The Global Hydraulic Power Unit Market Size collected USD 7.2 Billion in 2022 and is set to achieve a market size of USD 11.4 Billion in 2032 growing at a CAGR of 4.9% from 2023 to 2032.
Hydraulic Power Unit Market Report Statistics
A hydraulic power unit (HPU) is the main driving component of the hydraulic system. It is used to transmit, control, and distribute energy from a pressurized liquid. These hydraulic power units are utilized in applications that require systematic and heavy lifting or operations that need continuous use of a directional and powerful force.
Global Hydraulic Power Unit Market Dynamics
Hydraulic Power Unit Market Report Coverage
|Hydraulic Power Unit Market
|Hydraulic Power Unit Market Size 2022
|USD 7.2 Billion
|Hydraulic Power Unit Market Forecast 2032
|USD 11.4 Billion
|Hydraulic Power Unit Market CAGR During 2023 - 2032
|Hydraulic Power Unit Market Analysis Period
|2020 - 2032
|Hydraulic Power Unit Market Base Year
|Hydraulic Power Unit Market Forecast Data
|2023 - 2032
|By Component, By Operating Pressure Rating, By Application, By End-Use Industry, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Parker Hannifin Corporation; Bosch Rexroth AG; Brevini Fluid Power S.p.A; Nachi-Fujikoshi Corporation, Hydac International GmbH, Weber Hydraulik GmbH, Eaton Corporation, Hydro-tek Co Ltd., and Bailey International LLC.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis
Hydraulic Power Unit Market Growth Factors
Factors such as increasing population and high living standards in developing economies have led to a boost in energy and infrastructural demands. The growth of the manufacturing business has led to a boost in the hydraulic power unit market. Owing to the rise in construction activities, the demand for hydraulic power units (HPU) is high in developing economies such as China and Indonesia. The hydraulic power unit is used and installed in both industrial and mobile applications. The Middle East region also presents a potential market for hydraulic power units owing to construction activities in the region for various international events such as FIFA World Cup in Qatar in 2022 and World Expo in Dubai in 2020. In the present scenario, the mobile application dominates the market due to large and continuous increments in U.S. industrial and construction production activities. Industrial applications, such as the use of hydraulic power units in hydraulic presses, for stamping in the automotive industry, formation of solar panels, wind turbines, and others occur as the second largest market; thereby this application is expected to witness a slow growth rate during the forecast period.
Hydraulic Power Unit Market Segmentation
The worldwide market for hydraulic power unit is categorized based on component, operating pressure rating, application, end-use industry, and geography.
Hydraulic Power Unit Component Outlook
The hydraulic pumps and motors are the two most important components of a hydraulic power unit, according to the hydraulic power unit market forecast, as they are responsible for converting mechanical power into hydraulic power. As a result, these two components tend to dominate the hydraulic power unit market. However, depending on the application and industry, the market share of each component can vary. Hydraulic motors, for example, may be more important than pumps in applications requiring high speed and precision. Accumulators may be more important in applications that require energy storage and surge control. In any case, all components are critical and must work together to provide the hydraulic power required for the application.
Hydraulic Power Unit Operating Pressure Rating Outlook
The operating pressure rating segment that monopolizes the hydraulic power unit market can vary depending on the industry and application. Low-pressure hydraulic power units (0-750 PSI) are commonly used in material handling applications, whereas high-pressure hydraulic power units (>3000 PSI) are used in heavy-duty applications like construction and mining.
Having said that, the pressure rating segments 750-2000 PSI and 2000-3000 PSI are among the most commonly used in a variety of industries, including manufacturing, construction, and oil and gas. These pressure ranges are appropriate for a wide range of applications and provide an excellent balance of performance and efficiency.
Hydraulic Power Unit Application Outlook
Construction equipment, agricultural machinery, and mining equipment all use mobile hydraulic power units. These units are compact, durable, and highly reliable, with an emphasis on portability and versatility.
Material handling, machine tools, and automation equipment are just a few of the applications for industrial hydraulic power units. These units are built for high performance, efficiency, and dependability, with an emphasis on meeting the needs of industrial customers.
Other industries that use hydraulic power units include marine, aerospace, and defense, as well as specialized applications like medical equipment.
Hydraulic Power Unit End-Use Industry Outlook
According to hydraulic power units industry analysis, the construction and agriculture industries are among the leading segment of hydraulic power units because they require heavy-duty equipment to carry out different duties efficiently. The construction industry is another significant user of hydraulic power units, particularly in excavators, cranes, and bulldozers. Hydraulic power units provide the necessary force to lift and move heavy loads as well as operate various implements in a variety of construction machinery. However, the truck and bus industries, as well as the industrial machinery industry, are major users of hydraulic power units. Hydraulic power units are also widely used in the truck and bus industries, particularly in applications such as power steering and braking systems. Hydraulic power units are used in trucks and buses to provide the force necessary to operate various systems, ensuring safe and reliable operation.
Hydraulic Power Unit Market Regional Outlook
The Middle East & Africa
Hydraulic Power Unit Market Regional Analysis
The North American hydraulic power unit market is being driven by rising demand from industries such as construction, agriculture, and material handling. The presence of major hydraulic power unit manufacturers as well as advanced manufacturing infrastructure contributes to the region's market growth.
The European hydraulic power unit market is being driven by rising demand from industries such as aerospace, defence, and automotive. The presence of major automotive and aerospace companies, as well as the adoption of advanced hydraulic technologies, all contributes to the region's market growth.
The Asia-Pacific hydraulic power unit market is being driven by rising demand from industries such as construction, mining, and agriculture. Rapid industrialization and increased infrastructure development in emerging economies like China and India contribute to the region's market growth.
Hydraulic Power Unit Market Players
Some of the global hydraulic power unit companies profiled in the report include Parker Hannifin Corporation; Bosch Rexroth AG; Brevini Fluid Power S.p.A; Nachi-Fujikoshi Corporation, Hydac International GmbH, Weber Hydraulik GmbH, Eaton Corporation, Hydro-tek Co Ltd., and Bailey International LLC.
The market size of hydraulic power unit was USD 7.2 billion in 2022.
The CAGR of hydraulic power unit is 4.9% during the analysis period of 2023 to 2032.
The key players operating in the global market are including Parker Hannifin Corporation; Bosch Rexroth AG; Brevini Fluid Power S.p.A; Nachi-Fujikoshi Corporation, Hydac International GmbH, Weber Hydraulik GmbH, Eaton Corporation, Hydro-tek Co Ltd., and Bailey International LLC.
Asia-Pacific held the dominating position in hydraulic power unit industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of hydraulic power unit during the analysis period of 2023 to 2032.
The current trends and dynamics in the hydraulic power unit industry include rising demand from various industries, growing demand for renewable energy, and increasing need for automation.
The mobile application held the maximum share of the hydraulic power unit industry.