Hydraulic Power Unit Market size is poised to reach USD 13 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of hydraulic power units was USD 7 Billion. HPUs are essential components in industrial automation and manufacturing processes. As industries continue to automate their operations for increased efficiency and precision, the demand for HPUs to power hydraulic machinery and equipment used in these processes increases.
Hydraulic systems are integral to modern agricultural machinery, including tractors, combines, and sprayers. As agriculture becomes more mechanized and technologically advanced, the demand for these machines and the HPUs that power them increases. Hydraulic systems provide the power needed to raise, lower, and move heavy components of agricultural machinery. This allows for more precise control over farming operations, allowing for greater efficiency and productivity on the farm.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~ USD 7 Billion |
|
Forecast Year Market Size (2035) |
~ USD 13 Billion |
|
Regional Scope |
|
Component (Power, control, and auxiliary)
The auxiliary segment is estimated to hold 48% share of the global hydraulic power unit market in the year 2035. Auxiliary components, such as hydraulic valves, pumps, and other components, are widely used in hydraulic power units. This is due to the increased demand for reliable and efficient hydraulic power units, which require auxiliary components to perform correctly. Additionally, the development of advanced technologies such as intelligent hydraulic valves and pumps has further increased the demand for auxiliary components in the hydraulic power unit market.
Pressure Rating (0-750 PSI, 750-2000 PSI, 2000-3000 PSI, >3000 PSI)
Hydraulic power unit market from the 2000-3000 PSI segment is estimated to gain a significant share of about ~46% in the year 2035. High-pressure hydraulic power units (HPUs) are often used in industries that require heavy machinery operations, such as mining, construction, and marine operations. High-pressure pumps are preferred for their ability to generate greater force for a smaller size, making them ideal for these applications. Additionally, they are more efficient than their low-pressure counterparts, meaning they can generate more force for less energy.
Our in-depth analysis of the global market includes the following segments:
|
Component |
|
|
Pressure Rating |
|
|
Application |
|
APAC Market Forecast
Asia Pacific hydraulic power unit market is anticipated to hold the largest with a share of about ~39% by the end of 2035. The market growth in the region is also expected on account of the increasing demand for energy, the growing population, and the presence of emerging economies that are rapidly adopting advanced technologies. The region is also expected to benefit from the increasing investment in infrastructure and the development of smart cities. For instance, in the budget 2022 23 the Indian government decided to allocate 35.4% of funds, toward infrastructure development. This increase raised the expenditure from INR 5.54 trillion in the fiscal year (FY 2021 2022) to INR 7.50 trillion in the upcoming fiscal year (FY 2022 23). As a result, the demand for Hydraulic Power Units is expected to rise. This is because these units are used in many infrastructure projects, such as bridge construction and road building.
North American Market Analysis
The North America hydraulic power unit market is estimated to be the second largest, registering a share of about ~29% by the end of 2035. The market’s expansion can be attributed majorly to the growing demand for industrial automation in the region, as well as the increasing number of construction activities in the region. With automation, businesses are looking to increase efficiency and reduce manual labor. Hydraulic power units allow businesses to automate processes that would otherwise require manual labor, such as lifting and moving heavy objects. Additionally, the presence of key industry players in the region and the increasing use of hydraulic power units in the automotive and aerospace sectors are also expected to drive the market.
Author Credits: Payel Roy, Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?