Newark, Sept. 29, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global hydraulic tools market is expected to grow from USD 1.79 billion in 2021 to USD 2.89 billion by 2030, at a CAGR of 5.50% during the forecast period 2022-2030.
Fast industrialization and growth in petrochemical & industrial manufacturing activities push the development of the global hydraulic tools market. Additionally, increased cost and routine maintenance restrict growth to some extent. The rise in construction and mining industries is anticipated to create lucrative prospects. Hydraulic systems have advantages over electrical, mechanical, and pneumatic systems. They transfer power by using the force of an incompressible fluid, usually oil, within a locked system and they are used widely in various industries.
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To enhance their market position in the global hydraulic tools market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In December 2021: Caterpillar launched its latest excavators, the 323 GX and 320 GX, in South America, Africa, & the Middle East, and Asia. As per OEM (Original equipment manufacturer), the latest excavators have "classic Cat D Series quality" and modern advancements like a high-performance hydraulic system and controls. They are planned to satisfy different consumer needs, which include low cost-per-ton operation, maximum productivity, less fuel consumption, and lower maintenance prices., The 323 GX and 320 GX are up to 15% more fuel efficient.
Market Growth & Trends
The construction sector and fast industrialization worldwide represent vital elements pushing the market. Additionally, the rising need for material handling equipment in marine, automotive, oil and gas, and railway industries is boosting the market's development. Similarly, there is a growth in the integration of electronics with hydraulic cylinders to improve functionality, accuracy, and controlled performance. The technological developments in tools and machinery used in the core construction of the infrastructure industry push the demand for hydraulic tools globally. Further, significant manufacturers in the hydraulic ecosystem are constantly investing in (R&D) research and development activities to boost hydraulic equipment and present better solutions to customers. Also, the steps taken for the rising employment of hydraulic tools in the agriculture industry for growing crops and livestock management are expected to support the market growth.
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• In 2021, the hydraulic cylinder and jack segment dominated the market with the largest market share of 25% and market revenue of 0.44 billion.
The type segment is divided into hydraulic rescue tool, tension and torque tools, hydraulic cylinder and jack, and others. In 2021, the hydraulic cylinder and jack segment dominated the market with the largest market share of 25% and market revenue of 0.44 billion. Hydraulic cylinders and hydraulic jacks are certified with excellent quality and dimensional accuracy.
• In 2021, the offline segment dominated the market with the largest market share of 56% and market revenue of 1.0 billion.
The distribution channels segment is divided into online and offline. In 2021, the offline segment dominated the market with the largest market share of 56% and market revenue of 1.0 billion.
• In 2021, the industrial manufacturing segment dominated the market with the largest market share of 17.2% and market revenue of 0.30 billion.
The end user segment is divided into railway, gas, and petrochemical, industrial manufacturing, electric utility, oil, and others. In 2021, the industrial manufacturing segment dominated the market with the largest market share of 17.2% and market revenue of 0.30 billion. Industrial manufacturing pushes the growth of the global hydraulic tools market. Industrial manufacturing depends on hydraulics. The industrial manufacturing hydraulics are utilized for functions like cutting, processing, fabricating, and packaging.
Regional Segment Analysis of the Hydraulic Tools Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global hydraulic tools market, with a market share of around 34.8% and 0.62 billion of the market revenue in 2021. The increasing adoption of advanced agricultural equipment, like automated equipment backed by promising government policies, is expected to boost the market growth of North American hydraulic tools. Moreover, strong growth in the other manufacturing industries in the region is further pushing the market growth.
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Key players operating in the global hydraulic tools market are:
• Textron Inc
• SPX Flow
• Shinn Fu
• Kudos Mechanical Co., Ltd
• IDEX Corporation
• HTL Worldwide Ltd
• Cembre Inc
• Atlas Copco AB
• Actuant Corporation
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global hydraulic tools market based on the below-mentioned segments:
Global Hydraulic Tools Type:
• Hydraulic Rescue Tool
• Tension and Torque Tools
• Hydraulic Cylinder and Jack
Global Hydraulic Tools Market by Distribution Channels:
Global Hydraulic Tools Market by End User:
• Gas And Petrochemical
• Industrial Manufacturing
• Electric Utility
About the report:
The global hydraulic tools market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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