Hydraulic Intensifier Market Trends

Growth Drivers

• Increasing Demand for Renewable Energy Sources- Hydraulic intensifiers are utilized in hydraulic power generating systems, and demand for them is rising as clean and renewable energy sources gain more attention. As a result, the proportion of renewable energy in the world's electrical generation increased from 27% in 2019 to 29% in 2020. For instance, the use of hydraulic intensifiers in hydropower generation increases energy conversion efficiency and lowers the cost of producing energy. According to research, hydropower systems produced more than 4400 TWh of electricity worldwide in 2020.

• Requirement for Increased Industry Safety- In many different industries' safety systems, such as mining and construction, hydraulic intensifiers are employed. The market for hydraulic intensifiers is predicted to develop as a result of the growing emphasis on workplace safety and the resulting need for hydraulic intensifiers in safety systems. Each year, there are about 160 million cases of work-related illnesses and 340 million occupational accidents worldwide.

• Increasing Need for Accuracy in Manufacturing- Enhanced accuracy and precision are achieved by the use of hydraulic intensifiers in manufacturing processes, which raises output and efficiency. The market is anticipated to increase as a result of the rising need for hydraulic intensifiers due to the growing need for precision in manufacturing. Worldwide, precision machining has fundamentally altered how organizations and sectors operate. It currently controls 70% of the world's machining business, an astonishing statistic mostly attributable to the many benefits it provides.

• Technological Developments in Hydraulic Intensifiers- Technological developments in hydraulic intensifiers have produced high-performing, energy-efficient devices that are also more dependable and long-lasting. The need for hydraulic intensifiers is rising across a range of sectors due to these technological improvements.

Challenges

• High Initial Cost- Due to their high initial costs, which can make it difficult for some enterprises to invest in them, hydraulic intensifiers may be a barrier to market expansion. Furthermore, routine upkeep and repairs are necessary for hydraulic intensifiers to guarantee peak performance. Businesses may incur higher total operational costs as a result of this.

• Complexity of installation and maintenance may cause hindrance to the growth of the market.

• It is predicted that supply chain disruptions brought on by the COVID outbreak will impede market expansion.