. These types of tools are majorly operated by using two methods called hydraulic and pneumatic. A hydraulic system uses fluids such as oil to transmit power, whereas a pneumatic system uses gas, usually compressed air, to transmit power. The liquid power equipment has few advantages over electrical and mechanical. The electrical and mechanical methods propel mechanical devices to convert rotational motion into linear motion, while fluid power systems can easily produce this motion using hydraulic or pneumatic cylinders.
Fluid power systems can produce high forces and high pressures in compact volumes, compared with electrically driven systems. The forces thus exerted can be monitored without much difficulty within a system by gauges and meters. In comparison to other systems that provide force through electricity or fuel, these tools are known to have long service lives with appropriate maintenance. The working fluid passing through a fluid motor inherently provides cooling of the motor, and these motors normally produce no sparks, which are a source of ignition or explosions in hazardous areas containing flammable vapors.
The global fluid power equipment market has been segmented based on type, application, equipment, and geography. Based on type, the market can be primarily bifurcated into hydraulic and pneumatic. The hydraulic segment is anticipated to lead the market during the forecast timeframe due to its high-pressure capability, compact dimensions, and increased volumetric efficiency.
Based on the application, the industry can be divided into construction, automotive, oil & gas, chemicals, aerospace & defence, metals & mining, food & beverage, medical equipment, and others. The construction application is projected to account for a significant share due to the higher utility and consumption of the fuel power equipment in this segment. Additionally, the oil & gas segment is set to witness considerable growth owing to rising hydrocarbon exploration & production activities across the globe.
Furthermore, based on components, the global fluid power equipment market has been segmented into motors, pumps, valves, cylinders, filters, actuators, and others. The motors sub-segment is expected to propel substantially owing to their efficient load-bearing capacity coupled with low heat generation and compact size. Indispensible need for various valves to regulate high pressures and bleed-off excessive pressures will augment the valve component demand.
Recent breakthroughs suggest that the energy efficiency and energy storage capabilities of these systems and minimizing the size of these systems and their associated components. The rapid increase in investments for the development of energy-efficient solutions is set to act as one of the key drivers. Moreover, the rising demand for construction equipment in the infrastructure projects is expected to create lucrative business opportunities for players operating in the global fluid power equipment market.
The increasing trade complications result in high costs associated with these systems and other such equipment. The main reason for the restriction of trade is the logistical problems incurred. Other factors restraining this market are complex functionality and high costs.
Key Market Driver -
Continuous investments in research & development activities
Key Market Restraint -
High capital costs coupled with trade limitations
Some of the major companies operating in the fluid power equipment market are Sparrows Group, Kawasaki, Bosch Rexroth, Eaton, Advanced Fluid Systems, Inc., Parker Hannifin, HYDAC Technology Ltd, Concentric, Applied Industrial Technologies, Casappa S.p.A, Daikin Industries, Ltd., Related Fluid Power Ltd, Bucher Hydraulics, and Moog Inc.
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The global fluid power equipment market has been segmented into five regions, including North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America. Asia Pacific fluid power systems industry size is predicted to gain significant growth during the forecast period as a result of the rapidly growing population coupled with increasing demand for energy. North America is also expected to hold a substantial market share owing to the increasing demand for modernization of existing infrastructure in countries like the united states and Canada. Furthermore, Europe is expected to grow at a significant rate owing to the rising requirement of efficient equipment across different industry verticals like automotive and aerospace & defence in various regional countries, including Germany and the United Kingdom.
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