Predicting hydraulic market trends in 2024

The hydraulic market is currently quite dynamic, as the demand for hydraulic equipment for industries is increasing. Let's discover and anticipate the trend of the hydraulic market this year with VHE!

1. Hydraulic market analysis

- According to the research report of Mordor Intelligence, the global hydraulics market size is predicted to reach USD 46,94 billion by 2024 and USD 56,07 billion by 2029, with growth at a rapid rate (CAGR) of 3.62% during the forecast period (2024 - 2029).

Market size of hydraulic industry

- Hydraulic equipment brings many benefits for its application in different industries. These fittings typically use the force created by a pressurized fluid, transmitting the force in the form of energy through the system to accomplish a variety of tasks and applications. Therefore, hydraulic tools are often used in heavy industrial applications such as oil and gas, industrial chemicals, mining technology, power plants and reactors, and the energy industry.

- The current challenge in the hydraulic equipment market is the fluctuation of maintenance expenses over the life of the equipment. Changes in the cost of raw materials such as stainless steel, iron ore, aluminum, carbon, and other metal alloys have caused fluctuations in the cost of hydraulic equipment placement, which in turn has led to differences between supply and demand.

2. The trend in the hydraulic equipment market

- The construction segment will expect tremendous growth as the introduction of hydraulics has improved productivity on the job. According to the MOSPI report, the growing construction industry is anticipated to increase demand for hydraulic cylinders during the forecast period.

- In addition, the North American market is expected to hold the largest market share. The demand for hydraulic equipment in the oil and gas industry is seeing strong growth as dry natural gas production in the United States has increased in 2022, averaging more than 100 billion ft³/s in October and November, exceeding the pre-pandemic monthly production record in 2029, according to Energy Agency (EIA) information.

3. An outstanding, fast - growing area in the hydraulic equipment market

- Asia Pacific is the region that is estimated to grow with the highest - speed CARG in the forecast period (2024 - 2029).

4. Leading supplier of hydraulic equipment market

- The competitive market among the suppliers is occurring dynamically and is expected to grow in the next period as suppliers apply purchasing strategies to gain market share. The main players in the leading hydraulic equipment market in SMC Group next are Hydac International Corporation, Bosch Rexroth Company, Danfoss Corporation, and finally Parker Hanifin Multinational Corporation.

Supplier of hydraulic equipment

Vina- Hydraulic Equipment Joint Stock Company

- Knowing the dynamic demand of the hydraulic market at present, the board of directors of VHE had a strategy with a vision when investing in the new warehouse, upgrading machinery and equipment, and giving many training courses to enhance skills for employees. More especially, the company continues to increase the number of hydraulic equipment and fittings available in the warehouse to prompt service to businesses and meet and solve all customer needs.

VHE hydraulic factory warehouse